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Enforcement Action

Jaclyn Jaeger is an Editor at Compliance Week. She writes on a wide variety of topics, including ethics and compliance, regulatory enforcement matters, risk management, technology, and more. Jaeger welcomes questions and comments from readers; she can be reached via e-mail at jaclyn.jaeger@complianceweek.com.
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Enforcement Action Blog
Banamex USA to forfeit $97M for Bank Secrecy Act violations
Jaclyn Jaeger | May 30, 2017
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.
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Enforcement Action Blog
Fed to Bank of Nova Scotia: Fix AML Controls
Jaclyn Jaeger | November 13, 2015
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 compliance program in the areas of corporate governance, Bank Secrecy Act and anti-money laundering compliance, customer due diligence, suspicious activity reporting and monitoring, and OFAC compliance. Details inside.
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Enforcement Action Blog
Fed to China Construction Bank: Fix AML Controls
Jaclyn Jaeger | July 24, 2015
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 the areas of Bank Secrecy Act and anti-money laundering compliance, customer due diligence, and suspicious activity reporting and monitoring. Details inside.
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Enforcement Action Blog
Banamex USA Fined $140M for AML Violations
Jaclyn Jaeger | July 22, 2015
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 shutting down the Banamex USA unit this year. Details inside.
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Enforcement Action Blog
State Street Anticipating Enforcement Action
Jaclyn Jaeger | May 15, 2015
State Street disclosed in a filing with the Securities and Exchange Commission this week that it expects to become the subject of an enforcement action brought by the Federal Reserve and the Massachusetts Division of Banks for deficiencies in the bank’s compliance program relating to the Bank Secrecy Act, anti-money laundering regulations, and U.S. economic sanctions. Details inside.
Displaying 5 results