The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
AML
Posted inRegulatory Enforcement
DOJ latest agency to charge crypto platform BitMEX for BSA/AML failures
The parent company of crypto-trading platform BitMEX is again facing charges of violating the Bank Secrecy Act, the latest in a string of punishments against the company and its founders for failing to implement adequate know your customer and anti-money laundering programs.
Posted inTechnology
Ex-Paxful co-founder pleads guilty to violating BSA/AML regulations
The co-founder and former chief technology officer of crypto peer-to-peer network Paxful faces charges related to violating the anti-money laundering requirements of the Bank Secrecy Act.
Posted inRisk Management
De-risking trend threatens global financial markets, Treasury official warns
As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.
Posted inAnti-Bribery
Q&A: Seaco general counsel, compliance head on environmental regulations
Dominic Buckwell, general counsel and compliance head at global marine container leasing company Seaco, discussed key themes including anti-money laundering, sanctions, and why the industry needs common environmental reporting standards.
Posted inAccounting & Auditing
Silvergate Bank to pay $63M to Fed, California over BSA/AML deficiencies
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
Posted inRisk Management
FATF removes Jamaica, Türkiye from watchlist; adds Monaco, Venezuela
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
Posted inRisk Management
FinCEN proposes additional risk assessments for AML/CFT programs
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
Posted inData Privacy
OCC emphasizes compliance’s role in FI’s operational resiliency
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
Posted inRegulatory Enforcement
Credit Suisse unit inks deal with OCC over BSA/AML obligations
The New York branch of Swiss bank Credit Suisse reached a deal with the Treasury Department’s Office of the Comptroller of the Currency (OCC) over compliance with its Bank Secrecy Act and anti-money laundering obligations.
