Financial crimes

Nexway, based in France, allegedly processed payments in its own name on behalf of a tech support scam and telemarketing company from 2016 to 2020.

The bank's decision to allow former boss Jes Staley to leave on good terms is under fresh scrutiny as several U.S. legal cases reveal new details of his interactions with Jeffrey Epstein.

Carrie Tolstedt, the former head of retail banking at the scandal-plagued bank, faces 16 months in prison after agreeing to plead guilty to obstructing a bank examination. The plea agreement serves as a warning to senior bank executives who regularly provide information to regulators.

Properly executed, the new anti-money-laundering program has the potential to cripple laundering networks by altering the landscape for financial services professionals.

Tolstedt, a key figure in the bank's fake-accounts scandal, could face prison time after pleading guilty to a criminal charge of obstructing a bank examination. She also agreed to pay a $17 million fine to bank regulators to resolve certain civil charges.

The only way for Fincen to assure that banks have the tools to identify illicit shell companies is for the agency to verify the information in its new beneficial ownership database.

Toronto-Dominion Bank is on the hook for $1.2 after settling litigation over its connection to a massive Ponzi scheme, and Independent Bank Group in Texas agreed to pay $100 million. A third bank, HSBC, settled for a smaller amount.

Under the new policy, firms that come forward with misconduct before it becomes known to the public or prosecutors and then fully cooperate will receive "significant benefits" in any resulting deal, federal prosecutors in New York say.

In the aftermath of Louisiana's largest bank failure, Ashton Ryan Jr. was convicted on all 46 counts against him. U.S. Attorney Duane Evans called the case a "theft of epic proportions."

A judge said he would approve Deutsche Bank's $26.3 million settlement of a lawsuit that accused the bank of misleading investors about how thoroughly it vetted clients, including Jeffrey Epstein and Russian tycoons.