The wealth management arm of Morgan Stanley is being probed by the Federal Reserve regarding the controls it has in place to prevent wealthy foreign customers from laundering money, according to a report from the Wall Street Journal.
AML
Posted inAnti-Bribery
DOJ official: People ‘drawing the right conclusions’ on national security focus
Christian Nauvel, deputy chief counsel for corporate enforcement in the Department of Justice’s National Security Division, said the agency’s focus on national security is “top of mind at the highest levels” and that enforcement numbers are set to increase.
Posted inRisk Management
Singapore bank DBS says $74M exposure from money laundering scandal
The chief executive officer of DBS, Singapore’s largest bank, acknowledged exposure of about 100 million Singapore dollars (U.S. $74 million) related to the city-state’s money laundering scandal.
Posted inEurope
FATF’s AML/CFT watchlist adds Bulgaria, drops 4 others
Bulgaria is the latest country to be identified by the Financial Action Task Force as a jurisdiction under increased monitoring for money laundering and terrorist and proliferation financing.
Posted inEurope
Companies House set for ‘biggest shakeup’ under U.K. corporate transparency bill
The United Kingdom adopted the Economic Crime and Corporate Transparency Act, which aims to stem the flow of dirty money coming into the country through enhancements to government agency capabilities and law enforcement.
Posted inRegulatory Enforcement
Metropolitan Commercial Bank fined $30M for third-party oversight failings
New York-based Metropolitan Commercial Bank was assessed nearly $30 million in penalties by federal and state banking regulators for failing to properly oversee a third-party program manager whose prepaid cards were a popular target of fraud during the Covid-19 pandemic.
Posted inEurope
BaFin dings Deutsche Bank $180K over SARs filing delays
Deutsche Bank was assessed a penalty of €170,000 (U.S. $180,000) by Germany’s financial supervisory authority for failing to timely submit suspicious transaction reports.
Posted inEurope
Report: Credit Suisse facing probe in Singapore money laundering scandal
A Singapore financial regulator will reportedly conduct an on-site inspection of a local Credit Suisse unit in connection with a 2.8 billion Singapore dollar (U.S. $2 billion) money laundering scandal.
Posted inRisk Management
FinCEN rule proposal labels CVC mixing a primary money laundering concern
The Financial Crimes Enforcement Network might require financial institutions to implement new recordkeeping and reporting requirements regarding convertible virtual currency mixing under a proposed rule.
Posted inEthics & Culture
Q&A: Bangladeshi compliance AVP on future of AML, leadership strategies
Rezaul Karim, assistant vice president, risk and compliance at HSBC Bangladesh, discusses with Compliance Week recent changes in KYC/AML compliance, how new technology is shaping the banking industry, and strategies for building and leading effective AML teams.