Janet Yellen takes over as leader of a Treasury Department with a lot on its plate, including studying the effects of climate change on the economy, unwinding Trump administration sanctions, revamping the Bank Secrecy Act, and more.
AML
Posted inAML
FinCEN again extends comment period for controversial crypto AML rules
The Financial Crimes Enforcement Network for a second time has extended the comment period for portions of its proposed AML rules aimed at peeling back the anonymity of certain kinds of cryptocurrency transactions.
Posted inRegulatory Enforcement
Did Capital One get off easy with $390M AML fine?
Kyle Brasseur explains how Capital One’s $390 million civil penalty for anti-money laundering failures could have been much steeper had it not been for the bank’s significant remediation efforts. For more Nailed It or Failed It, click here.
Posted inAML
Analysis: Improving SARs effectiveness takes more than act of Congress
In the wake of 2020’s FinCEN Files leaks, the U.S. Treasury this year will undertake a thorough reevaluation of the country’s AML program under the Bank Secrecy Act.
Posted inRegulatory Enforcement
Capital One fined $390M for ‘egregious’ AML compliance failures
Capital One will pay a $390 million civil penalty for compliance failures regarding banking services offered to its check cashing group, which—according to FinCEN—had a reputation for money-laundering risks.
Posted inEurope
U.K. tax authority fines MT Global record $32.4M for AML failures
MT Global Limited, a U.K.-based money transfer company, was hit with a record £23.8 million (U.S. $32.4 million) fine by the U.K.’s tax authority for violations of anti-money laundering regulations.
Posted inInternal Controls
Assessing 2020: Lessons learned for the financial crime landscape
This year has been one most of us would like to forget. As we look toward 2021, nevertheless, it is worth considering lessons learned over the last 12 months and (where possible) drawing on any positives that have come to light regarding the financial crime landscape.
Posted inEurope
Fines against financial institutions hit $10.4B in 2020
Financial institutions have been hit with $10.4 billion in global fines and penalties related to AML, KYC, data privacy, and MiFID regulations in 2020, according to a recent Fenergo report.
Posted inAML
We’ve been failing at AML efforts, but new U.S. rules offer hope
If we fail to improve our collective AML efforts, specialized law firms will offer an inviting incentive to those who blow the whistle on our continued failings, writes Martin Woods.
Posted inAML
FinCEN proposes BSA reporting rule for cryptocurrency transactions
FinCEN has proposed a new rule looking to subject cryptocurrency transactions to similar AML reporting requirements placed on other financial institutions by the Bank Secrecy Act.