Global Compliance Institute

The Reserve Bank of New Zealand (RBNZ) has filed civil proceedings in the Wellington High Court against The Co‑operative Bank, with both parties jointly recommending a $1.425 million penalty for breaches of the Anti‑Money Laundering and Countering Financing of Terrorism Act 2009.

The regulator identified three core failures in the bank’s AML/CFT programme, dating back to at least 2020:

• Transaction monitoring rules were not operating correctly

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Sweden’s financial regulator has issued a significant enforcement action against Norion Bank AB, imposing an administrative fine of 90 million SEK (€8.33 million) for breaches of anti‑money laundering requirements

The investigation by the Swedish Financial Supervisory Authority found that the bank:

AUSTRAC CEO Brendan Thomas said the foreign bank branches campaign found an entrenched view among many branches that their businesses are low risk for money laundering. 

“Although some parts of these businesses may constitute lower levels of risk, many of them have exposure to higher risks areas as well,” Mr Thomas said. 

This includes providing services to foreign politically exposed persons (PEPs) and relatives and associates of foreign PEPs, domestic and foreign private companies, trusts and foundations, as well as high net wealth individuals. 

Swiss prosecutors have filed criminal charges against UBS and its former subsidiary Credit Suisse, alleging serious failures in preventing money laundering linked to Mozambique’s notorious “tuna bonds” scandal. The case revives one of the most damaging episodes in Credit Suisse’s history and places UBS, which absorbed the troubled bank in 2023, directly in the spotlight. 

In a bold move to reinforce the UAE’s position as a global leader in regulatory excellence and financial integrity, ADGM Academy, the knowledge arm of Abu Dhabi Global Market (ADGM), has announced a strategic partnership with the Global Compliance Institute (GCI), a world-renowned provider of accredited compliance and financial crime prevention certifications.