Five federal regulatory agencies issued a reminder to banks and financial institutions that they should continually monitor risks associated with the accounts of foreign officials.
AML
Posted inAML
Hat tip to HSBC for stopping money laundering, saving lives
If you’re in search of proof that what you do matters, look no further than the AML efforts of HSBC in preventing $500 million from reaching the bank accounts of criminals, writes Martin Woods.
Posted inRegulatory Enforcement
Federal banking regulators clarify BSA/AML compliance violation response
Two strikes and you’re out, say four federal agencies to repeat violators of Bank Secrecy Act/anti-money laundering compliance requirements.
Posted inRisk Management
Basel Committee issues final AML risk management guidance
The Basel Committee on Banking Supervision recently issued an updated version of its guidelines on sound management of risks related to anti-money laundering and combating the financing of terrorism.
Posted inRegulatory Enforcement
Interactive Brokers to pay $38M for SAR, AML failures
Interactive Brokers has agreed to pay $38 million in settlements with three regulatory agencies related to anti-money laundering lapses, including repeated failures regarding the filing of suspicious activity reports.
Posted inEurope
SFO confiscates $7M from ex-Afren execs in fraud case
The U.K. Serious Fraud Office announced it has secured orders confiscating £5.45 million (U.S. $7 million) from two former executives of oil and gas exploration company Afren.
Posted inAML
ICA, Mongolian Compliance Association launch bespoke qualification
The International Compliance Association announced a partnership with the Mongolia Compliance Association to offer a bespoke e-learning program to 12 professional associations and their 10,000-plus members in compliance-related roles.
Posted inRisk Management
SARs overload slowing efforts to combat financial crime
For the global AML community, there is a need to recognize too much valuable time is spent filing too many low-value suspicious activity reports that will never become the subject of any law enforcement action, writes Martin Woods.
Posted inEurope
Commerzbank fine demonstrates danger of AML lapses
The Financial Conduct Authority’s fine of £37.8 million (U.S. $47.5 million) on Commerzbank’s London branch is a reminder that the most fundamental risk-based AML controls are still not being implemented at some financial services firms.
Posted inRisk Management
Analysis: When clean money is used for dirty purposes
There are times when it is a necessary to consider where clean money is going to as much as where dirty money may have come from, writes financial crime expert Martin Woods.
