Zenoo Compliance Brief
BSI Bank faces $394m penalty for 1MDB AML failures
Plus, OFAC Fines State Street $7.5m Over Russian Sanctions Breaches, OFAC amends General License 131E for Lukoil divestiture..., Compliagence launches AI platform to automate regulatory....
30 April 2026 · 4 min read
BSI Bank is wearing a $394 million fine for its role in the 1MDB disaster, with regulators fingering systemic AML compliance gaps. The Swiss bank's failures are a sharp reminder that typifying 1MDB as historical misses the point: enforcement continues, and the bar for institutional failure keeps rising. We've also got State Street's Russia sanctions slip-up, a tactical OFAC license tweak for Lukoil divestiture work, and a new compliance platform hitting the market. Read on.
In this edition
- BSI Bank had every red flag waving and still waved the money through.
- State Street moves trillions in cross-border settlement and still missed Russian sanctioned parties sitting in its own pipes.
- OFAC didn't loosen Russia sanctions. It built a fire exit for Lukoil's buyers, and you need to read the signage carefully.
- Another AI platform promises to kill the regulatory monitoring grind. The grind tends to win.
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