All anti-money laundering articles – Page 2
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ArticleBittrex to pay $29M for BSA violations in landmark FinCEN, OFAC case
Virtual currency trading platform Bittrex agreed to pay more than $29 million for violations of the Bank Secrecy Act and other foreign asset restrictions by regularly allowing transactions with customers in Iran, Syria, and other U.S.-sanctioned nations.
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ArticleFINRA sets fine ranges for AML failures, removes limits on certain penalties
The Financial Industry Regulatory Authority increased penalties for member violations of securities rules, including removing upper limits on fines for certain instances of misconduct.
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ArticleU.K. bill would empower Companies House as AML regulator
The Economic Crime and Corporate Transparency Bill aims to stem the flow of dirty money coming into the United Kingdom by giving Companies House more power and resources to help combat money laundering.
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ArticleDanske Bank fined $1.8M over AML checks in Ireland
Danske Bank was fined €1.82 million (U.S. $1.82 million) by the Central Bank of Ireland for omitting customers from automated financial crime checks between 2010-19 and failing to notify the regulator.
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ArticleGermany strives for coordination in enhanced AML efforts
Germany has unveiled plans to tackle financial crime more effectively by creating a new federal authority to strengthen enforcement and improve coordination among the country’s current supervisors, of which there are more than 300.
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ArticleCredit Suisse money laundering verdict start of new era of Swiss enforcement?
Credit Suisse became the first major Swiss bank to be prosecuted for money laundering in the country after the Federal Criminal Court of Switzerland found the bank guilty of washing money connected to a Bulgarian drug smuggling syndicate.
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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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ArticleReport: European AML compliance efforts remain substandard
European governments need to step up their efforts to combat money laundering and terrorist financing because their current capabilities are below par, according to a report by the Council of Europe’s Moneyval unit.
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ArticleDeutsche Bank confirms AML raid at German headquarters
Deutsche Bank confirmed its Frankfurt headquarters were raided by German prosecutors in relation to a money laundering probe regarding suspicious activity reports filed by the bank.
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ArticleCFPB, NYAG sue MoneyGram to halt ‘long pattern of misconduct’
The Consumer Financial Protection Bureau and New York Attorney General Letitia James filed a lawsuit against MoneyGram in federal court, alleging the money remittance company has failed to fulfill the compliance obligations placed upon it in previous enforcement actions.
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ArticleECB questions AMLA’s effectiveness over scope, resource concerns
The European Central Bank believes the European Union’s proposed new anti-money laundering agency needs to have a wider scope of direct supervision and more staff if it is going to be effective.
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ArticleNational Bank of Pakistan to pay $55.4M for AML compliance lapses
The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with two U.S. regulators for deficiencies in the bank’s risk management and anti-money laundering compliance program.
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ArticleBitMEX founders fined $10M each for flouting AML rules
Arthur Hayes and Benjamin Delo, co-founders of cryptocurrency exchange and derivative trading platform BitMEX, were each fined $10 million as part of guilty pleas for anti-money laundering violations under the Bank Secrecy Act.
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ArticleReport: Financial crime fines down in 2021; AML penalties drop 78 percent
Fines for corporate crimes last year fell by more than half to 8.7 billion euros (U.S. $9.9 billion) from 2020’s total of €20 billion (U.S. $22.6 billion), according to a report released by research firm AML Intelligence.
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ArticleMishcon de Reya fined $316K for AML failings
The Solicitors Regulation Authority, the regulatory body for solicitors in England and Wales, announced British law firm Mishcon de Reya has agreed to pay a financial penalty of £232,500 (U.S. $316,000) for AML compliance violations.
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ArticleGermany’s N26 fined $5M for AML lapses
Mobile bank N26 revealed it paid a €4.25 million (U.S. $5 million) fine ordered by Germany’s market regulator regarding deficiencies in its reporting of suspicious activities “in the area of anti-money laundering.”
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ArticleFATF urges Japan to enhance AML/CFT measures
Japanese authorities have a good understanding of money laundering and terrorism financing risks, but certain areas of their AML/CFT framework could be further improved, according to a Financial Action Task Force evaluation report.
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ArticlePandemic not slowing rising AML fine totals, report says
Kroll’s latest annual enforcement review identified $2.2 billion in AML fines in 2020 compared to $444 million in 2019. The first six months of 2021 indicate a similar pace to last year.
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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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ArticleWestpac warned over continued AML failings
The Reserve Bank of New Zealand issued a formal warning to Westpac’s New Zealand branch for failing to report certain transactions as required under local anti-money laundering regulations.