A new report from the Financial Industry Regulatory Authority provides observations from examiners on emerging issues affecting the industry, including surveilling potential use of off-channel communications by employees, crypto-asset developments, cybersecurity trends, and more.
AML
Posted inRegulatory Enforcement
Report: Canada’s FINTRAC to increase reliance on AI
Canada’s financial intelligence agency aims to increase its use of artificial intelligence technology to improve its capabilities to analyze data and detect suspicious activity, according to an agency official.
Posted inRisk Management
Need to know: FinCEN beneficial ownership information reporting
Many reporting companies are still unsure whether their organization is required to file beneficial ownership information with the Financial Crimes Enforcement Network or are completely unaware of the new requirements. For those with questions, we have answers.
Posted inEthics & Culture
Binance.US names new chief compliance officer
Cryptocurrency trading platform Binance.US, an affiliate independent of its embattled parent company, announced the appointment of Lesley O’Neill as chief compliance officer.
Posted inEurope
Reports: BNP Paribas involved in French money laundering probe
French authorities are investigating alleged “aggravated money laundering” contained in transfers between a BNP Paribas affiliate and a Cypriot brokerage firm that might have benefitted a Russian warlord, according to media reports.
Posted inAML
FinCEN sets access rules for beneficial ownership registry
The Financial Crimes Enforcement Network made several changes suggested by commenters to a new rule allowing limited access to its beneficial ownership information registry.
Posted inAnti-Bribery
U.S. rule package seeks to expand DOJ anti-corruption powers
A package of seven legislative proposals put forward by the Biden administration would enhance the capabilities of the Department of Justice to bring money laundering and racketeering charges related to corruption, according to a senior agency official.
Posted inEurope
New European AML agency nearing adoption
A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism activities gained provisional approval.
Posted inAML, Cybersecurity, Data Privacy, Ethics & Culture, Europe, Financial Services, Regulatory Enforcement, Risk Management, Sanctions, Surveys & Benchmarking
Top ethics and compliance failures of 2023
A virtual currency exchange that sought to mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls are among those that make up CW’s list of the biggest ethics and compliance fails of 2023.
Posted inRegulatory Enforcement
FINTRAC fines CIBC $950K over AML lapses
The Canadian Imperial Bank of Commerce received the second penalty for alleged deficiencies regarding suspicious transaction reporting announced this week by Canada’s financial intelligence agency.