The United States (US) Financial Crimes Enforcement Network (FinCEN) has made available its Assessment of Civil Money Penalty (3 June 2015), in which FinCEN determined that Hong Kong Entertainment (Overseas) Investments Ltd, trading as Tinian Dynasty Hotel and Casino (Tinian Dynasty), must pay a civil penalty of US$75 million for breaching the Banking Secrecy Act (the BSA) (further information).
The United States Department of Justice (DoJ) has announced that Schlumberger Oilfield Holdings Ltd (Schlumberger), a subsidiary of Schlumberger Ltd, has agreed to plead guilty to conspiring to breach the International Emergency Economic Powers Act (further information), to pay US$232,708,356 to the United States, and to submit to a three-year period of corporate probation. The DoJ alleged that Schlumberger facilitated illegal transactions and engaged in trade with Iran and Sudan, in breach of the US economic sanctions against those regimes.
The United States Department of Justice (DoJ) has announced that global financial institution Commerzbank AG and its US branch have agreed to enter into a deferred prosecution agreement (10 March 2015) and pay a cumulative amount of US$1.45 billion in penalties in relation to the bank's fraudulent activity and willful failure to have an effective anti-money laundering program.
According to the DoJ, Commerzbank AG:
- processed and concealed transactions on behalf of Sudanese and Iranian businesses subject to US sanctions; and
- willfully enabled Japanese manufacturer Olympus Corporation to commit a multibillion-dollar accounting fraud.
The US$1.45 billion is payable to several bodies including the DoJ criminal division, the New York State Department of Financial Services, the New York County District Attorney's Office, the Board of Governors of the Federal Reserve System and the Department of the Treasury of foreign assets control office.
DoJ's media release (12 March 2015)
Related news item:
The New York Times: Commerzbank of Germany to Pay $1.5 Billion in U.S. Case (12 March 2015)
(Source: DoJ; The New York Times)
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has made available notices (both dated 16 September 2014) setting out its decisions to suspend and commence action to cancel (the Action Notice) the registration of independent remittance provider Bisotel Rieh Pty Ltd (Bisotel Rieh) under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 No. 169 (Cth) (the AML/CTF Act).
The United States Department of the Treasury has made available Enforcement information for August 27, 2014 (undated), announcing that Branch Banking & Trust Co (BB&T) has agreed to pay US$19,125 to settle an apparent breach of the Sudanese Sanctions Regulations.
United States treasury bureau the Financial Crimes Enforcement Network (FinCEN) has announced that it has fined (28 August 2014) money services business BPI for the following breaches of anti-money laundering (AML) obligations:
The New York State Department of Financial Services (NYDFS) has announced that Standard Chartered Bank (SCB) has been issued an order (19 August 2014) (the Order) to undertake various measures, including payment of a US$300 million penalty, for its failures to remediate anti-money laundering (AML) compliance problems under a 2012 settlement with NYDFS.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has made available public notices (both dated 28 July 2014) regarding administrative monetary penalties against the following Ontario-based money services businesses (MSBs) for breaching the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations:
United States treasury bureau the Financial Crimes Enforcement Network (FinCEN) has issued a notice of proposed rulemaking (23 July 2014) (the NPRM) on customer due diligence (CDD) requirements for financial institutions.
The United States Department of the Treasury foreign assets control office (OFAC) has announced that the following companies have resolved breaches or alleged breaches of sanctions regulations:
- Anti-Bribery & Anti-Corruption (142)
- Anti-Money Laundering (136)
- Business Ethics and Corporate Culture (180)
- Careful Communication and Proper Use of Computers (16)
- Code of Conduct (6)
- Competition (234)
- Confidentiality and Intellectual Property (35)
- Conflicts of Interest (21)
- Consumer Protection (420)
- Corporate Responsibility and Sustainability (218)
- Employment and Workplace Issues (393)
- Environment, Health & Safety (201)
- Financial Integrity (237)
- Government Contracting (32)
- Information Security (49)
- Insider Trading (96)
- Other (5)
- Privacy and Data Protection (226)
- Records Management (19)
- Respect in the Workplace (6)