Latest news with #anti-moneylaundering
ABC News
5 days ago
- Business
- ABC News
London gold executive says Perth Mint 'well regarded', two years after damaging reports
A high-ranking executive from the London-based World Gold Council says the Perth Mint remains "well regarded" internationally, two years after its reputation as a refiner was questioned over the "doping" of gold bars. An investigation by the ABC's Four Corners revealed the mint sold gold to China that met broader industry standards of 99.99 per cent pure gold, but not stricter standards for silver content at the Shanghai Gold Exchange. It also uncovered governance failures by the WA government-owned Gold Corporation relating to anti-money laundering laws, which prompted a federal parliamentary inquiry of the 126-year-old mint, resulting in 10 recommendations last year. Perth Mint chairman Sam Walsh took responsibility for "historical shortcomings" when the mint's annual report was tabled in state parliament in September, noting 60,000 customer records had been remediated as part of a $34 million government program to improve anti-money laundering processes. In light of the mint's recent history, the ABC asked the World Gold Council's chief strategy officer, Terry Heymann, who visited Kalgoorlie and Perth this week for the premiere of a new documentary about WA gold mining, if its international reputation had been damaged. "I'm not going to comment specifically on the details, but the Perth Mint is very well regarded, as indeed is ABC Refinery (in Sydney)," he said. "Australia has two leading refineries and that really gives confidence to the market that the gold coming out of those refineries is to the expected standard, both in terms of the quality, the purity of the gold and responsible sourcing." Mr Heymann said the responsible sourcing of gold remained a focus of the World Gold Council, adding that "there is always room for continuous improvement". The Perth Mint's reputation was restored somewhat in March when it was appointed by the London Bullion Market Association (LBMA) as a refinery referee — one of just seven across the globe responsible for quality control of the world's precious metals. The accreditation process took several years and will make the mint responsible for assessing the standards of third-party refiners. "It speaks to the quality of our products," Perth Mint CEO Paul Graham told the ABC in March. "It's something we're very proud of and it places us among the most trusted refiners globally. "We're the only ones in the southern hemisphere who have achieved the referee appointment." Mr Graham replaced Jason Waters in November 2023 after his predecessor acknowledged issues around the diluted gold it supplied to China were "damaging and unacceptable". But Mr Graham denied gold bars had intentionally been diluted or "doped", claiming the media had "misrepresented what the Perth Mint has been doing historically". "The bars are never 100 per cent pure," he said. "I think what was reported around doping, which is a very unfortunate term, isn't necessarily correct." Mr Graham said it was common practice to top up bars with silver or base metals, such as copper. "What we try and do at the Perth Mint is get as close as we can to that 100 per cent," he said. "We believe today that our bars are as pure as any, if not the purest in the market, where we're currently getting bars out at to the tune of 99.996 purity. "The bars that were in question previously were around the 99.992 or 99.993 mark, so we have improved through technology and our focus, but we never believed we were intentionally doping the bars under the standards." Meanwhile, the Perth Mint has reported strong demand for its product as the Australian dollar gold price continues to trade at record highs. It soared above $5,000 an ounce for the first time in April — the same week US President Donald Trump announced his "Liberation Day" tariffs. The Perth Mint sold 43,714 ounces of gold and 723,641oz of silver in April, up from 40,537oz of gold and 713,306oz of silver in March. Demand softened in May when the mint sold 28,244oz of gold and 496,707oz of silver. The mint's depository held 308,899oz of gold at the end of May — equivalent to 9.61 tonnes — worth more than $1.5 billion at current prices. Mr Heymann described gold as an "economic safe harbour", saying the metal had "proven security and resilience". He said US economic policies were only one factor in a perfect storm that also included conflicts in Ukraine and the Middle East. "You look at the sustained demand that there is for gold, so much of that being underpinned by central banks around the world, who have had unprecedented levels of buying," he said. "Why are they buying gold? It gives them confidence in helping to manage the financial security of the countries they're responsible for. "Of course, government policies, including the US, play into that but there's no one specific indicator that drives the gold price. "It is a reflection of what's going on around the world."
Free Malaysia Today
16-05-2025
- Business
- Free Malaysia Today
Hong Leong Bank negligently released RM1.2mil to insolvency dept, rules court
The Court of Appeal has ordered Hong Leong Bank to pay RM1,270,262.15 to Ten Jing Enterprise Sdn Bhd, together with interest and costs, after finding the bank guilty of negligence in the release of company funds. PUTRAJAYA : The Court of Appeal has affirmed that Hong Leong Bank was negligent in breaching a seizure order under anti-money laundering laws, resulting in the release of RM1.2 million paid by a company to the insolvency department 11 years ago. The Court of Appeal also affirmed a finding by the High Court in Kuala Lumpur that the government could not be faulted for the bank's mistake. 'The appeals by the bank and the company (Ten Jing Enterprise Sdn Bhd) are dismissed as they have no merit,' said Justice Ahmad Kamal Shahid, who read out the court's brief grounds of judgment. The bank was appealing the award of judgment in favour of Ten Jing and the government. Meanwhile, the company was appealing against the dismissal of its claim against the government by the High Court. Also on the panel hearing the appeals were Justices S Nantha Balan and Azhahari Kamal Ramli. Nantha Balan, who chaired the bench, thanked counsel for the quality of their respective submissions, noting that the factual matrix of the case made it unique. The bench also ordered the bank to pay the company and the government costs in the sum of RM30,000 and RM20,000, respectively. The company was ordered to pay costs of RM30,000 and RM10,000 to the government and the bank, respectively. The appeals court maintained the High Court's judgment requiring Hong Leong to pay RM1,270,262.15 to the company, inclusive of 5% interest from Oct 10, 2018 until the date the judgment sum is settled in full. Lawyers V Jeya Kumar, Kee Hui Yee and Jowyn Saw represented the company, while Karen Lee and See Yen Lin appeared for the bank. Senior federal counsel Siti Aishah Ramlan and Siti Syakimah Ibrahim acted for the government. According to the facts of the case, Ten Jing had in 2012 paid money to trading company TS Steel Sdn Bhd for the supply of steel. However, the consignment was not delivered. In early 2013, a seizure order was issued under the Anti-Money Laundering, Anti-Terrorism Financing Act (Amlatfa) 2001 against the assets of TS Steel pending an investigation. This included the RM1.2 million that belonged to Ten Jing which TS Steel had deposited into its account with Hong Leong. After a series of legal battles, the Court of Appeal in 2018 ordered that the money be returned to Ten Jing. However, when Ten Jing and the customs department wrote to ask for the money to be released, the bank replied that it had, upon realising that a winding-up order had been issued against TS Steel, remitted the funds to the insolvency department. In 2019, Ten Jing filed a suit against the bank, the government, two customs officers and the director-general of customs for breach of statutory duty and negligence, for failing to preserve the money under the seizure order pending the disposal of proceedings under the anti-money laundering laws.
Daily Mail
13-05-2025
- Business
- Daily Mail
Major bank plans to shutter 38 locations in weeks
America's seventh biggest bank will shut 38 branches in the coming weeks as it continues to roil from massive penalties related to failures in its anti-money laundering controls. TD Bank has filed notice with the Office of the Comptroller of the Currency (OCC) to close locations across 10 states on June 5. Closures will include six each in New Jersey and Massachusetts, five in New York, four in New Hampshire and Maine, and three in Pennsylvania and Florida. Of the bank's roughly 1,100 branches across the US, it also plans to shutter two locations each in Connecticut, Virginia and South Carolina, and one in Washington D.C. It comes as banks are shutting branches across the US, leaving communities without access to vital services. Experts are warning that 2025 could be the worst year yet for closures. TD — ranked seventh in branch numbers and tenth in assets under management — said the closures could lead to some layoffs of branch employees, according to The Philadelphia Business Journal . The bank has been in cost-cutting mode since an investigation into its anti-money laundering compliance efforts ended in October with a $3.2 billion fine. The investigation revealed that failures in TD's compliance efforts allowed criminals to launder millions in proceeds from fentanyl and narcotics trafficking. It also found that drug traffickers were able to bribe employees in some US branches, Reuters reported. TD became the largest bank in US history to plead guilty to violating a federal law aimed at preventing money laundering. The plea deal also includes a rare imposition of a tight cap on its assets and other business limitations. In February, the bank also brought in former chief operating officer Raymond Chun (right) as its new chief executive officer, replacing former CEO Bharat Masrani (left). TD did not directly respond to The Philadelphia Business Journal's question asking whether the branch closures are part of the bank's cost-cutting strategy. It said the bank 'regularly evaluates its physical store network and looks for opportunities to better align our network of stores to best serve our customers through an optimal mix of convenient TD Bank locations and digital banking products and services.' It comes as US banks filed to shut 42 local branches in just under a month earlier this year. Between April 1 and April 26, major lenders including Bank of America, Chase, and U.S. Bank were among the 14 banks to notify the Office of the Comptroller of the Currency (OCC) closure plans. Banks are required to alert the OCC before shutting down a branch. The agency then publishes the filings in a weekly report. While the listings indicate intent to close, they are not final confirmations. Last year, banks closed a total of 1,043 branches. The bloodbath is set to accelerate in 2025, resulting in a further 4.11 percent decrease by the end of the year, a study from Self Financial revealed earlier this year. 'Retail bank closures in the US aren't slowing, and in fact our research shows that the last time this many people relied on a local bank branch was in 1995,' Darren Kingman from Root Digital — who worked on the Self Financial study — told 'There's no doubt we're moving towards a cashless society but this increase in people per bank branch and the fact over 200 million Americans still make cash deposits will only mean longer wait times in banks and a potentially a lower overall customer experience,' Kingman explained. Some 45 percent of Americans still prefer to carry out their banking needs in person, a separate survey by GoBankingRates found. 'The shift towards online banking is growing more intense in 2025,' GoBankingRates lead data content researcher Andrew Murray told earlier this year. 'Despite the trend towards online banking, our survey data shows more than half of Americans are concerned about the rising number of physical branches that have shut down in the past few years,' Murray explained.
Daily Mail
12-05-2025
- Business
- Daily Mail
Major bank with 1,100 branches sparks alarm as it plans to shutter 38 locations in weeks
America's seventh biggest bank will shut 38 branches in the coming weeks as it continues to roil from massive penalties related to failures in its anti-money laundering controls. TD Bank has filed notice with the Office of the Comptroller of the Currency (OCC) to close locations across 10 states on June 5. Closures will include six each in New Jersey and Massachusetts, five in New York, four in New Hampshire and Maine, and three in Pennsylvania and Florida. Of the bank's roughly 1,100 branches across the US, it also plans to shutter two locations each in Connecticut, Virginia and South Carolina, and one in Washington D.C. It comes as banks are shutting branches across the US, leaving communities without access to vital services. Experts are warning that 2025 could be the worst year yet for closures. TD — ranked seventh in branch numbers and tenth in assets under management — said the closures could lead to some layoffs of branch employees, according to The Philadelphia Business Journal. The bank has been in cost-cutting mode since an investigation into its anti-money laundering compliance efforts ended in October with a $3.2 billion fine. The investigation revealed that failures in TD's compliance efforts allowed criminals to launder millions in proceeds from fentanyl and narcotics trafficking. It also found that drug traffickers were able to bribe employees in some US branches, Reuters reported. TD became the largest bank in US history to plead guilty to violating a federal law aimed at preventing money laundering. The plea deal also includes a rare imposition of a tight cap on its assets and other business limitations. In February, the bank also brought in former chief operating officer Raymond Chun as its new chief executive officer, replacing former CEO Bharat Masrani. TD did not directly respond to The Philadelphia Business Journal's question asking whether the branch closures are part of the bank's cost-cutting strategy. It said the bank 'regularly evaluates its physical store network and looks for opportunities to better align our network of stores to best serve our customers through an optimal mix of convenient TD Bank locations and digital banking products and services.' It comes as US banks filed to shut 42 local branches in just under a month earlier this year. TD Bank has filed notice with the Office of the Comptroller of the Currency (OCC) to close locations across 10 states on June 5 Past and current CEOs of TD Bank Group: Raymond Chun (right) succeeded Bharat Masrani (left) as Group President and CEO of TD Bank Group at the Bank's Annual Meeting of Shareholders on April 10, 2025 Between April 1 and April 26, major lenders including Bank of America, Chase, and U.S. Bank were among the 14 banks to notify the Office of the Comptroller of the Currency (OCC) closure plans. Banks are required to alert the OCC before shutting down a branch. The agency then publishes the filings in a weekly report. While the listings indicate intent to close, they are not final confirmations. Last year, banks closed a total of 1,043 branches. The bloodbath is set to accelerate in 2025, resulting in a further 4.11 percent decrease by the end of the year, a study from Self Financial revealed earlier this year. 'Retail bank closures in the US aren't slowing, and in fact our research shows that the last time this many people relied on a local bank branch was in 1995,' Darren Kingman from Root Digital — who worked on the Self Financial study — told 'There's no doubt we're moving towards a cashless society but this increase in people per bank branch and the fact over 200 million Americans still make cash deposits will only mean longer wait times in banks and a potentially a lower overall customer experience,' Kingman explained. Some 45 percent of Americans still prefer to carry out their banking needs in person, a separate survey by GoBankingRates found. 'The shift towards online banking is growing more intense in 2025,' GoBankingRates lead data content researcher Andrew Murray told earlier this year. 'Despite the trend towards online banking, our survey data shows more than half of Americans are concerned about the rising number of physical branches that have shut down in the past few years,' Murray explained.
Malay Mail
07-05-2025
- Business
- Malay Mail
Ex-MACC chief urges police to intensify AMLA use against billion-ringgit online scams
KUCHING May 7 — Former Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Dzulkifli Ahmad has called on enforcement agencies, particularly the Royal Malaysia Police (PDRM), to intensify their use of powers under the Anti-Money Laundering Act (AMLA) in the fight against billion-ringgit online scams. Responding to a The Star report on May 4 detailing how a business owner was conned out of RM1.8 million in an online investment scam, Dzulkifli warned that such fraud cases are becoming alarmingly frequent and causing heavy losses to Malaysians. 'It is time for enforcement agencies such as the PDRM to utilise their powers under AMLA more efficiently and aggressively. 'The main focus should not just be on arresting the perpetrators, assuming proper investigations are even carried out, but also on tracing the flow of illicit funds and recovering the stolen money,' he said in a statement yesterday. He emphasised that action must go beyond arrests, especially in cases involving international syndicates and mule accounts, which are notoriously difficult to track. Dzulkifli also said enforcement bodies should align their investigative strategies with the objectives of AMLA, including freezing, seizure, and forfeiture of criminal proceeds. 'The loss of RM1.8 million is just one of many similar cases we continue to see. The emphasis now must be on asset recovery, which is returning what's been stolen to the victims.' Dzulkifli, who now heads Amlac Academy, a training institution offering a Professional Diploma in Corporate Anti-Corruption Management, continues to play an active role in raising awareness on financial crimes. Through the academy, he advocates for professional upskilling and a deeper understanding of anti-corruption measures to improve corporate governance and public integrity. He concluded that stronger enforcement and greater public education must go hand in hand if Malaysia is to seriously curb the scourge of online financial fraud. — The Borneo Post
