CONTACT US

For any general inquiries, please fill in the following contact form:

Our websites never use cookies or other technologies such as pixel tags and web beacons. We only retain personal information when the contact section of our websites is filled. To proceed and get in touch with us through this format please read our Terms & Conditions, updated to be in line with the provisions of the GDPR, and tick this box to consent in us retaining the above information for contacting purposes only.

SUBMIT

Europe’s biggest banks fined for money laundering

Europe’s biggest banks fined for money laundering

All five of the UK’s largest banks have been sanctioned for money laundering offences within the last decade.

Almost all of Europe’s biggest banks have been sanctioned for money laundering offences over the past decade, according to new research by anti-money laundering experts Fortytwo Data.

The firm found that at least 18 of the 20 biggest banks in Europe, including five UK institutions, have been fined for offences relating to money laundering since the financial crisis, many of them within the last few years, an indication of how widespread money laundering has become.

All 10 of Europe’s biggest banks, including HSBC, Barclays, BNP Paribas, Société Générale and Santander have fallen foul of anti-money laundering authorities, while recent crises at the likes of ING, Danske Bank and Deutsche Bank “only reinforce this impression, demonstrating how no bank is immune to money laundering sanctions, no matter how large”, says Fortytwo Data.

With a number of leading British banks also implicated in money laundering scandals, earlier this year, Donald Toon, director of prosperity at the National Crime Agency, admitted that money laundering in the UK was “a very big problem” and estimated that the amount of money laundered here each year has now risen to a staggering £150 billion.

Julian Dixon, CEO of Fortytwo Data, says: “It is clear Europe’s largest banks are collectively struggling having problems when it comes to anti-money laundering standards. The increasing sophistication of the money launderers makes this an ever more difficult task.”

However, he said: “These days, there are effective solutions to be found. Technology has reached a level where it can vastly improve the efficiency of suspicious activity detection and all major banks have a responsibility to embrace 21st Century solutions to this problem, rather than continuing with outdated legacy systems.”

Source: http://www.theweek.co.uk

MORE NEWS

Deutsche Bank faces action over $20bn Russian money-laundering scheme

Deutsche Bank faces action over $20bn Russian money-laundering scheme
Germany’s troubled Deutsche Bank faces fines, legal action and the possible prosecution of “senior management” because of its role...

EU gives 'high-level' protection to whistleblowers

EU gives 'high-level' protection to whistleblowers
Whistleblowers across the European Union have won greater protection under landmark legislation aimed at encouraging reports of wrongdoing....

New Offshore Tax Avoidance Warning As Data Sharing Starts

New Offshore Tax Avoidance Warning As Data Sharing Starts
The net is closing on expats and taxpayers with offshore accounts and investments who have not declared their interests to the tax man. ...

Who's behind the blog

Who's behind the blog

SOCIAL MEDIA