Switzerland, Private But Not Criminal

Attorney General of Switzerland, Michael Lauber, froze $400 Million of Petrobras’s assets in the Alpine private banking hub. Lauber has identified more than 60 suspicious transactions spanning over 300 accounts in more than 30 banks. Aside from an investigation in the Brazil-owned petroleum firm, Lauber has opened nine investigations on individual. Eight of the nine are Brazilian nationals.

http://www.bilanz.ch/unternehmen/bundesanwaltschaft-mutmacher
Michael Lauber, Attorney General of Switzerland

“The Brazilian bribery scandal affects Switzerland’s financial center and its anti-money-laundering strategy,” said Lauber.

The money laundering schemes stem from sides deals made on corporate deals. Funds were skimmed from contracts as fees for making deals, which were then paid through Swiss banks to conceal their true sources and beneficiaries.

 


About the Author: Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses.


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Sluggish ABA Routing Number Lookup

American Bankers Association (ABA) has launched a new tool it hopes will help bankers and consumers alike: Routing Number Lookup.

The tool is very simple to use. Enter the routing number to search for bank names and locations, or enter bank name, city and state to retrieve the routing number. I took it for a test drive and here were the results.

I entered in a routing number and verified that I was not a robot. My search result came back with an error.

http://routingnumber.aba.com/Search.aspx?xr=t&xp=f&fb=&ExcelCache=1440&mode=&AdrBookEmail=&PageSize=20&OrderBy=LastName_ASC&Code=122100024&Name=&City=&State=&PostalCode=&g-recaptcha-response=03AHJ_VutPO4AT19t-yXTC-vzX5fqaG2EmeT2ZpiBpUiiMC_OcaeFEvS1oPrfrUoJuTPoOFIPuhZ2aRvOmmjDQrxfdaRedGgjUHCppGaTdRSc6OrMyivDiRAiiP9kmM0n8bPIdF9FsWvUbSe8eV1PoaPR6YIrn7hoPqX5H-wVtMIGZxrbZzC4yyk1FjQ5YoYGHTJvDblj5gbUPkivxVhvml1XFZqWvKBG78Boqil9-VlHMvEKy98fD-46H1hP8qAXCqxbXo-l55F5LaFPdP0r7X75YzRgy9qL-ETMx3ns8GXvOe7SQgc-6qf1ds5S2fypsbfxZe7DPEFLvth-WxFIDEmapxhFwFUfI8AiXgU-aVbdmQ8ZZq3SQ7nRlnVHQt4cxQCc0UpkdHoQzeTYQH4n6G1pUX3_JzGePig
ABA Routing Number Lookup

I, then, entered in the bank name and location. The bank name I entered wasn’t some official legal name, I just typed in a commonly used name. And I picked a city and state – address not required – where I knew the bank had a branch. The result was a solid list of branches of that bank in that zip code.

Conclusion: the system is not ready for prime time but it sort of works.

It is powered by Accuity, the UK-based technology solutions company that focuses on financial services.


About the Author: Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses.


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