Article: ABN AMRO to pay $575M in money laundering settlement with Dutch authorities

Article - Media, Publications

ABN AMRO to pay $575M in money laundering settlement with Dutch authorities

Jaclyn Jaeger, 19 April 2021

Dutch bank ABN AMRO on Monday reached a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service (NPPS) to resolve money laundering charges.

The NPPS first informed ABN AMRO in 2019 the bank was the subject of a criminal investigation relating to potential violations of the Dutch Anti-Money Laundering and Counter Terrorism Financing Act (AML/CTF Act). Recently, the NPPS added new charges of “damaging money laundering” to the case. Continue reading “Article: ABN AMRO to pay $575M in money laundering settlement with Dutch authorities”

Article: Merrill Lynch to pay $25M to settle metals ‘spoofing’ claims

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Merrill Lynch to pay $25M to settle metals ‘spoofing’ claims

Jaclyn Jaeger, 27 June 2019

Merrill Lynch Commodities, a global commodities trading business, will pay a combined $25 million in criminal fines, restitution, and forfeiture of trading profits to resolve a government investigation into a multi-year scheme to mislead the market for precious metals futures contracts traded on the Commodity Exchange, the Department of Justice announced.

According to MLCI’s admissions, from 2008 through 2014, precious metals traders employed by MLCI schemed to deceive other market participants with materially false and misleading information. They did so by placing fraudulent orders for precious metals futures contracts that, at the time the traders placed the orders, they intended to cancel before execution. Continue reading “Article: Merrill Lynch to pay $25M to settle metals ‘spoofing’ claims”

Article: Deutsche Bank fined $205M for ‘unsound’ conduct in Forex trading business

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Deutsche Bank fined $205M for ‘unsound’ conduct in Forex trading business

Jaclyn Jaeger, 29 September 2028

The New York State Department of Financial Services (NYDFS) has fined Deutsche Bank $205 million as part of a consent order for violations of New York banking law, including efforts to improperly coordinate trading activity through online chat rooms, improperly sharing confidential customer information, trading aggressively to skew prices, and misleading customers.

The violations, announced on June 20, stem from an investigation by NYDFS determining that from 2007 to 2013, when Deutsche Bank was the largest foreign exchange dealer in the world, the bank repeatedly engaged in improper, unsafe, and unsound conduct in its foreign exchange business due to its failures to implement effective controls. In addition, for certain time periods, limited elements of Deutsche Bank’s electronic trading platforms had the potential to improperly disadvantage customers and improperly affect markets, when certain applications did not perform as intended. Continue reading “Article: Deutsche Bank fined $205M for ‘unsound’ conduct in Forex trading business”