All Bank Secrecy Act articles – Page 5
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ArticleWells 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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ArticleWhistleblower: 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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ArticleAnchorage 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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ArticleFinCEN 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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ArticleSenators 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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ArticleCompliance 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.
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ArticleUSAA fined $140M for AML compliance failures
USAA Federal Savings Bank must pay $140 million as part of consent orders reached with the Financial Crimes Enforcement Network and Office of the Comptroller of the Currency for its failures maintaining its Bank Secrecy Act/anti-money laundering compliance program.
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ArticleFinCEN warns financial institutions of Russian sanctions evasion
The Financial Crimes Enforcement Network issued guidance highlighting the types of red flags financial institutions should be looking for to detect potential Russian sanctions evasion attempts.
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ArticleTreasury reports examine persistent and emerging AML/CFT risks
The Treasury Department outlined key areas where criminals, terrorist groups, and rogue nations are using the U.S. banking system to launder funds to finance their illicit activities.
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ArticleNational Bank of Pakistan to pay $55.4M for AML compliance lapses
The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with two U.S. regulators for deficiencies in the bank’s risk management and anti-money laundering compliance program.
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ArticleBitMEX founders fined $10M each for flouting AML rules
Arthur Hayes and Benjamin Delo, co-founders of cryptocurrency exchange and derivative trading platform BitMEX, were each fined $10 million as part of guilty pleas for anti-money laundering violations under the Bank Secrecy Act.
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ArticleFINRA 2022 exam report highlights Reg BI compliance, AML trends, more
The Financial Industry Regulatory Authority’s annual report on examinations and risk monitoring contains insights on issues the organization uncovered regarding broker-dealers’ compliance with Regulation Best Interest during the rule’s first full year in existence.
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ArticleFinCEN report highlights uptick in wildlife trafficking SARs
Suspicious activity reports flagging potential financial crime risks posed by wildlife trafficking are on the rise, according to a report published by the Financial Crimes Enforcement Network.
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ArticleCommunityBank of Texas fined $8M over AML failures
CommunityBank of Texas has agreed to pay $8 million as part of a consent order reached with the Financial Crimes Enforcement Network regarding deficiencies in its anti-money laundering program linked to understaffing.
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ArticleFinCEN seeking feedback on AML/CFT regime ahead of report to Congress
The Financial Crimes Enforcement Network has issued a request for information on ways to modernize the Bank Secrecy Act ahead of a report Treasury Secretary Janet Yellen must provide Congress by Jan. 1, 2022.
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ArticleCCO Q&A: How Prime Trust is managing compliance in evolving crypto space
Compliance Week discusses with Nirvana Patel, chief compliance officer and BSA officer at Prime Trust, the unique challenges of practicing compliance in the cryptocurrency industry and his thoughts on the regulatory landscape moving forward.
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ArticleSupreme Court declines challenge to SEC’s Bank Secrecy Act authority
The Supreme Court turned down a bid by brokerage firm Alpine Securities Corp. petitioning for review of the Securities and Exchange Commission’s power to enforce the Bank Secrecy Act.
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ArticleFinCEN report: Ransomware SARs surge past 2020 totals
A Financial Crimes Enforcement Network report on financial trends in Bank Secrecy Act data found a greater number of SARs related to ransomware filed between January and June 2021 than during all of 2020.
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ArticleWaFd Bank to pay $2.5M for AML/BSA deficiencies
Washington Federal Bank has agreed to pay $2.5 million in accordance with a consent order reached with the Office of the Comptroller of the Currency in February 2018.
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ArticleChallenge to SEC’s Bank Secrecy Act authority backed by ex-FinCEN leadership
A brokerage firm petitioning the Supreme Court to review the power of the SEC to enforce the Bank Secrecy Act has received support from two former officials of the primary agency tasked with overseeing the AML law.