All AML articles – Page 24
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ArticleFinCEN Director Kenneth Blanco to step down
FinCEN Director Kenneth Blanco, who has served in the position since December 2017, will step down April 9, and Michael Mosier, formerly the deputy director of FinCEN, will return to the agency as acting director.
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ArticleU.K. AML update: New obligations for cryptocurrency firms
Mark Steward, executive director of enforcement and market oversight at the U.K. Financial Conduct Authority, recently shared insights into the agency’s pipeline of AML investigations and what lies ahead for regulated firms.
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ArticleFinCEN launches rulemaking on beneficial ownership
The Financial Crimes Enforcement Network has launched its rulemaking process that will require corporations report the individual or individuals who own and control them, part of an initiative to help U.S. law enforcement fight financial crime.
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ArticleRobert Mazur: Old tricks still work for launderers; new policies could help
Former federal agent Robert Mazur revealed secrets of the money-laundering trade to attendees of CW’s Financial Crimes virtual event and proposed two solutions for financial institutions in the fight against bad actors.
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ArticleABN AMRO facing new charges in money laundering probe
ABN AMRO is facing new charges from Dutch prosecutors that imply the bank is suspected of knowing of money laundering activities perpetrated by its customers without intervening.
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ArticleNatWest facing criminal charges in landmark U.K. money laundering case
The U.K. Financial Conduct Authority has brought criminal proceedings against National Westminster Bank concerning alleged violations of the 2007 Money Laundering Regulations—a first for the regulator.
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ArticleEx-undercover agent Robert Mazur to share first-person AML lessons at CW event
Robert Mazur, the famous undercover agent portrayed in the 2016 film “The Infiltrator,” will be the keynote speaker on Day 2 of Compliance Week’s upcoming financial crimes event, to be held virtually March 30-31.
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ArticleBanks filing more SARs amid pandemic; is this the right approach?
An increase in the submission of suspicious activity reports for cash values that fall under the mandatory $10,000 transaction reporting threshold last year is a proactive step by banks, but more can always be done, writes Martin Woods.
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ArticleSamsung Heavy Industries settles Brazil bribery probe for $150M
Samsung Heavy Industries will pay 812 million reais (U.S. $149.9 million) in a leniency deal with Brazilian enforcement authorities for acts of corruption and money laundering related to “Operation Car Wash.”
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ArticleOSHA will handle antitrust, AML retaliation claims from whistleblowers
The Occupational Safety and Health Administration will oversee worker retaliation claims for two new categories of whistleblowers—antitrust and anti-money laundering.
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ArticleACAMS survey: FinCEN Files leak a positive for financial industry?
Many compliance professionals in the financial industry believe last year’s leak of 2,100 suspicious activity reports from FinCEN had an overall positive impact on global efforts to fight financial crime, according to an ACAMS survey.
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ArticleFINRA report: Top risk areas for AML, cyber-security
The Financial Industry Regulatory Authority has published a new report designed to help inform member firms’ compliance programs by providing annual insights from its examinations and risk monitoring programs.
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ArticleFDIC fines Apple Bank $12.5M for AML compliance failures
The Federal Deposit Insurance Corporation has fined Apple Bank for Savings $12.5 million for violations of the Bank Secrecy Act related to anti-money laundering controls.
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ResourceWhite paper: BSA/AML Compliance: A Growing Consensus for Change
Serving a vital purpose for the U.S. financial system, the Bank Secrecy Act (BSA) protects its individual members from being used to finance illegal activity. But at 50 years old, its ability to achieve that purpose has not kept pace with an ever-evolving world, as the law remains largely unchanged ...
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ArticleTreasury under Yellen to prioritize climate change, sanctions, AML reform
Janet Yellen takes over as leader of a Treasury Department with a lot on its plate, including studying the effects of climate change on the economy, unwinding Trump administration sanctions, revamping the Bank Secrecy Act, and more.
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ArticleFinCEN again extends comment period for controversial crypto AML rules
The Financial Crimes Enforcement Network for a second time has extended the comment period for portions of its proposed AML rules aimed at peeling back the anonymity of certain kinds of cryptocurrency transactions.
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VideoVideo: Did Capital One get off easy with $390M AML fine?
Kyle Brasseur explains how Capital One’s $390 million civil penalty for anti-money laundering failures could have been much steeper had it not been for the bank’s significant remediation efforts.
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ArticleAnalysis: Improving SARs effectiveness takes more than act of Congress
In the wake of 2020’s FinCEN Files leaks, the U.S. Treasury this year will undertake a thorough reevaluation of the country’s AML program under the Bank Secrecy Act.
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ArticleCapital One fined $390M for ‘egregious’ AML compliance failures
Capital One will pay a $390 million civil penalty for compliance failures regarding banking services offered to its check cashing group, which—according to FinCEN—had a reputation for money-laundering risks.
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ArticleU.K. tax authority fines MT Global record $32.4M for AML failures
MT Global Limited, a U.K.-based money transfer company, was hit with a record £23.8 million (U.S. $32.4 million) fine by the U.K.’s tax authority for violations of anti-money laundering regulations.