Credit Suisse became the first major Swiss bank to be prosecuted for money laundering in the country after the Federal Criminal Court of Switzerland found the bank guilty of washing money connected to a Bulgarian drug smuggling syndicate.
AML
Posted inRisk Management
Transaction monitoring: How we can do better
While the requirement to undertake transaction monitoring evolved because of AML legislation, its importance has been magnified and reinforced by increased regulatory attention and significant fines.
Posted inRisk Management
OCC risk report: Russian sanctions, staffing churn increase compliance challenges
The Office of the Comptroller of the Currency warned banks and financial institutions about elevated operational risks caused by geopolitical tensions and a heightened compliance risk environment complicated by regulatory changes, policy initiatives, and difficulties in hiring qualified professionals.
Posted inEurope
FATF adds Gibraltar to AML/CFT watchlist; Malta removed
The Financial Action Task Force added Gibraltar to its list of jurisdictions working with the organization to improve the countering of money laundering, terrorist financing, and proliferation financing within their borders.
Posted inEurope
FCA fines Ghana International Bank $7.1M for AML failings
The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.
Posted inAML
Treasury considering rule to address AML ‘loopholes’ in private investment
The Treasury Department is considering rulemaking that would seek to mitigate the growing risk sanctioned Russian oligarchs and politicians will attempt to use “hedge funds, private equity firms, and investment advisers to hide their assets.”
Posted inRegulatory Enforcement
FinCEN launches rulemaking on no-action letter process
The Financial Crimes Enforcement Network launched rulemaking for a no-action letter process, which the agency said might help spur innovation in financial services for anti-money laundering/countering the financing of terrorism and compliance functions.
Posted inEurope
Former Danske Bank CCO Philippe Vollot resigns
Danske Bank Chief Administrative Officer Philippe Vollot, who was promoted to the position from chief compliance officer in November, has resigned, the Danish bank announced.
Posted inInternal Controls
Wells 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.
Posted inEthics & Culture
Expert: Combating modern slavery starts with understanding the issue
Matthew Friedman, an expert on international human trafficking with more than 30 years of experience, discussed the importance of companies addressing modern slavery in their supply chains as part of a virtual fireside chat on the human factor of ESG at Compliance Week’s National Conference.