Financial Regulatory Forum

New U.S. FinCEN director must bolster agency under pressure over Iran sanctions, money laundering

By Brett Wolf

NEW YORK, Sept. 21 (Thomson Reuters Accelus) -¬†When former Justice Department official Jennifer Shasky Calvery takes the reins at the U.S. Treasury Department’s anti-money laundering bureau on Monday, her first job is to revive the beleaguered agency amid pressure over Iran sanctions and money-laundering enforcement, sources said.

Shasky Calvery is a former prosecutor who cut her teeth dismantling international organized crime groups and tracking down their money. She will need all her leadership and diplomacy skills to boost the bureau’s morale, which has plummeted with the loss of skilled leaders and withering criticism from many fronts, and outline the policies with which she will make her mark as the new head of the Financial Crimes Enforcement Network (FinCEN). (more…)

Lloyds Bank in $217 million settlement with U.S.

WASHINGTON, Dec 22 (Reuters) – Britain’s Lloyds TSB Bank Plc reached a $217 million settlement of charges it violated U.S. sanctions regulations, the Treasury Department said on Tuesday.

The department’s Office of Foreign Assets Control said the settlement concerned the bank’s manipulation and deletion of information about U.S. sanctioned parties in wire transfer instructions routed through third-party banks in the United States.

The settlement follows charges Lloyds faked records so clients from restricted countries, including Iran, could do business with it.

Credit Suisse to pay $536 million for U.S. violations

By James Vicini and Dan Margolies

WASHINGTON, Dec 16 (Reuters) – Swiss banking giant Credit Suisse Group AG will pay $536 million for failing to comply with U.S. laws, including Iran sanctions violations, according to U.S. court documents filed on Wednesday.

The documents outlined the violations and the settlement, which is known as a deferred prosecution agreement, that ended a five-year investigation.

Later on Wednesday, Manhattan District Attorney Robert Morgenthau plans to announce a deferred prosecution agreement with Credit Suisse, “in which the Swiss bank admits to violating New York State law by falsifying the records of New York financial institutions,” his office said.

U.S. sanctions-violation fine for Credit Suisse raises Iran alarm

By Lisa Jucca and Steve Slater

ZURICH/LONDON, Dec 16 (Reuters) – A surprise $536 million settlement by Credit Suisse to a U.S. probe over financial dealings with Iran should only do short-term damage to the Swiss bank, but others could now be in the line of fire.

Credit Suisse said late on Tuesday it was in advanced talks over a settlement to a U.S. investigation into payments made between 2002 and 2007 involving countries and entities hit by U.S. economic sanctions. A person familiar with the issue said the probe related to dealings with Iran.

The Financial Times said U.S. authorities are believed to be investigating nine banks in relation to Iran, without citing sources.

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