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A very suspicious e-mail spoofing email addresses of not one but two banks and appearing to link to a website appearing to relate to an embassy has been received at the offices of The Anti Money Laundering Network. The hook is information on OFAC blacklists. The mail is in HTML format and therefore disguises the destination of links and also enables the placing of in-line graphics. We place regulators, enforcement agencies and those in financial institutions, especially in compliance and risk management, on alert.

42 year old Jens Fred Sturzenegger was manager of the Singapore branch of Falcon Private Bank, closed by the Monetary Authority of Singapore last year. It is alleged that he had direct involvement of the movement of more than USD1,200 million of money related to the 1 Malaysia Development Board (1MDB) accounts connected to Malaysian Prime Minister Najib.

"This case is a good example of how disregarding reporting and compliance can turn into a crime" : New Jersey District Attorney's Office. But still the USA fails, even in the most blatant cases, to prosecute a bank for money laundering.

CoNet Administrator

2008.

Goldman Sachs: Hank - time to come good on all those promises you made when you went to Treasury.

Henry Paulson: Great to hear from you. I'm only going to be here for a few more weeks, then they'll take my name off the dollars and I'll be out of work. What can I do for you?