All AML articles
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ArticleWhistleblower: USAA ‘actively lying to regulators for years’ regarding violations of law
Senior executives at USAA ignored warnings from compliance staff and consultants for years regarding violations of U.S. federal banking laws and hid from regulators the scope of the company’s illegal practices, a former USAA director of compliance turned whistleblower told Compliance Week.
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ResourceWhite paper: AML Compliance Guide
Read this AML Compliance Guide to learn the five ways you can modernize your AML program to meet regulatory requirements and protect your institution and its customers from financial crime.
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ResourceWhite paper: Concentrate on effective compliance
The Anti-Money Laundering Act of 2020 (AMLA) is intended to improve transparency between financial institutions and regulators in an effort to streamline financial crime compliance.
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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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ResourceWhite paper: Improve Compliance Team Efficiency by Automating AML Workloads
Compliance teams are under increasing pressure to reduce risk and drive financial crime out of their institutions with limited resources.
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WebcastWebcast: Can KYC compliance and customer experience coexist?
Remaining competitive in the modern financial world requires staying ahead of increasingly sophisticated financial crimes and fluid regulations across multiple jurisdictions.
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ArticleSwedbank notifies OFAC of potential sanctions violations
Swedbank announced it has reported approximately $4.8 million worth of transactions that might be subject to U.S. sanctions to the Treasury Department’s Office of Foreign Assets Control.
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ArticleSingapore regulator: Technology creates both challenges, opportunities
The evolution of technology is enabling myriad capabilities for regulatory and financial crime compliance, but it is also presenting complex financial crime risks, according to a representative from the Monetary Authority of Singapore (MAS) at the International Compliance Association’s second Asia Pacific (APAC) conference this week in Singapore.
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ArticleDanske Bank under investigation in France over money-laundering saga
For a second time, Danske Bank is under investigation in France for suspected money-laundering transactions worth €21.6 million (U.S. $24.4 million) committed between 2007 and 2014.
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Blog
U.K. government further tightens AML net
A reform package introduced recently by the U.K. government aims to increase transparency and tackle corruption in limited partnerships.
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Blog
Arachnys launches CRI cloud-native platform
Customer Risk Intelligence (CRI) solutions provider Arachnys announced the launch of its CRI cloud-native platform designed to address Know Your Customer (KYC) and Anti-Money Laundering (AML) challenges.
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Article
Walking the KYC and data protection tightrope
The EU General Data Protection Regulation is stirring the pot for financial institutions in trying to strike a balance between complying with AML laws while ensuring data protection.
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ArticleAML programs continue to vex banks in cost, complexity
Forget all that talk of deregulation. Compliance officers at financial institutions are still knee-deep in risk and spending nearly $26 billion a year on anti-money laundering programs and other demands of the Bank Secrecy Act.
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Blog
U.K. money laundering task force launched; watch out McMafia!
A new U.K. initiative aims to enhance processes for catching fraudsters and financial service abusers while educating industry and government agencies on how to identify and prevent economic crime.
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Blog
FinCEN advisory warns of Nicaraguan money laundering
The Financial Crimes Enforcement Network has issued an advisory to alert U.S. financial institutions of the increasing risk that proceeds of political corruption from Nicaragua may enter the U.S. financial system.
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BlogA thumbs up for smaller banks sharing BSA AML resources
Federal bank regulators have announced that certain community banks and credit unions may share resources in an effort to bolster Bank Secrecy Act compliance and anti-money laundering obligations.
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Blog
Report: Financial firms fined $26B for AML, sanctions, KYC non-compliance since 2008
A staggering $26 billion in fines has been imposed for non-compliance with Anti-Money Laundering (AML), Know Your Customer (KYC), and sanctions regulations in the last decade, according to new research.
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ArticleHidden ownership in high-end real estate
Title: OCEG: Hidden ownershipThis latest installment of the Compliance Week/OCEG GRC Illustrated series explores how fraudsters are using high-end real estate to launder money.
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ArticleDanske Bank CEO quits over money laundering failures
The chief executive of Denmark’s biggest financial institution has resigned following the publication of a report that highlights large-scale money laundering in the bank’s Estonian operations.
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Blog
FINMA finds deficiencies in AML processes at Credit Suisse
The Swiss Financial Market Supervisory Authority FINMA has concluded two enforcement procedures against Credit Suisse. In the first procedure, FINMA identified deficiencies in the bank’s adherence to anti-money laundering due diligence obligations. The second procedure relates to a significant business relationship for the bank with a politically exposed person.