Category: Banking

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NEWS: $2.5BN wiped off value of India’s Paytm Bank which did no CDD on 100,000s of customers; probe underway

NEWS: HSBC’s Jennifer Shasky Calvery and Deutsche’s Joseph Salama elected co-chairs of ‘Wolfsberg Group’

NEWS: India fincrime agency to probe Paytm if money laundering found

ANNOUNCEMENT: EU Commission’s Head of FinCrime Raluca Prună to speak at ‘European Anti-Financial Crime Summit 2024’ in Dublin, May 16

SARAH BETH: AML lessons from $65M fine for RBC’s US subsidiary City National Bank

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NEWS: AML executive at US credit union fined $100,000 for failing to flag $1BN in high risk transactions

NEWS: Canada’s TD bank ‘faces C$10M fine’ as FINTRAC deems AML controls unsatisfactory

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NEWS: Italy uncovers $1.9 billion fraud linked to Chinese shadow bank network

NEWS: Ireland’s big corporates come out in force to back government’s bid to locate AMLA in Dublin

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NEWS: Former ECB Director appointed CEO of Swiss financial watchdog

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NEWS: D-Day (Decision-Day) for AMLA is February 22; MEPs and officials to quiz nine bidding cities at hearings next week

ANNOUNCEMENT: Eurogroup President Paschal Donohoe to officially open ‘European Anti-Financial Crime Summit 2024’ on May 16

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Head of Commercial Real Estate Investment Firm Sentenced to 87 Months for $62.8M Investment Fraud Scheme
US Department of Justice
May 20, 2025
A New York man was sentenced yesterday in the Northern District of Georgia to 87 months in prison and ordered to pay over $45 million in restitution for his role in a scheme to defraud investors in connection with commercial real estate investments in Atlanta, Georgia and Miami, Florida.

According to court documents, beginning in May 2022, Elchonon “Elie” Schwartz, 46, of New York City, engaged in a scheme to defraud commercial real estate investors that invested through the crowdfunding investment website, CrowdStreet Marketplace.
Surrey bookkeeper cooked the books and underreported almost $1 million in GST/HST
FINTRAC
May 20, 2025
The Canada Revenue Agency (CRA) announced that Aeddy Leung of Surrey, British Columbia, received a conditional sentence order for two years less a day and two years probation on April 15, 2025, at the Provincial Court of British Columbia (Robson Square). Leung pleaded guilty to willfully evading remittance tax and to making false statements in Goods and Services Tax (GST)/Harmonized Sales Tax (HST) returns.
People smuggler who organised Mediterranean crossings on ‘death trap’ boats threatened to throw migrants in the sea
National Crime Agency
May 20, 2025
A man arrested by the National Crime Agency for masterminding the smuggling of thousands of people across the Mediterranean from north Africa into Europe has been jailed for 25 years. 42-year-old Egyptian national Ahmed Ramadan Mohamad Ebid was detained in Hounslow, west London, in June 2023. Working with law enforcement partners in Italy, the NCA were able to link him to a number of illegal crossings from Libya.