All AML articles – Page 19
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ArticleTreasury reports examine persistent and emerging AML/CFT risks
The Treasury Department outlined key areas where criminals, terrorist groups, and rogue nations are using the U.S. banking system to launder funds to finance their illicit activities.
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ArticleMoneyGram sets aside $15.8M to settle NYDFS, CFPB investigations
MoneyGram disclosed it expects to pay a total of $15.8 million to settle two separate investigations by the New York State Department of Financial Services and the Consumer Financial Protection Bureau.
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ArticleHow compliance can help prevent illegal wildlife trade
Developing a reasonable understanding of the supply chain is the first step in ascertaining whether corporate entities might inadvertently participate or facilitate illegal trading in wildlife.
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ArticleECB questions AMLA’s effectiveness over scope, resource concerns
The European Central Bank believes the European Union’s proposed new anti-money laundering agency needs to have a wider scope of direct supervision and more staff if it is going to be effective.
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ArticleLawsuit by BitMEX co-founder could test GDPR’s reach over SARs
Ben Delo, co-founder of cryptocurrency exchange BitMEX, filed a complaint against Wise Payments after the company allegedly refused his requests under the General Data Protection Regulation to provide him with personal information it submitted via suspicious activity reports.
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ArticleNational Bank of Pakistan to pay $55.4M for AML compliance lapses
The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with two U.S. regulators for deficiencies in the bank’s risk management and anti-money laundering compliance program.
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ArticleBitMEX founders fined $10M each for flouting AML rules
Arthur Hayes and Benjamin Delo, co-founders of cryptocurrency exchange and derivative trading platform BitMEX, were each fined $10 million as part of guilty pleas for anti-money laundering violations under the Bank Secrecy Act.
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Article‘The Betrayal’ offers AML lessons from undercover mission that nearly comes undone
Drug Enforcement Administration undercover agent Robert Mazur’s new book chronicles his infiltration of Colombia’s notorious Cali drug cartel and the money laundering practices he observed firsthand.
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ArticleCredit Suisse leak alleges corrupt customers, poor compliance practices
Credit Suisse engaged in business dealings with some of the most notorious criminals in the world, according to a consortium of media outlets that spent months parsing through the leaked records of more than 18,000 of the Swiss bank’s accounts.
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DOJ names head of crypto enforcement team
The Department of Justice named veteran prosecutor Eun Young Choi to serve as the first director of its newly created National Cryptocurrency Enforcement Team.
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ArticleEricsson admits ‘corruption-related misconduct’ in Iraq
Ericsson announced an internal investigation uncovered evidence of “corruption-related misconduct” that occurred in the Swedish telecommunications company’s Iraq operations between 2011 and 2019.
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ArticleFINRA sanctions compliance officer for AML failures
The Financial Industry Regulatory Authority has ordered a compliance officer to pay $25,000 for failing to establish and implement a “reasonably designed” anti-money laundering compliance program at the brokerage firm where he worked.
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ArticleFINRA 2022 exam report highlights Reg BI compliance, AML trends, more
The Financial Industry Regulatory Authority’s annual report on examinations and risk monitoring contains insights on issues the organization uncovered regarding broker-dealers’ compliance with Regulation Best Interest during the rule’s first full year in existence.
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ArticleBanks, small firms wary of compliance costs of FinCEN beneficial ownership rule
Comment letters submitted to the Financial Crimes Enforcement Network regarding its proposed beneficial ownership registry rule express concerns related to compliance costs, implementation timelines, and more.
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ArticleDOJ arrests in Bitfinex case highlight inner workings of crypto laundering scheme
The Department of Justice arrested two individuals over an alleged conspiracy to launder approximately $4.5 billion worth of cryptocurrency stolen in the 2016 hack of digital asset trading platform Bitfinex.
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ArticleWestpac combines risk, compliance leadership; hires Ryan Zanin as chief risk officer
Australian bank Westpac announced it will combine the leadership of its risk and compliance divisions into one position under Ryan Zanin, who joins after most recently serving as executive vice president, chief risk officer at Fannie Mae.
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ArticleFinCEN readying rule for banks to prove AML/CFT programs ‘reasonably designed’
The Financial Crimes Enforcement Network will likely require banks and other financial institutions to assess their anti-money laundering and countering the financing of terrorism programs to ensure they are “effective and reasonably designed.”
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ArticleFinCEN seeking input on SARs-sharing program with foreign branches
The Financial Crimes Enforcement Network is requesting comment on a pilot program that would allow financial institutions to share suspicious activity reports with foreign branches, subsidiaries, and affiliates.
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ArticleSwedbank names Britta Hjorth-Larsen as chief compliance officer
Swedbank announced the appointment of Britta Hjorth-Larsen as its new chief compliance officer. She will take over her new duties by Aug. 1 at the latest and join the bank’s group executive committee.
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ArticleReport: Financial crime fines down in 2021; AML penalties drop 78 percent
Fines for corporate crimes last year fell by more than half to 8.7 billion euros (U.S. $9.9 billion) from 2020’s total of €20 billion (U.S. $22.6 billion), according to a report released by research firm AML Intelligence.