Nearly 800 financial crime professionals said the biggest threats to the effectiveness of their anti-money laundering programs are budget cuts and their inability to keep pace with more aggressive and innovative uses of technology by criminals to commit fraud.
Aaron Nicodemus
Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass.
Email: aaron.nicodemus@complianceweek.com
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Posted inRegulatory Enforcement
Compliance officer BSA case a cautionary tale for small banks
A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.
Posted inRisk Management
N.Y. sues Citi for lax data security, failing to reimburse fraud victims
Citibank faces a lawsuit from New York Attorney General Letitia James for allegedly failing to protect and reimburse customers who lost thousands of dollars in fraudulent wire transfers.
Posted inRegulatory Policy
Business groups sue to halt California climate disclosure laws
A coalition of business groups filed a lawsuit opposing two California laws that require large businesses to make climate-related disclosures, calling it a fight against illegal and excessive government overreach.
Posted inRisk Management
OCC proposes stricter review process for bank mergers
The Office of the Comptroller of the Currency proposed eliminating expedited or streamlined reviews of mergers for national banks and federal savings associations.
Posted inRegulatory Enforcement
Treasury cites Iraqi bank, owner over terrorist financing concerns
Al-Huda Bank faces severance from the U.S. financial system for being a conduit of terrorist financing, according to the Financial Crimes Enforcement Network, while its owner, Hamad al-Moussawi, was sanctioned by the Office of Foreign Assets Control.
Posted inRisk Management
DOJ, FTC re-emphasize requirement to retain business communications
The Department of Justice and Federal Trade Commission updated language contained in standard preservation letters regarding the maintaining of business communications made via collaboration tools and ephemeral messaging apps.
Posted inRegulatory Enforcement
SPAC to avoid $1.5M SEC fine for failing to disclose pre-IPO merger talks
Northern Star Investment Corp. II faced a penalty of $1.5 million to settle charges laid by the Securities and Exchange Commission that it made misleading statements in its January 2021 initial public offering.
Posted inAccounting & Auditing
FCPA violations in China: Lessons learned from 2023 cases
Enforcement actions regarding alleged violations of the Foreign Corrupt Practices Act at 3M, Albemarle, Clear Channel Outdoor, and Royal Philips each had China touchpoints. Experts assess third-party risk management lessons learned from each case.
Posted inRisk Management
SEC-approved spot bitcoin ETFs come with unique compliance risks
The Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds will provide investors with the same access to bitcoin, bought for cash on the spot market, as they currently have to other investments—for better or worse.
