All anti-money laundering articles – Page 6

  • Blog

    New U.K. watchdog to close money laundering loopholes


    The U.K’s new Office for Professional Body Anti-Money Laundering Supervision said that it will tackle potential weaknesses in the supervisory system that criminals and terrorists may be trying to exploit.

  • Blog

    CCO Checkup helps financial firms test AML program effectiveness


    QuantaVerse recently announced the launch of CCO Checkup, a free service financial institutions can use to test the effectiveness of their AML programs, empowered by QuantaVerse’s AI solution that analyzes transaction data to detect “false negatives” or anomalous behaviors that may have been missed by an institution’s existing transaction ...

  • Blog

    Former MoneyGram compliance officer pays $250K for AML failures


    The former chief compliance officer for MoneyGram International has agreed to a three-year injunction barring him from performing a compliance function for any money transmitter and has agreed to pay a $250,000 penalty for anti-money laundering failures.

  • Article

    European Union updates AML rules


    The European Union is proposing some updates to anti-money laundering rules in an attempt to streamline coordination among member states in fighting terrorism financing and money laundering.

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    Talking 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.

  • ManRollingBall

    AML 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.

  • Blog

    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.

  • Blog

    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.

  • Blog

    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 ...

  • Basel

    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 ...

  • Blog

    FinCEN expands crackdown on real estate shell companies


    The Financial Crimes Enforcement Network will add San Francisco, San Diego, and San Antonio to a geography-based initiative demanding that title insurance companies identify who is behind shell companies used to pay all cash for high-end residential real estate. The initiative is already underway in Manhattan and Miami-Dade County. Joe ...

  • Blog

    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.

  • Article

    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 ...

  • PenaltyKick

    Citi receives subpoena in FIFA probe


    A Citigroup securities filing says the company is under investigation in connection with the bribery, corruption, and money laundering scandal that toppled leadership of the Fédération Internationale de Football Association, the international governing body of professional soccer. As Compliance Week previously reported, financial institutions can expect to be in the ...

  • Blog

    FinCEN withdraws three findings and proposed rulemakings under PATRIOT Act


    The Financial Crimes Enforcement Network this week said it is withdrawing three findings and related proposed rulemakings under Section 311 of the USA PATRIOT Act, after having determined that the subjects of the rulemakings no longer pose a money laundering threat to the U.S. financial system.

  • Article

    Data collection could be key to battling trade-based money laundering


    Trade-based money laundering is a common technique for funding terrorist activities through seemingly innocuous trade activity that essentially hides criminal transactions in plain sight. And it will take the combined efforts of U.S. Customs, FinCEN, the Department of Commerce, and port authorities (and their counterparts in other countries) to compile ...

  • Blog

    U.S. and China to Expand AML Collaboration


    The U.S. Treasury Department’s Financial Crimes Enforcement Network and the China Anti-Money Laundering Monitoring and Analysis Center last week signed a Memorandum of Understanding to create a framework to facilitate expanded U.S.- China cooperation between both nations’ financial intelligence units. According to the Treasury Department, the arrangement provides a mechanism ...

  • Blog

    NY’s New AML Rules Seek Enhanced Monitoring, Attestations


    Image: New York Governor Andrew Cuomo has proposed a slate of new anti-money laundering and anti-terrorism regulations for financial institutions that fall under that state’s supervision. They include a requirement that senior financial executives certify their institutions have sufficient systems in place to detect, weed out, and prevent illicit transactions, ...

  • Blog

    Nordea Bank Tackles AML Compliance Amid Hefty Fine


    Nordea Bank AB, a major financial institution for the Nordic region, is re-establishing its anti-money laundering program to correct flaws in its processes that resulted in the company paying up to $5.9 million in fines. This is not the first time Nordea has been put in the spotlight for poor ...

  • Blog

    Canada AML Study Finds Compliance Gaps


    A first-of-its-kind survey on Canadian compliance professionals conducted by Grant Thornton finds significant weaknesses in the AML compliance practices of Canadian companies. Among the findings: many compliance staff are not consistently visiting their overseas locations and rarely tailor their AML training programs to the specific needs of different groups, particularly ...