Article: Fed Warned Deutsche Bank Over Anti-Money-Laundering Backsliding

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Fed Warned Deutsche Bank Over Anti-Money-Laundering Backsliding

Patricia Kowsmann and Jenny Strasburg, 30 May 2021

The Federal Reserve told Deutsche Bank AG DB 0.40% in recent weeks that the lender is failing to address persistent shortcomings in its anti-money-laundering controls, according to people familiar with the matter.

The Fed’s frustration has escalated to a point that the bank could be fined, the people said.

Deutsche Bank has poured massive resources into addressing repeated shortcomings and penalties related to allowing suspect transactions. The Fed told Deutsche Bank that instead of making progress, the German lender with a large Wall Street presence is backsliding. The regulator has said that some of the anti-money-laundering control problems require immediate attention, according to the people. Continue reading “Article: Fed Warned Deutsche Bank Over Anti-Money-Laundering Backsliding”

Article: How America Became the Money Laundering Capital of the World

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In March, federal agents raided the Beverly Hills premises of a company called U.S. Private Vaults. According to a subsequent grand jury indictment, U.S. Private Vaults was a money laundering operation where drug dealers and others could anonymously stash fentanyl, guns, and “huge stacks of $100 bills” in safe deposit boxes. U.S. Private Vaults didn’t really bother to hide its business, boasting in ads, “We don’t even want to know your name.” It also shared its strip mall storefront with Gold Business, which allegedly specialized in laundering drug money via purchases of gold. Continue reading “Article: How America Became the Money Laundering Capital of the World”

Article: Former SEC Chair Jay Clayton Will Become Apollo’s “Lead Independent Director”

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Former SEC Chair Jay Clayton Will Become Apollo’s “Lead Independent Director”

As if the establishment ignoring Janet Yellen’s clear ties to Citadel wasn’t enough to help you lose faith in the Wall Street swamp this year, we’ll do you one better. Former SEC Chair Jay Clayton has officially been hired by Apollo Global Management, just weeks after stepping down as SEC chair.

Apollo is, of course, the firm whose CEO, Leon Black, was found to have paid child sex offender Jeffrey Epstein $158 million.

Continue reading “Article: Former SEC Chair Jay Clayton Will Become Apollo’s “Lead Independent Director””