All AML articles – Page 4
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ArticleTalking to ‘The Infiltrator’ about AML
Joe Mont talks to Robert Mazur, the undercover agent portrayed in the movie The Infiltrator, and Bill Sweeney, financial services evangelist at BAE Systems Applied Intelligence, about the shadowy underworld of money laundering.
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Blog
Self-certified due diligence is fraught with danger
Tom Fox looks at further reverberations from the Malaysian sovereign wealth fund 1MDB scandal concerning one giant red flag: a reference provided by a third party to vouch for that third party.
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ArticleAML strategies keep evolving, and so do the risks
New and evolving technology may help institutions avoid AML and KYC compliance risks, or restore a damaged reputation, says Joe Mont, but not without the right strategy and training in place.
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FinCEN wants cyber-attack data in SARs
New guidance from the Financial Crimes Enforcement Network addresses the inclusion of information about both attempted and successful cyber-attacks in Suspicious Activity Reports.
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1MDB-a truly international fight against corruption
Tom Fox looks at the alleged looting of Malaysian sovereign wealth fund 1MDB and the implications it has for fighting global corruption.
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Singapore’s increased AML scrutiny might affect everyone
As Singapore considers cracking down on money laundering, the impact of such a move may ripple far beyond that nation’s own banking system. Tom Fox has more.
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Trump’s border wall could be muy malo for bank CCOs
A key talking point of Republican Donald Trump’s campaign is to build a wall along the U.S./Mexico border, forcing Mexico to fund it. That plan, however, says Joe Mont, could mean added compliance burdens for banks and an expansion of Know Your Customer protocols.
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To ease fears, agencies address correspondent banking ‘myths’
Federal banking regulators have authored a “fact sheet” intended to clarify supervisory and enforcement activities that focus on the money laundering and sanctions compliance risks that may arise with correspondent banking relationships. Joe Mont has more.
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FinCEN wants to extend AML programs to all banks
Banks lacking a Federal functional regulator have been hit with proposed rules by the Treasury Department’s Financial Crimes Enforcement Network that would require them to implement anti-money laundering programs. Joe Mont has more.
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Deloitte poll: Panama Papers will cause financial crime enforcement to spike
As the Panama Papers saga continues to unfold, global enforcement of financial crimes are expected to spike over the next year, according to a recent poll conducted by Deloitte Advisory. Jaclyn Jaeger reports.
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Basel Index finds slippage in AML efforts
The Basel Committee on Banking Supervision, an international consortium that develops banking standards, has issued its “Basel AML Index,” an annual ranking of country risk regarding money laundering and terrorism financing. The overall conclusion this year, says Joe Mont: A majority of countries fall short in the effective implementation and ...
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BlogBasel Index finds slippage in AML efforts
The Basel Committee on Banking Supervision, an international consortium that develops banking standards, has issued its “Basel AML Index,” an annual ranking of country risk regarding money laundering and terrorism financing. The overall conclusion this year, says Joe Mont: A majority of countries fall short in the effective implementation and ...
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Rise of the machines: how artificial intelligence could revolutionize compliance
It may sound futuristic, but “thinking machines” are poised to revolutionize compliance. Artificial intelligence, proponents say, can take care of grunt work, freeing audit and compliance professionals to focus on matters that befit their skills. Advanced automation, however, says Joe Mont, isn’t without concerns and pitfalls.
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Panama Papers still a ‘gift’ that keeps on giving for compliance officers
What’s next for the infamous Panama Papers scandal? As governments around the world craft opportunity from crisis with various new rules and regulations, CCOs at financial institutions may find themselves at an inflection point. The challenge: how to leverage all that once-hidden data on shell companies? Joe Mont reports.
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Deloitte names new AML and economic sanctions leaders
Frederick Curry has been named Deloitte Advisory anti-money laundering (AML) and economic sanctions practice leader. Michael Shepard has been named Deloitte Global AML, economic sanctions and financial crimes leader. They succeed Alison Clew who will retire in May.
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FINRA fines compliance officer for AML compliance failures
The Financial Industry Regulatory Authority has fined Raymond James & Associates and Raymond James Financial Services a total of $17 million for widespread failures related to the firms’ anti-money laundering programs. RJA’s former AML compliance officer was also fined and suspended for three months.
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Deutsche Bank and the continuing costs of money laundering risks
Deutsche Bank demonstrates that the costs of continuing to fail to meet regulatory requirements regarding anti-money laundering can be astronomical. Tom Fox looks at the Financial Conduct Authority’s Deutsche Bank investigation and what it means for the financial firm’s future.
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ArticleMossack Fonseca leak prompts global compliance crackdown
While politicians draw fire for their connections to shell companies, regulators and legislators are threatening to take action. CW’s Joe Mont says to expect plenty of renewed scrutiny on beneficial ownership data, attacks on U.S. incorporation laws, and a focus on how firms conduct due diligence on third parties, business ...
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FinCEN fines Sparks Nugget casino $1 million for AML violations
The Financial Crimes Enforcement Network (FinCEN) recently slapped a $1 million civil money penalty on Sparks Nugget casino for willfully violated the anti-money laundering provisions of the Bank Secrecy Act. “Despite the fact that it hosted convicted embezzlers and had been repeatedly alerted to suspicious transactions by its own BSA ...
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As SEC targets EB-5 fraud, the visa program could raise money laundering risks
Image: A government program that grants visas to overseas investors is more popular than ever. The problem: Critics say it is rife with the potential for fraud and money laundering risks. “You can see which way the winds are blowing,” says Eric Berg, special counsel for Foley & Lardner. “The ...