All AML articles – Page 7
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Blog
JP Morgan Outlines Compliance Overhaul
JP Morgan, the Wall Street bank that has racked up more than $23 billion in regulatory fines since the financial crisis, has released a 100-page report detailing its efforts to improve compliance, culture, and internal controls. The report, “How We Do Business,” was in response to pressure from shareholder activists ...
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Blog
Former MoneyGram CCO Fined $1 Million
Image: MoneyGram International’s former chief compliance officer, Thomas Haider, has been fined $1 million by the Treasury Department’s Financial Crimes Enforcement Network for failing to ensure that his company abided by the anti-money laundering provisions of the Bank Secrecy Act. Concurrently, the U.S. Attorney’s Office for the Southern District of ...
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Article
Regulators Publish Latest Thinking on AML Compliance
Image: Financial regulators have just updated their examination manual for anti-money laundering compliance, giving financial firms plenty of holiday reading on how they should structure their AML programs. “The big changes are in areas where things have moved forward: virtual currency, prepaid cards, changes in the SAR rules, aggregation for ...
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Article
Why Anti-Money Laundering Programs Aren’t Just for Banks Anymore
Image: After years of hunting money launderers by scrutinizing transaction at big banks, regulators are widening their nets to include luxury goods retailers, casinos, technology companies, and others. The Feds are holding more businesses accountable for questionable transactions and pushing those at risk to beef up AML compliance. “All companies, ...
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Blog
Study Delves Into the Extensive Costs of Non-Compliance
What’s the true cost of non-compliance? A study by Thomson Reuters makes the case that fines, while significant and growing, may be the least of what should worry companies that run afoul of regulations. Broader financial implications can include the end of a business line, an inability to sell specific ...
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Blog
Podcast: Banks Double Down on AML Compliance
A recent survey by accounting firm Kaufman Rossin found that many banks plan sizeable increases to their budget for anti-money laundering compliance over the next 12 months. In this week’s podcast, we talk to Ivan Garces, a risk advisory services principal at accounting firm Kaufman Rossin about the evolving risk ...
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Article
As Tech Firms Enter the Payments Space, Regulators Are Watching
Last month Apple plunged into the world of payment processing with its Apple Pay service that allows its mobile devices to make payments at retailers. Rivals Google, Microsoft, and Facebook have already dabbled in the market that includes Pay Pal and several others. These disruptive technologies may prompt regulators to ...