All Bank Secrecy Act articles – Page 2
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News Brief
Evolve 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 Brief
FinCEN 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.
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News Brief
Canadian parliament adds to TD Bank AML scrutiny
Canadian lawmakers will come together to discuss TD Bank’s reported failure to prevent drug traffickers from laundering proceeds of fentanyl sales on its platform.
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News Brief
SEC, FinCEN propose customer ID program for investment advisers
The Securities and Exchange Commission and Financial Crimes Enforcement Network proposed a rule requiring registered investment advisers to implement customer identification programs, another facet of a coordinated attempt to close an apparent loophole in federal AML regulations.
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News Brief
FinCEN warns financial institutions on Iran-backed terrorist organizations
The Financial Crimes Enforcement Network advised financial institutions in detecting illicit transactions related to Iran-backed terrorist organizations.
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News Brief
TD Bank reserves $450M for BSA/AML enforcements
TD Bank said it set aside $450 million to settle regulatory and law enforcement investigations, including by the Department of Justice, into its anti-money laundering and Bank Secrecy Act programs.
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News Brief
OCC cites three banks for risk management, BSA-related failures
The Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis.
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News Brief
FinCEN warns of fake U.S. passport cards used to commit fraud
The Financial Crimes Enforcement Network is warning financial institutions of counterfeit U.S. passport cards used to commit fraud and identity theft.
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Premium
Chapter 4: Investigations into misconduct: What banks can do
Both JPMorgan Chase and Deutsche Bank retained their respective Jeffrey Epstein relationships for too long. Yet, there is a case to be made for why exiting a high-risk relationship too soon can become an inverse form of recklessness.
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Premium
Chapter 3: Egregious failures: Customer due diligence and transaction monitoring
Why did JPMorgan Chase retain Jeffrey Epstein for more than a dozen years? How did the relationship persist despite glaring red flags? The “why” is straightforward; the “how” is more complicated.
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News Brief
Metropolitan Commercial Bank adds risk chief, AML officer
Metropolitan Commercial Bank announced the appointments of a chief risk officer and Bank Secrecy Act/anti-money laundering officer to bolster its reporting lines following a $30 million enforcement action from federal and state authorities last year.
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Premium
FinCEN head touts compliance through enforcement approach
Andrea Gacki, head of the Financial Crimes Enforcement Network, said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism regime and exposed specific risk factors, trends, and typologies.
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News Brief
Ex-Sterling Bank GC cited by OCC over BSA-related failures
The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.
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News Brief
FinCEN: BSA data shows spike in crypto-financed human trafficking
Bank Secrecy Act reporting data disclosed by the Financial Crimes Enforcement Network revealed a significant spike in the use of cryptocurrency to finance human trafficking.
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Premium
FinCEN to propose applying BSA requirements to investment advisers
The Financial Crimes Enforcement Network will propose categorizing investment advisers as financial institutions that must comply with the Bank Secrecy Act, including having an anti-money laundering program.
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News Brief
City National Bank ordered to pay $65M over deficient risk, internal controls
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
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News Brief
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.
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News Brief
TD Bank reportedly facing fine for faulty AML controls
The Financial Transactions and Reports Analysis Centre of Canada is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering controls.
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News Brief
MGM Grand, Cosmopolitan fined $7.5M total over BSA violations
Two Las Vegas casinos agreed to pay penalties of nearly $7.5 million as part of separate non-prosecution agreements with the Department of Justice addressing violations of the Bank Secrecy Act over alleged anti-money laundering compliance failings.
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News Brief
FinCEN analysis: Most common identity-related suspicious activities
Fraud remains the leading form of identity-related suspicious activity cited in Bank Secrecy Act reports by a large margin, while technologies enable greater overall risks around exploitation, according to new research from the Financial Crimes Enforcement Network.