- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2019-05-28T14:54:00
Regulators in eight Nordic and Baltic countries are developing a joint effort to exchange information with regard to fighting money laundering.
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DNB ASA, Norway’s largest financial services group, will pay a fine of NOK 400 million ($48.1 million) for failing to adhere to Norwegian Anti-Money Laundering Act standards.
DNB ASA, Norway’s largest financial services group, is facing a potential fine of NOK 400 million (U.S. $45.4 million) for inadequate compliance with the Norwegian Anti-Money Laundering Act.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
London has long had the dubious reputation of being the world’s money laundering capital and it looks like it’s a title it is likely to retain for some time yet.
The U.K. will struggle to shed its reputation as one of the world’s biggest conduits for dirty money due to a combination of patchy intelligence-sharing and poorly resourced enforcement agencies, experts told Compliance Week.
The U.K. has an ongoing problem with money laundering, but recent changes to economic crime law and corporate registration requirements could bring more cases to court, according to consultancy KPMG.
