All anti-money laundering articles – Page 5
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Blog
Danske Bank provides update on AML probe in France
Danske Bank said it might again become subject to a formal investigation in France, instead of being an assisted witness, in connection with an ongoing investigation into organised money laundering of tax evasion proceeds.
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Blog
Will the EU improve its monitoring of money-laundering threats?
EU ambassadors on 19 December 2018 agreed to give the European Banking Authority (EBA) more power over anti-money-laundering supervision for financial institutions, but some doubt the effectiveness of these measures.
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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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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
EverCompliant solution addresses KYC gaps
EverCompliant, a business cyber-intelligence provider, recently announced the launch of eKYC Discovery, a tool that addresses potential gaps in the Bank Secrecy Act and Anti-Money Laundering-mandated Know Your Customer processes that could leave financial institutions exposed to criminal activity.
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Capital One pays $100M for AML compliance deficiencies
The Office of the Comptroller of the Currency has assessed a $100 million civil money penalty against Capital One and Capital One Bank for deficiencies in the financial concern’s Bank Secrecy Act/Anti-Money Laundering program.
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Blog
Mashreq responds to NYDFS consent order
Mashreqbank has issued a statement in response to its consent order reached with the New York State Department of Financial Services on Oct 18 for violations of U.S. Bank Secrecy Act and Anti-Money Laundering laws in the New York branch’s U.S. dollar clearing operations.
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ArticleING reaches $900M settlement with Dutch authorities
Global financial institution ING announced Tuesday that it has reached a $900 million settlement with Dutch authorities to resolve its money laundering case. A close reading of the enforcement action offers numerous lessons for compliance and risk officers.
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ArticleDanske 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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Blog
Parliament moves to halt AML activities in Overseas Territories
In an effort to stem the tide of money-laundering activites in Britain's 14 Overseas Territories (including the British Virgin Islands), the U.K. parliament accepted a cross-party amendment to the Sanctions and AML Bill that will force the territories to set up public registers of beneficial ownership.
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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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Article
A sting, a Picasso and, guess what, offshore tax havens
A look at the scandal at Beaufort Securities, which switched from real estate investments to Picassos to launder money, because of the limited risk in the unregulated art market.
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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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Article
Slowly but surely, Luxembourg is complying with AMLD 4
Although it is uncharacteristically behind schedule, Luxembourg’s legislature is working on implementing transparency measures in line with AMLD 4. But will it be fast enough to avoid penalties from the European Commission?
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Blog
U.S. Bancorp to pay $613M for AML compliance failures
U.S. Bancorp, the parent company of U.S. Bank, announced today that it will pay a total of $613 million in total penalties for willfully failing to have an adequate anti-money laundering compliance program and willfully failing to file a suspicious activity report in violation of the Bank Secrecy Act.
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Blog
Rabobank to pay $368.7M for laundering Mexico drug money
The U.S. subsidiary of Rabobank pleaded guilty this week to a felony conspiracy charge for impairing, impeding, and obstructing a government investigation by concealing deficiencies in its anti-money laundering program.
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Swiss regulator sanctions Gazprombank in wake of Panama Papers
Following revelations from the Panama Papers, Swiss regulators identified serious shortcomings in anti-money laundering processes regarding private clients at Gazprombank Switzerland and, thus, has banned it from accepting new private clients until further notice.
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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
Safeguarding HSBC against Zupta
HSBC’s new anti-money laundering (AML) and sanctions policies are due to be in place by the end of the year, but what form of compliance or enforcement will they take?
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Article
Reducing money-laundering risk in financial services
Thanks to two new reports risk and compliance professionals in the financial services industry can take the pulse of their BSA/AML compliance programs and better understand how they stack up against their peers.