All Bank Secrecy Act articles
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News BriefOCC hits USAA with third order in five years; places limits on new services, products, membership
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
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News BriefU.S. Appeals Court ruling in Tornado Cash case opens door for AML regulatory unwind
In striking down penalties against cryptocurrency mixer Tornado Cash for violating U.S. sanctions, a federal appeals court may have started to chip away at anti-money laundering regulations established by Democrats even before President-elect Donald Trump takes office.
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PremiumUnderfunding of BSA/AML compliance made TD Bank an unwitting partner to cross-border crime
Law enforcement officials stumbled on TD Bank’s role in money laundering while investigating a Mexican drug cartel. They found that the bank’s corporate culture considered compliance, particularly BSA/AML compliance, a low priority. As they dug deeper, authorities discovered that multiple money laundering schemes had infiltrated the bank’s network.
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News BriefWells Fargo agrees with OCC to shore up BSA/AML, sanctions program deficiencies
The Treasury Department’s Office of the Comptroller of the Currency ordered Wells Fargo to make “comprehensive corrective actions” to its Bank Secrecy Act/anti-money laundering and U.S. sanctions programs, along with receive permission from the OCC to offer new products and services or enter new geographic markets with “medium or high” ...
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News BriefDOJ orders Wynn Las Vegas to forfeit $130M over BSA/AML violations
Wynn Las Vegas agreed to forfeit $130 million to settle a range of criminal allegations, including allegedly helping foreign customers hide money transfers and shielding patrons from Bank Secrecy Act and anti-money laundering rules, the Department of Justice said.
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PremiumStrengthening BSA/AML defenses: Critical role of ERTs in modern day compliance
Enforcement actions in the first half of of 2024 by the Treasury Department’s Financial Crimes Enforcement Network highlight the importance of proactive measures in Bank Secrecy Act compliance rather than just being compliant.
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News BriefFinCEN finalizes AML rules for investment advisers, cash real estate transactions
The Treasury Department’s Financial Crimes Enforcement Network released new anti-money laundering requirements for U.S. investment advisers and real estate professionals that attempt to close loopholes that criminals and kleptocrats have long exploited.
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News BriefNordea Bank to pay $35M to resolve NYDFS probe into AML shortcomings
Finland-based Nordea Bank will pay $35 million to resolve an investigation by the New York Department of Financial Services into “significant compliance failures” in its anti-money laundering and Bank Secrecy Act program.
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News BriefFed orders Customers Bank to improve AML, sanctions compliance
Pennsylvania-based Customers Bancorp avoided a fine but was ordered to revamp and strengthen its anti-money laundering, sanctions, and Bank Secrecy Act compliance programs after finding “significant deficiencies,” the Federal Reserve Board announced.
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PremiumQ&A: Paxful CCO on ramping up compliance after BSA failures
Manfred Bekeris, chief compliance officer at cypto peer-to-peer network Paxful, sat down with Compliance Week to talk about joining the company shortly before its former chief operating officer and co-founder pled guilty to violating the Bank Secrecy Act.
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PremiumTreasury official slams Florida ‘anti-woke’ law for ‘undermining’ BSA compliance
Brian Nelson, Treasury Department under secretary for terrorism and financial intelligence, warned in a letter that Florida’s “anti-woke” banking bill may “materially undermine” financial institutions’ compliance with federal AML/CFT laws and U.S. sanctions.
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News BriefGreen Dot fined $44M by Fed over compliance deficiencies, deceptive practices
The Federal Reserve Board of Governors fined financial technology and bank holding company Green Dot $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program.
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News BriefBanking regs join FinCEN in proposing AML/CFT risk assessment rule
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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News BriefEx-Paxful co-founder pleads guilty to violating BSA/AML regulations
The co-founder and former chief technology officer of crypto peer-to-peer network Paxful faces charges related to violating the anti-money laundering requirements of the Bank Secrecy Act.
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PremiumDe-risking trend threatens global financial markets, Treasury official warns
As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.
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News BriefSilvergate Bank to pay $63M to Fed, California over BSA/AML deficiencies
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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News BriefFinCEN proposes additional risk assessments for AML/CFT programs
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
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News BriefCredit Suisse unit inks deal with OCC over BSA/AML obligations
The New York branch of Swiss bank Credit Suisse reached a deal with the Treasury Department’s Office of the Comptroller of the Currency (OCC) over compliance with its Bank Secrecy Act and anti-money laundering obligations.
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News BriefEvolve Bank ordered by Fed to address AML, sanctions lapses
The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology companies to correct deficiencies in its anti-money laundering, sanctions, risk management, and consumer compliance programs.
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News BriefFinCEN BSA data: Fraud, money laundering top suspicious activities
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.