All AML articles – Page 2
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News BriefUBS to pay $511 million fine over Credit Suisse tax case, exposing compliance gaps
A significant settlement in a U.S. tax fraud case against Credit Suisse contains numerous compliance lessons related to beneficial ownership and due diligence in mergers and acquisitions.
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News BriefTrump’s pivot on crypto leads SEC to seek settlement with Gemini
The Securities and Exchange Commission (SEC)’s pivot in favor of crypto took another step as the agency indicated it wants to resolve a long-standing lawsuit against the crypto exchange Gemini.
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News BriefOFAC, FinCEN tighten screws on Sinaloa Cartel’s money laundering network
The Trump administration has taken two actions to attack money laundering rings operating in Mexico, highlighting the U.S. government’s focus on curbing the fentanyl trade and the illegal profits it generates.
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News BriefTreasury reversal of OFAC sanctions against Tornado Cash signals eroding AML scrutiny
The U.S. Treasury Department lifted its sanctions against cryptocurrency mixer Tornado Cash on Friday after a federal appeals court ruled in November the penalty levied by the agency’s Office of Foreign Assets Control was an overreach.
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News BriefFinCEN drops BOI requirement for U.S. companies, persons
The U.S. Treasury Department’s Financial Crimes Enforcement Network issued a final interim rule that eliminates beneficial ownership information reporting obligations for U.S.-based companies and persons.
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News BriefExpert: Treasury’s move to ‘narrow’ BOI requirements would gut AML law
The U.S. Treasury’s effort to dramatically narrow the focus of the Corporate Transparency Act through “emergency” rulemaking would gut the law’s anti-money laundering efforts, a transparency expert said.
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News BriefRobinhood pays $30M in fines, restitution for faulty AML program, customer disclosures
Robinhood will pay nearly $30 million in penalties for violating Financial Industry Regulatory Authority rules with shortcomings in its anti-money launderingprogram, as well as supervisory and disclosure violations.
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News BriefTwo senators want to know: What’s the legal basis for suspending enforcement of the CTA?
Two senators behind the Corporate Transparency Act have demanded that U.S. Treasury Secretary Scott Bessent justify his suspension of one of the law’s anti-money laundering requirements.
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News BriefRegs name TD Bank’s compliance monitor; so far, bank has spent $138M improving AML program
TD Bank leadership called its response to anti-money laundering program lapses its “top priority” as federal regulators named their choice of a compliance monitor to oversee a top-to-bottom rebuild of its AML program.
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News BriefTreasury announces plan to narrow CTA's scope; FinCEN says no fines, penalties for failure to report BOI
The Treasury Department’s Financial Crimes Enforcement Network notified businesses that fail to report or update their beneficial ownership information before the agency’s March 21 deadline will not face fines or penalties. The agency further said it would not enforce the Corporate Transparency Act against U.S. citizens and domestic businesses.
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News BriefFinCEN announces FATF watchlist update: Laos, Nepal added, Philippines removed
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced two countries have been added to the Financial Action Task Force (FATF) watchlist, while another has been removed.
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News BriefCrypto exchange OKX latest target of DOJ, hit with $505M penalty over AML, KYC failures
One of world’s largest cryptocurrency exchanges agreed to pay more than $500 million in penalties and plead guilty to AML and KYC violations, along with failing to register as a money transmitting business with the U.S. Treasury Department, the DOJ said.
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PremiumFinCEN issues new BOI compliance date, but experts say unlikely to hold
Uncertainty continues to swirl around a requirement that small businesses and foreign entities file beneficial ownership information with the U.S. Treasury Department.
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News BriefFCA fines Mako $2.1M for ineffective financial crime monitoring program
Mako Financial Markets Partnership will pay $2.1 million (1.7 million pounds) in penalties to the U.K. Financial Conduct Authority to settle allegations that its financial crime prevention program was ineffective.
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PremiumExperts question effectiveness of new enforcement tool SFO is finally wielding
The U.K.’s Serious Fraud Office has made its first use of an enforcement tool that was meant to bring oligarchs and kleptocrats to book. But lawyers are unsure whether the move signifies either a change in direction or fortune for the agency.
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PremiumFinancial crime in the shadows of the dark web
The dark web has been depicted as a long-standing hub for crimes, where illegal activities such as drug dealing, financial fraud, weapon sales, murder for hire, stolen credit cards, and ransomware gags are easily accessible to the public.
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News BriefBSA failures lead to $42M fine for Brink's over unregistered cash shipments to Mexico
Armored car company Brink’s Global Services will pay $42 million in penalties to settle charges laid by federal regulators for violating anti-money laundering provisions of the Bank Secrecy Act.
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News BriefFCA dings Infinox in first fine under U.K. capital market reforms of 2018
The U.K. Financial Conduct Authority issued a landmark fine against trading platform Infinox Capital for failing to report “high-risk” transactions, the first-ever enforcement under a 2018 law.
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News BriefKuCoin latest crypto firm to pay hefty price for violating BSA with $297M penalty
The Seychelles-based owner of cryptocurrency exchange KuCoin has agreed to pay nearly $300 million in penalties–and cease doing business in the U.S. for two years–to settle charges that it failed to properly monitor potential criminal activity on its network.
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PremiumInside Cyprus’ efforts to stem money laundering and sanctions evasion
Are there success stories in the international fight against money laundering and sanctions evasion? The island nation of Cyprus is making its case.