All Bank Secrecy Act articles – Page 4
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News Brief
Anchorage Digital revamps BSA/AML compliance post-OCC consent order
Anchorage Digital unveiled moves to bolster its Bank Secrecy Act/anti-money laundering compliance staff less than a year removed from being called out by the Office of the Comptroller of the Currency for deficiencies in the area.
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News Brief
Popular Bank fined $2.3M by Fed over fraudulent PPP loan approvals
The Federal Reserve Board fined New York-based Popular Bank $2.3 million for processing Paycheck Protection Program loans despite finding significant indications of possible fraud in the loan applications.
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News Brief
Crypto exchange Bitzlato shut down, labeled ‘money laundering concern’
The Financial Crimes Enforcement Network designated Bitzlato, a Hong Kong-registered cryptocurrency exchange, as a “primary money laundering concern” in the first use of a law that targets entities that facilitate illicit Russian financial transactions.
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News Brief
Coinbase to pay $100M after NYDFS probe into compliance lapses
Cryptocurrency exchange Coinbase agreed to pay $100 million as part of a settlement with the New York State Department of Financial Services for compliance failures that opened the door for criminals to carry out illegal activity through the platform.
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Article
FinCEN report identifies financial trends of Russian oligarchs
The Financial Crimes Enforcement Network published an analysis of financial trends involving Russian oligarchs and how U.S. financial institutions have aided in the identification of more than $30 billion worth of sanctioned Russians’ assets.
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Premium
Top ethics and compliance failures of 2022
Businesses not taking AML requirements seriously, years of noncompliant off-channel communications catching up to financial services titans, and a manufacturing firm that shared revenue with terrorists comprise CW’s list of the biggest ethics and compliance fails of 2022.
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Article
FinCEN: U.S. banks paid $1.2B to ransomware criminals last year
Banks reported paying a record $1.2 billion to ransomware criminals in 2021, the Financial Crimes Enforcement Network announced.
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Article
ICICI Bank cited by OCC for BSA/AML compliance failures
The Office of the Comptroller of the Currency ordered the New York branch of ICICI Bank to implement sweeping changes to its anti-money laundering and Bank Secrecy Act compliance programs but will not fine the bank if the improvements are completed.
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Article
Bittrex to pay $29M for BSA violations in landmark FinCEN, OFAC case
Virtual currency trading platform Bittrex agreed to pay more than $29 million for violations of the Bank Secrecy Act and other foreign asset restrictions by regularly allowing transactions with customers in Iran, Syria, and other U.S.-sanctioned nations.
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Article
Sterling Bank fined $6M by OCC over loan program lapses
Sterling Bank and Trust agreed to pay a fine of $6 million assessed by the Office of the Comptroller of the Currency for deficiencies in its former residential loan product.
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Article
Treasury seeking comment on illicit finance risks posed by digital assets
The Treasury Department is seeking public input on how to address illicit finance and national security risks posed by digital assets, part of a multipronged push by the Biden administration to hold bad actors accountable and identify potential enforcement and regulatory gaps.
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Article
Ex-Rabobank CEO fined $20K for withholding AML report
John Ryan, the former CEO of Rabobank, N.A., was fined $20,000 by the Office of the Comptroller of the Currency for his alleged role in obstructing a Bank Secrecy Act program examination that would lead to significant fines for the bank.
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Article
Robinhood Crypto fined $30M for AML, cybersecurity failures
Robinhood Crypto agreed to pay a $30 million fine to the New York State Department of Financial Services for “significant failures” in its Bank Secrecy Act/anti-money laundering and cybersecurity compliance programs.
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Article
FinCEN launches rulemaking on no-action letter process
The Financial Crimes Enforcement Network launched rulemaking for a no-action letter process, which the agency said might help spur innovation in financial services for anti-money laundering/countering the financing of terrorism and compliance functions.
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Article
Wells Fargo unit fined $7M for AML transaction monitoring failures
For the second time in five years, a subsidiary of Wells Fargo has been charged by the Securities and Exchange Commission with failing to file suspicious activity reports in a timely manner due to deficiencies in the system it used to flag transactions.
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Article
Whistleblower: USAA ‘actively lying to regulators for years’ regarding violations of law
Senior executives at USAA ignored warnings from compliance staff and consultants for years regarding violations of U.S. federal banking laws and hid from regulators the scope of the company’s illegal practices, a former USAA director of compliance turned whistleblower told Compliance Week.
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Article
Anchorage Digital Bank gets OCC consent order for AML compliance failures
The Office of the Comptroller of the Currency announced a consent order against Anchorage Digital Bank, the first digital asset bank to be issued a charter by the regulator, for deficiencies in its Bank Secrecy Act/anti-money laundering compliance program.
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Article
FinCEN fines A&S World Trading $275K in first GTO action
The Financial Crimes Enforcement Network fined A&S World Trading $275,000 for willful violations of the Bank Secrecy Act in its first enforcement action against a company for failing to comply with a geographic targeting order.
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Article
Senators call for close of private investment AML/CFT loophole
Sens. Sheldon Whitehouse (D-R.I.) and Elizabeth Warren (D-Mass.) called on the Treasury Department and SEC to close a “disconcerting loophole” that exempts hedge funds and other private investment firms from reporting suspicious activity within their transactions to authorities.
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Article
Compliance implications of USAA order addressing AML lapses
The consent order issued by the Office of the Comptroller of the Currency against USAA Bank imparts lessons for compliance officers in the financial services industry on how—and how not—to maintain a Bank Secrecy Act/anti-money laundering compliance program.