Deutsche’s AML woes continue, Paquet to join ‘Women in FinCrime’series on March 5, Russia sanctions breaches in Switzerland

GERMANY's financial watchdog has again threatened to penalise Deutsche Bank after the lender's continued failure to fix flaws in its AML controls. The announcement is a further setback for CEO Christian Sewing who promised to put an end to DB’s long-running legacy of control shortcomings and misconduct scandals.

The speakers for the latest ‘Women in FinCrime Summit’ series were named this week. The summit (virtual) takes place on March 5 next. FINTRAC CEO Sarah Paquet is joining the lineup for the ‘Women in FinCrime’ series. The other speakers include the Deputy DG at the European Commission’s financial services directorate, Alexandra Jour-Schroeder, Xolisilie Khanyile, the former head of South Africa’s FIU and Federica Taccogna, partner at Interpath. The event will shed light on crucial topics such as the European Union’s new AML laws and the single rule book. Register your place here: Women In FinCrime Summit 2024

Swiss prosecutors are looking into possible breaches of the neutral country's sanctions against Russia imposed over Moscow's invasion of Ukraine, the Office of the Attorney General said on Thursday. The office is speaking with officials from the State Secretariat for Economic Affairs (SECO), which oversees sanctions, and the national anti-money laundering office before deciding how to proceed. 

Santander has "categorically" rejected claims it allowed Iranian government entities to bank with the institution. The bank said it announced "a thorough internal investigation, it has not found any direct nor indirect sanctions breach in any part of the group." The statement came after the Financial Times published a report on 4 February 2024 about a Santander account linked to a front company for the Iranian regime.  

Three London-based individuals have been arrested on suspicion of insider dealing and money laundering in a "major crackdown" on organised criminal networks, British authorities said on Wednesday. 

WHAT’S the German term for “financial crime intelligence”? The answer is, there is none. We learned that this week in the interview with Germany’s FIU chief Daniel Thelesklaf. Indeed fincrime intelligence is very much an Anglo-Saxon term which is not easily defined in German. Hence in countries like Austria, Switzerland, Liechtenstein and of course Germany itself, the FIUs are called FIUs - with no translation into the local language.

Of course, it also goes some way to explain the problems of the German FIU in the past, something that changed last year when the concept of financial intelligence became enshrined in a law passed by the federal government in Berlin.

In a wide-ranging interview, we learned a lot more as Daniel spoke about plans for the new Federal Financial Crime Agency (BBVA), emerging trends, the battle against terror financing and changing culture. Daniel also gives his opinion on the money laundering scandals in the Baltics and why more should have been done at the time. And why we need to keep learning from those mistakes.

NOW FOR YOUR END-OF-WEEK NEWS FLASH:

WOES CONTINUE FOR DEUTSCHE AML EFFORTS: GERMANY's financial watchdog has again threatened to penalise Deutsche Bank after the lender's continued failure to to fix flaws in its #AML controls. The announcement is a further setback for CEO Christian Sewing who promised to put an end to DB’s long-running legacy of control shortcomings and misconduct scandals. The bank has spent some €2BN on improving internal control systems.

WIFC ANNOUNCEMENT: THE SPEAKERS for the latest ‘Women in FinCrime Summit’ series were named this week. The summit (virtual) takes place on March 5 next. The event will feature esteemed speakers who will shed light on crucial topics such as the European Union’s new AML laws and the single rule book. Find the story here: Line up for ‘Women in FinCrime’ series on March 5 named

 SWISS PROSECUTORS EXAMINE POTENTIAL BREACHES: Swiss prosecutors are looking into possible breaches of the neutral country's sanctions against Russia imposed over Moscow's invasion of Ukraine, the Office of the Attorney General said on Thursday. The office is speaking with officials from the State Secretariat for Economic Affairs (SECO), which oversees sanctions, and the national anti-money laundering office before deciding how to proceed. "Currently various clarifications are underway," the office said, declining to say how many cases were being examined or give other details.

SANTANDER CLAIMS: SANTANDER has "categorically" rejected claims it allowed Iranian government entities to bank with the institution. The bank said it announced "a thorough internal investigation, it has not found any direct nor indirect sanctions breach in any part of the group." The statement came after the Financial Times published a report on 4 February 2024 about a #Santander account linked to a front company for the Iranian regime. 

LONDON INSIDER DEALING: Three London-based individuals have been arrested on suspicion of insider dealing and money laundering in a "major crackdown" on organised criminal networks, British authorities said on Wednesday. Almost 40 officers from the Financial Conduct Authority (#FCA) and National Crime Agency (#NCA) searched three residential London properties and seized digital devices on Feb 1., the FCA said on Wednesday.

☝️ We have special offers for Individual and Corporate Members. Your Chief Compliance Officer, Department Head, or Chief Librarian can contact us about our Enterprise Membership for your organisation. Please reach out to James Treacy at jtreacy@amlintelligence.com for further information.

Join the world’s fastest-growing FinCrime community and become an AML Intelligence member.

Subscribe now

Have a great Friday 👋

Stephen and the team at AMlintelligence.