Anti-money laundering
Maldives president appoints new governor in defiance of parliament
Nominated governor needs parliamentary approval but troops stop lawmakers from meeting
Russian central bank alleges criminal behaviour at several closed banks
Bank of Russia closes five banks and reports shortfalls or malpractice at four more
Maldives’ governor resigns as country remains in crisis
Governor says she is stepping down to join her husband in New York; country’s parliament is shut down amid political crisis
Belize central bank toughens AML/CFT controls with Swift solution
Software scans payment messages in real time, alerting central bank of suspicious transactions; upgrade is latest in a series of initiatives deployed in improving AML/CFT compliance
European supervisory authorities set out AML-CFT guidelines
Document spells out methods for implementing “risk-based approach”
BoE economist sees monetary policy benefits to demonetisation
Removal of high-denomination notes could help central bankers maintain policies of low inflation and interest rates near the zero lower bound
Deutsche Bank fined further $41 million by Fed
US central bank finds fault with banking giant’s AML function, months after UK regulators imposed similar fines; Deutsche has two months to submit reform plans
MAS concludes 1MDB review with fresh fines
Credit Suisse and UOB fined $1.6 million collectively, with further individuals receiving lifetime bans
DLT expert: central banks should consider wider uses than just payments
Instead of payments, central banks should look to implement DLT for identity document transfer, says Michael Mainelli; expert takes more cautious view of the technology
Ukraine’s Gontareva on one of the toughest jobs in central banking
The outgoing National Bank of Ukraine governor speaks about transforming the central bank while engaging in wartime deficit funding and overhauling the banking sector
Bank of Tanzania revokes FBME Bank’s licence after US ruling
The bank was deemed a money-laundering risk in 2014, after a US report highlighted concerns; the Bank of Tanzania revokes its licence following the commercial bank’s removal from the US financial system
Lebanese banking sector holding up, despite Syria crisis – central bank
The banking sector remains liquid and well capitalised despite a “strained” Lebanese economy, the central bank says; new compliance unit formed
Russian central bank opens first overseas office in Beijing
Russian and Chinese authorities announce a collaboration on payment systems and money laundering prevention
Chinese bitcoin exchanges continue prohibiting withdrawals
Bitcoin exchanges suspend withdrawals indefinitely following statement from PBoC official; central bank does see benefits to the technology
Somalian central bank to print first notes since 1991
New 1,000 shilling looks set to enter circulation in 2017 with extensive assistance being provided by the IMF; central bank has struggled to operate amid civil war
Europe must strengthen money-laundering controls – EU agencies
Firms fail to properly implement AML/CFT policies, two-thirds of European national regulators say
UK’s PRA fines Japanese banking group for withholding information
Two arms of banking giant MUFG fall “significantly short” of regulators’ expectations, resulting in fines totalling £26.8m
Philippines central bank enforces virtual currency regulation
Exchanges will have to apply for certificate of registration and implement specific risk management framework; central bank imposes transaction limit
PMA stresses accord with Israel as banks threaten to pull out
Governor Azzam Shawwa says Palestinian banks conform to global standards, as the Israeli government steps in to offer assurances to its banks providing correspondent services
Sarb fines two major commercial banks for AML breaches
“Administrative sanctions” placed on Societe Generale Johannesburg branch and Absa Bank after staff found “weaknesses” in AML and terrorist-financing control measures
Venezuela removes largest banknote amid contraband concerns
Government authorises removal of 100 bolivar bill to combat “mafias”; nation also closes border with Colombia amid “economic war”
Unreported assets worth $6–7 trillion, Italian researchers say
“Areas of opacity” remain, despite recent anti-evasion initiatives, authors say; paper estimates the global levels of personal tax evasion and undeclared assets held overseas
European supervisors publish new anti-money laundering guidelines
Some firms concerned over national supervisors’ ability to regulate money laundering risks
Irish central bank levies record fine for AML and CFT breaches
Failures occurred over “extended period of time”, central bank says; case highlights need for controls over outsourcing of AML/CFT functions, says enforcement chief