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Archive for the ‘Financing Practices’ Category

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Anti-Money Laundering (AML) Certification with ING.
~ ING website 2017

ING Bank N.V. Agrees to Forfeit $619 Million for Illegal Transactions with Cuban and Iranian Entities

Department of Justice
Office of Public Affairs

FOR IMMEDIATE RELEASE
Tuesday, June 12, 2012 [Excerpt]

WASHINGTON – ING Bank N.V., a financial institution headquartered in Amsterdam, has agreed to forfeit $619 million to the Justice Department and the New York County District Attorney’s Office for conspiring to violate the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA) and for violating New York state laws by illegally moving billions of dollars through the U.S. financial system on behalf of sanctioned Cuban and Iranian entities.  The bank has also entered into a parallel settlement agreement with the Treasury Department’s Office of Foreign Assets Control (OFAC). (more…)

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Expert Anti-Money Laundering
Anti-Money Laundering (AML) Certification with ING.
~ ING website 2017

Dutch Prosecutors Probe ING Bank for Money Laundering, Corruption

Published: 22 March 2017

ING Bank confirmed on Wednesday it is being investigated by Dutch prosecutors for money laundering and corruption. Local media say the probe is related to a bribery case in Uzbekistan.

A bank spokesman said the investigation could result in “significant” fines and penalties, but didn’t confirm a report from Dutch newspaper Het Financieele Dagblad that it is linked to corruption accusations against the daughter of former Uzbek president involving hundreds of millions of dollars.

“Given that the matter is under investigation we cannot comment further other than that we cooperate with the investigations,” ING Bank spokesman Raymond Vermeulen said in an e-mail to OCCRP. (more…)

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Walgreen's - New uses for failed banks - Pictures - CBS NewsList of banks acquired or bankrupted during the Great Recession

This is a list of notable financial institutions worldwide that were severely affected by the Great Recession centered in 2007–2009. The list includes banks (including savings and loan associations, commercial banks and investment banks), building societies and insurance companies that were:

  • taken over or merged with another financial institution;
  • nationalised by a government or central bank; or
  • declared insolvent or liquidated.

(more…)

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Buying Failed BanksList of bank failures in the United States

The 2008 financial crisis led to the failure of a large number of banks in the United States. The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012. In contrast, in the five years prior to 2008, only 10 banks failed, of which 3 in 2007.

A bank failure is the closing of a bank by a federal or state banking regulatory agency. The Federal Deposit Insurance Corporation (FDIC) is named as Receiver for a bank’s assets when its capital levels are too low, or it cannot meet obligations the next day. The FDIC insures up to $250,000 per depositor, per insured bank.

2010 (more…)

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List of bank failures in the United States

The 2008 financial crisis led to the failure of a large number of banks in the United States. The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012. In contrast, in the five years prior to 2008, only 10 banks failed, of which 3 in 2007.

A bank failure is the closing of a bank by a federal or state banking regulatory agency. The Federal Deposit Insurance Corporation (FDIC) is named as Receiver for a bank’s assets when its capital levels are too low, or it cannot meet obligations the next day. The FDIC insures up to $250,000 per depositor, per insured bank.

2009

(more…)

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Banks and the Economy: The FDIC Expects Bank Failures to Peak this YearDust Off Your Files: The FDIC Is Back in Town
By Laurence E. Platt et al., August 2008

The recent appointment of the Federal Deposit Insurance Corporation (“FDIC”) as conservator of IndyMac Bank and receiver of the First National Bank of Nevada and First Heritage Bank, N.A. (collectively, “FNBN”) has caused many lawyers to recall from storage their files on the role of the FDIC and the now defunct Resolution Trust Corporation (“RTC”) in the liquidation of thousands of failed banks and thrifts over 15 years ago.

FDIC and RTC were often a source of unmitigated pain to the failed institutions they liquidated and the counterparties to contracts that were in effect at the time [they] failed. At the same time, FDIC and RTC presented unsurpassed opportunities for those with cash to purchase loans and assets from their receiverships [reception].

Those who have servicing or other contracts with IndyMac and FNBN are experiencing (more…)

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Top 7 Biggest Bank Failures - Slideshow | InvestopediaList of bank failures in the United States

The 2008 financial crisis led to the failure of a large number of banks in the United States. The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012. In contrast, in the five years prior to 2008, only 10 banks failed, of which 3 in 2007.

A bank failure is the closing of a bank by a federal or state banking regulatory agency. The Federal Deposit Insurance Corporation (FDIC) is named as Receiver for a bank’s assets when its capital levels are too low, or it cannot meet obligations the next day. The FDIC insures up to $250,000 per depositor, per insured bank, as a result of the Emergency Economic Stabilization Act of 2008, which raised the limit from $100,000. (more…)

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