French authorities search SocGen's offices in tax fraud investigation Reuters https://www.reuters.com/business/finance/french-authorities-search-socgens-offices-fiscal-fraud-probe-le-monde-reports-2025-06-24/ Investigators from France's National Financial Prosecutor's Office (PNF) conducted searches at the offices of Societe Generale in Paris and Luxembourg as part of a tax fraud investigation, according to a judicial source last week. Additionally, the homes of four individuals, primarily bank executives, were also searched, and those individuals were taken into custody, corroborating a report by French newspaper Le Monde. These actions are connected to a preliminary investigation launched in January 2024 into the French bank for allegations of "tax fraud laundering," "organised or aggravated tax fraud laundering," and "criminal conspiracy," the source noted. Authorities are examining how a particular department within the bank managed to "design and execute schemes primarily for tax benefits on behalf of prominent French corporations," the source added. UAE Central Bank suspends bank's Islamic window from onboarding new customers for six months The National https://www.thenationalnews.com/business/banking/2025/06/25/uae-central-bank-suspends-banks-islamic-window-from-onboarding-new-customers-for-six-months/ The UAE Central Bank has decided to suspend a bank's Islamic window from registering new customers for six months. It has fined a penalty exceeding Dh3.5 million ($953,632) due to violations of Sharia governance regulations. An Islamic window functions as a division within a conventional bank, enabling customers to engage in Islamic financial transactions. These sanctions followed a Sharia supervision review by the banking regulator, which identified compliance breaches at the bank, as reported last week by the Central Bank. In recent weeks, the banking regulator has intensified scrutiny of regulatory compliance. Just this past Tuesday, it imposed a Dh2 million fine on an exchange house for failing to adhere to the country's anti-money laundering and counter-terrorism financing (AML/CFT) guidelines and protocols. Mexico Takes Over Two Small Local Banks Sanctioned by Washington The Wall Street Journal https://www.wsj.com/world/americas/mexico-takes-over-two-small-local-banks-sanctioned-by-washington-aa1d518b Mexican financial authorities announced last week their decision to take control of two small banks, CIBanco and Intercam Banco, after the US Treasury Department flagged them for involvement in money laundering and facilitating payments for precursors used in fentanyl production. To prevent a potential deposit run, Mexico�s Banking and Securities Commission imposed temporary management interventions at both institutions. The commission emphasized that these measures are designed to safeguard the interests of depositors and creditors in light of the US Treasury's actions, which could significantly impact the banks. CIBanco and Intercam collectively represent less than 1% of the Mexican banking sector, with a combined value of approximately $12 billion. In its statement, the US Treasury prohibited CIBanco, Intercam, and local institution Vector Casa de Bolsa from conducting specific fund transfers with US companies, branding these three entities as being "of primary money laundering concern" in relation to illegal opioid trafficking.