Overview
Global Investigations Review quoted Jack Hayes in an article titled “Spain’s AML Regulator Refers BPA Bank to Prosecutors.” The article, published on March 18, discusses the decision by Spain’s anti-money laundering regulator to refer the investigation into money laundering allegations against Banco de Madrid to the country’s anti-corruption prosecution department. The announcement was made less than a week after the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said Banco de Madrid’s parent company Banca Privada d'Andorra (BPA) was a primary money-laundering concern, which acts as a warning to financial institutions about the risks of conducting business with the Andorran bank.
Mr. Hayes says: “If BPA wants to get off the money laundering concern list then its best bet is to start cooperating with FinCEN. If it wants to demonstrate that it is committed to changing, then it will most likely have to disclose information about its conduct.”
The full article can be read at Global Investigations Review (subscription required).
