All Bank Secrecy Act articles

  • Federal Reserve
    Article

    Federal banking regs clarify BSA/AML compliance violation response

    2020-08-14T18:00:00Z

    Two strikes and you’re out, say four federal agencies to repeat violators of Bank Secrecy Act/anti-money laundering compliance requirements.

  • Investigate
    Article

    Interactive Brokers to pay $38M for SAR, AML failures

    2020-08-10T18:05:00Z

    Interactive Brokers has agreed to pay $38 million in settlements with three regulatory agencies related to anti-money laundering lapses, including repeated failures regarding the filing of suspicious activity reports.

  • Sanctions
    Article

    Industrial Bank of Korea to pay $86M for sanctions compliance failures

    2020-04-22T18:20:00Z

    The Industrial Bank of Korea and its New York branch will pay a total of $86 million to resolve charges for systemic sanctions compliance failures that allowed more than $1 billion to be illegally transferred to the government of Iran.

  • Bank
    Article

    FinCEN, OCC offer BSA compliance relief amid pandemic

    2020-04-07T15:48:00Z

    Two federal agencies that oversee Bank Secrecy Act requirements have notified financial institutions they will agree to “reasonable delays” in the filing of required reports if institutions can show the delays are necessary due to the coronavirus pandemic.

  • Bank fail
    Article

    Former U.S. Bank risk officer pays $450K for AML compliance failures

    2020-03-04T19:44:00Z

    The former chief operational risk officer at U.S. Bank has agreed to pay a $450,000 penalty for his role in the bank failing to implement and maintain an effective anti-money laundering compliance program.

  • Money laundering
    Article

    New FinCEN unit to focus on money laundering threats

    2019-08-29T15:05:00Z

    FinCEN announced the launch of its newly created Global Investigations Division, with responsibility for targeting terrorist financing and money laundering threats, both domestically and internationally.

  • Bitcoin
    Article

    FinCEN elaborates on virtual currency risk, obligations

    2019-05-14T16:39:00Z

    SARs and due diligence are cited as effective tools for avoiding virtual currency malfeasance, says the Financial Crimes Enforcement Network.

  • Blog post

    UBS Financial Services to pay $14.5M for anti-money laundering failures

    2018-12-18T14:45:00Z

    UBS Financial Services has been ordered to pay a $14.5 million civil penalty for willful violations of the Bank Secrecy Act, the Financial Crimes Enforcement Network announced on Dec. 17.

  • /img/field/image/bankbldg
    Article

    AML programs continue to vex banks in cost, complexity

    2018-11-20T16:30:00Z

    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.

  • Blog post

    EverCompliant solution addresses KYC gaps

    2018-11-05T15:00:00Z

    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.

  • Blog post

    Capital One pays $100M for AML compliance deficiencies

    2018-10-24T10:30:00Z

    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.

  • Blog post

    Mashreq responds to NYDFS consent order

    2018-10-18T10:00:00Z

    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.

  • Blog post

    U.S. Bancorp to pay $613M for AML compliance failures

    2018-02-15T16:00:00Z

    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.

  • Blog post

    Rabobank to pay $368.7M for laundering Mexico drug money

    2018-02-08T14:30:00Z

    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.

  • Article

    Reducing money-laundering risk in financial services

    2017-09-26T10:15:00Z

    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.

  • Blog post

    Banamex USA combined penalties reach $237.4M for Bank Secrecy Act violations

    2017-05-30T13:30:00Z

    Total combined penalties paid by Banamex USA following criminal and regulatory investigations for violations of the Bank Secrecy Act and anti-money laundering laws and regulations reached $237.4 million this month.

  • Blog post

    Former MoneyGram compliance officer pays $250K for AML failures

    2017-05-08T14:00:00Z

    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.

  • Blog post

    Fed to Bank of Nova Scotia: Fix AML Controls

    2015-11-13T12:15:00Z

    The U.S. Federal Reserve and the New York Department of Financial Services in an enforcement action this week ordered the Bank of Nova Scotia and its New York agency to significantly improve its anti-money laundering operations. The bank and the branch have 60 days to jointly submit a written enhanced ...

  • Blog post

    Fed to China Construction Bank: Fix AML Controls

    2015-07-24T10:30:00Z

    The U.S. Federal Reserve and the New York Department of Financial Services in an enforcement action this week ordered China Construction Bank and its New York branch to significantly improve its compliance operations. The bank and the branch have 60 days to jointly submit a written enhanced compliance program in ...

  • Blog post

    Banamex USA Fined $140M for AML Violations

    2015-07-22T16:30:00Z

    The Federal Deposit Insurance Corporation today imposed a civil penalty of $140 million against Banamex USA for violations of the Bank Secrecy Act and anti-money laundering laws and regulations. The FDIC imposed the penalty on the same day that Citigroup, which purchased Mexico-based Banamex in 2001, said it would be ...