In what Danish prosecutors are calling the largest money-laundering case in the country's history, Nordea Bank has been charged by Denmark's National Special Crime Unit (NSK) with significant anti-money laundering (AML) failings. The charges, announced on July 8, 2024, relate to approximately €3.5 billion in transactions from Russian clients between 2012 and 2015.
The European Securities and Markets Authority (ESMA) has taken steps to enhance and standardize sustainability reporting across the European Union. On July 5, 2024, ESMA released two key documents aimed at supporting the consistent application and supervision of sustainability reporting requirements.
The European Banking Authority (EBA) released its spring 2024 risk assessment report on July 2, highlighting elevated geopolitical risks and economic uncertainties facing EU/EEA banks. The comprehensive report, which for the first time combines the EBA's common risk assessment with analysis of banks' asset encumbrance and funding plans, paints a complex picture of the current banking landscape. This edition marks the resumption of the semi-annual publication of the Risk Assessment Report (RAR), following its common structure but also including the analysis of asset encumbrance and funding plan data, previously published in two separate reports.
The Financial Industry Regulatory Authority (FINRA) has reached a settlement with Merrill Lynch, Pierce, Fenner & Smith Incorporated over supervisory failures that resulted in customers paying nearly $1.5 million in avoidable fees. The firm has agreed to pay full restitution to affected customers and accept a censure.
The Financial Crimes Enforcement Network (FinCEN) has announced significant changes to the Financial Action Task Force's (FATF) list of jurisdictions with strategic deficiencies in their anti-money laundering, counter-terrorist financing, and counter-proliferation financing (AML/CFT/CPF) regimes. These updates, stemming from the FATF's June 2024 plenary meeting, are poised to have far-reaching implications for the global financial system and U.S. financial institutions.
Three home health agencies and their parent company have agreed to pay $4.5 million to settle allegations of violating the False Claims Act. The U.S. Department of Justice announced on Monday, July 1, 2024, that Guardian Health Care Inc., Gem City Home Care LLC, Care Connection of Cincinnati LLC, and their owner Evolution Health LLC have reached this agreement to resolve claims of providing illegal kickbacks for Medicare referrals.
The Federal Reserve Board has imposed a $43 million fine on Silvergate Capital Corporation and its subsidiary, Silvergate Bank, for inadequate transaction monitoring in violation of anti-money laundering (AML) laws.