The prospects are tough for Thomas Borgen of Danske Bank, whose Estonian unit has been described as a central pipeline for laundering as much as $9 billion between 2007 and 2015 in dirty money, mostly from Russia.
The agency said it would not apply the data collection requirement for existing accounts that automatically renew or roll over, such as certificates of deposit or commercial credit cards.
The financial press ponders how a replay of the 2008 crisis can be avoided; losing HNA's 7.6% stake may be a blessing in disguise, but DB's funding costs remain a worry.
It is critical that banks blend data science and their industry knowledge to better identify and mitigate compliance risk, says one director at Promontory Financial Group.
John Gerspach is scheduled to leave next March after 10 years and be succeeded by Mark Mason; ING will pay nearly $900 million for failing to stop money laundering by clients.
Enforcement actions are on the rise despite recent rollbacks of regulations. Fair lending, money laundering compliance and CRA remain focal points for examiners.
