INSIGHT: AML penalties push HSBC and Barclays to corporate banking in effort to crack US market

Regulatory Watch News

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  New Jersey Resident Pleads Guilty to Helping Russia’s Defense Sector Evade U.S. Export Controls

  US Department of Justice

  November 1, 2024

  Defendant Facilitated Russia’s Acquisition of Millions of Dollars of U.S.-Made Dual-Use Electronics Used in Radar, Surveillance, and Military Research and Development

  Vadim Yermolenko, 43, a dual U.S.-Russian national and resident of New Jersey, pleaded guilty to conspiracy to violate the Export Control Reform Act, conspiracy to commit bank fraud, and conspiracy to defraud the United States for his role in a transnational procurement and money laundering network that sought to acquire sensitive dual-use electronics for Russian military and intelligence services.

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  northunion.io: BaFin warns consumers about website

  BaFin

  November 1, 2024

  The Federal Financial Supervisory Authority (BaFin) warns consumers about the website northunion.io. According to information available to BaFin, financial and investment services are being provided on this website without the required authorisation.

  The website operator is simply referred to as “NorthUnion”, and there is no information regarding its legal form. They give business addresses in Zurich, Switzerland, London, United Kingdom, Graz, Austria, and Madrid, Spain.

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  Investigation Admiral: First trial starts in Portugal for 26 suspects charged with international VAT fraud

  European Public Prosecutor's Office

  November 1, 2024

  Today, the trial of 26 defendants (11 individuals and 15 companies) accused of an intra-community VAT fraud scheme involving several countries will begin at the Central Criminal Court of Lisbon (Portugal), following an investigation codenamed Admiral. This is the first trial under the European Public Prosecutor's Office’s (EPPO) flagship investigation into the most complex VAT fraud to date.