Tag: stripping

In a record year for anti-money laundering penalties, US regulators slapped multinational banks with more than $1.1 billion in fines in 2012, specifically for ‘payment stripping’ and knowingly making payments to sanctioned countries.

Dodgy-looking cash transactions surge 29% in Hong Kong. Police have attributed the jump to "improved awareness" from financial institutions since anti-laundering laws kicked in in April.

The Department of Financial Services’ (DFS) accuses Standard Chartered Bank of hiding information in transactions for which ING and HSBC have just incurred record fines.