All AML articles – Page 2
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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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Article
Danske 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.
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Article
EU proposes new money laundering rules
The European Commission wants to strengthen supervision over banks and other financial institutions to toughen up its fight against money laundering and terrorist financing after admitting that present measures have “failed all too often.”
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Blog
State AGs push for a beneficial ownership disclosure law
A bipartisan group of 24 attorneys general is urging Congress to advance legislation improving the transparency of shell corporations by requiring them to disclose who controls and profits from their activities.
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Article
Danske Bank case illustrates poor anti-money laundering practices
There seems to be no end to the AML woes hounding Danske Bank. Most recently, Denmark’s financial crime regulator announced a pending investigation into the beleaguered bank for possible money laundering violations related to its Estonian branch.
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Article
Danske Bank in hot water again over money laundering allegations
The Estonian subsidiary of Denmark’s largest bank may have laundered more than double the amount of dirty money than first thought, according to reports.
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ArticleCompliance officers in Europe: You’re in demand and getting a raise
According to recent studies, there is a high demand in Europe for chief compliance officers, and companies are willing to pay big bucks for top talent.
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Blog
Sometimes, a fine isn’t enough
U.S. regulators want companies to take firm disciplinary action against employees who are involved directly—or even indirectly—in the conduct at the heart of violations.
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Blog
The fight against worldwide corruption
When banks and regulators work together to halt the transfer, hiding, and parking of corrupt funds, the war on corruption takes one more giant step forward.
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Blog
Aegis Capital, compliance officers resolve cases with FINRA, SEC
Aegis Capital must pay a $550K fine to the Financial Industry Regulatory Authority, and a $750K penalty to the SEC for failing to have adequate supervisory and anti-money laundering programs in place. Two Aegis CCOs were found to have aided and abetted the violations.
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Blog
IdentityMind Global creates business unit dedicated to ICO, cryptocurrency markets
IdentityMindGlobal—a SaaS platform provider that builds, maintains and analyzes digital identities worldwide—announced the launch of a new business unit specifically dedicated to providing know your customer and anti-money laundering solutions to address the regulatory and compliance requirements of the rapidly growing Initial Coin Offering and cryptocurrency markets.
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Blog
Preventing money laundering in law firms
Strict new anti-money laundering regulations will make compliance matters much more complicated for U.K. solicitors whose business makes them a target for money laundering operations.
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Blog
What has Latvia wrought?
U.S. banking regulators have long understood the connection between bribery, corruption, money laundering. and security. It will be interesting to see if the ECB and European countries are willing to become as aggressive as their U.S. counter-parts in fighting the global scourge of money laundering.
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Article
Big money fines emphasize focus on AML compliance
Speculation that anti-money laundering fines might shrink in the current political climate were proven very wrong in recent days.
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ArticleData sharing, AI may be antidote to failing AML efforts
Big data may revolutionize anti-money laundering efforts, but privacy concerns and preserving a human element to compliance programs may get in the way.
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Blog
Swiss regulator: J.P. Morgan seriously breached AML regulations
The Swiss Financial Market Supervisory Authority, FINMA, concluded its enforcement proceedings against J.P. Morgan Chase, saying the bank "seriously breached" anti-money laundering regulations by failing to screen adequately transactions and business relationships booked in Switzerland associated with the Malaysian sovereign wealth fund 1MDB.
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Blog
The (anti) corruption London bus tour
A London bus tour that features the proceeds of corruption, exploring properties alleged to have been purchased with monies purloined from the country of Nigeria by the country’s former oil minister, the disgraced and now arrested, Diezani Alison-Madueke.
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Article
New technology brings opportunities, and headaches, for CCOS
New technologies are poised to revolutionize compliance and risk management. But are CCOs and CROs ready and up to the challenge?