Identity Resolution Daily

[Daily Post from Infoglide Software] Lloyds TSB and Bank of Cyprus Fined $130 Million and $162 Million

“For allegedly assisting international fugitive Lycourgos Kyprianou, former chairman of AremisSoft Corp, in his money laundering and securities fraud activities, the feds are seeking civil penalties of $130 million from Lloyds TSB and $162 million from Bank of Cyprus. These fines, incidentally are the largest money laundering penalties ever, according to Charlie Intriago’s moneylaundering.com.”

Techworld.com: Lloyds anti-fraud system comes under fire

“The effectiveness of Lloyds TSB’s anti-money laundering systems faces being picked apart by prosecutors, despite the bank’s significant investments in AML systems and software in a bid to keep a lid on fraud. […] In 2002, during the period that prosecutors allege money-laundering was taking place, the bank installed an AML system from Searchspace to scan transactions and identify patterns for unusual activity. The system ran on IBM eServers, alongside another anti-risk tool from Fortent.”

Cyprus Mail: Bank of Cyprus dismisses US money laundering suit

“The bank said that in August 2007, a federal judge in New York granted the Bank’s motion to dismiss that case and found that the appropriate forum for any claims against the Bank is the judicial system in Cyprus. […] ‘Despite the fact that the Bank did not engage in any conduct in the United States, the United States Attorney’s civil suit claims that the Bank violated United States law by enabling Kyprianou to channel though $162 million of proceeds from his own fraudulent conduct through accounts maintained at the Bank,’ said the BoC statement.”

Los Angeles Times: Airport security better in some areas

“In testimony before the Senate Committee on Commerce, Science and Transportation, Berrick said TSA has met about 70% of performance expectations the GAO identified. She said that because the job of clearing passengers falls on commercial carriers, inconsistency could compromise security. Berrick said the government plans to take over passenger screening through Secure Flight, a system matching passenger information with no-fly lists.”

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This entry was posted on Wednesday, October 17th, 2007 at 10:28 am and is filed under Banking, Anti-Money Laundering, AML, Fraud, Secure Flight, National Security, Federal Government, Daily Link Posts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.