BullionDirect owner Charles McAllister charged with $16M fraud and money laundering LeapRate

April 30, 2018 BY LeapRate Staff

BullionDirect owner Charles McAllister charged with $16M fraud and money laundering

The U.S. Commodity Futures Trading Commission (CFTC) has announced that it has filed a federal civil enforcement action in the U.S. District Court for the Western District of Texas against Defendant Charles H. McAllister, of Auburn, Alabama, charging him with fraud and misappropriation in connection with contracts of sale of precious metals through his company, BullionDirect, Inc.…

March 05, 2018 BY LeapRate Staff

$50 million securities fraud charges lead to insolvency for UK broker Beaufort Securities

UK FCA financial regulator the FCA has announced that following an urgent application by it, the High Court has appointed Russell Downs, Douglas Nigel Rackham and Dan Yoram Schwarzmann of PricewaterhouseCoopers (PwC) as joint administrators of Beaufort Securities Limited, and joint special administrators of Beaufort Asset Clearing Services Limited. The FCA took this action following an assessment…

October 16, 2017 BY Mariela Naydenova

Australia up for Bitcoin regulation

Bitcoin has become a global phenomenon, presenting opportunities and threats along the way all around the world. Regulators, CEOs, central banks and cryptocurrency startups are on the lookout for the next big news on bitcoin. Australia is the next "player" to impose bitcoin regulation, following a scandal with its biggest bank - Commonwealth Bank of…

April 24, 2017 BY Valentina Kirilova

Singapore Commercial Affairs Department and MAS partner industry stakeholders to fight financial crimes

The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force today announced the launch of a government-industry partnership to strengthen Singapore’s capabilities in the fight against money laundering and terrorism financing (ML/TF). The Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) brings together selected industry…

October 12, 2016 BY Valentina Kirilova

FCA imposes penalties on Sonali Bank (UK) Ltd and its former money laundering reporting officer

The Financial Conduct Authority (FCA) has fined Sonali Bank (UK) Limited (SBUK) £3,250,600 and has imposed a restriction, preventing it from accepting deposits from new customers for 168 days. It has also fined the bank’s former money laundering reporting officer (MLRO), Steven Smith, £17,900 and prohibited him from performing the MLRO or compliance oversight functions…

May 30, 2016 BY LeapRate Staff

London's new Mayor Sadiq Khan warns against becoming the world capital for money laundering

According to newly installed London Mayor Sadiq Khan, London is in danger of becoming the world's money laundering capital (if it isn't already) - and it isn't the banks and brokers to blame. In a clear dig at his predecessor and pro-Brexit campaigner Boris Johnson, Mayor Khan stated in an interview on ITV’s Peston on Sunday show…

May 30, 2016 BY LeapRate Staff

London's new Mayor Sadiq Khan warns against becoming the world capital for money laundering

December 22, 2015 BY Maria Nikolova

Deutsche Bank takes $1.3 billion litigation charge to reserve for Russia Mirror Trade issues

Investment giant Deutsche Bank AG (FRA:DBK) has set aside EUR 1.2 billion ($1.3bn) in litigation reserves, mostly to cover possible liabilities regarding suspected money laundering in Russia. The scale of the transactions flagged is growing: according to a Bloomberg report, quoting people with knowledge of the matter, Deutsche Bank has identified as much as $4 billion…

November 04, 2015 BY Maria Nikolova

Dubai regulator imposes $640,000 fine on ABN AMRO for AML deficiencies

The Dubai Financial Services Authority (DFSA) announced today that it has imposed a fine of US$ 640,000 (AED 2,350,720) on ABN AMRO Bank N.V. DIFC Branch (ABN) over deficiencies concerning anti-money laundering. DFSA has conducted an investigation which found that, over the period from January 1, 2013 to December 31, 2014, ABN violated a number…

August 24, 2015 BY Maria Nikolova

Deutsche Bank widens scope of Russian money laundering probe

The bank's own investigation into possible money laundering at its Russian business now covers 10 to 12 broker counterparties. DB is also looking closely into activities of a senior employee.

Tag: money laundering