- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2025-05-06T22:57:00
A Cambodian financial company, the Huione Group (HG), has laundered billions of dollars for international criminals and those linked to North Korea, according to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). The agency proposes that the company should be severed from having access to the U.S. financial system.
Under FinCEN’s proposal, U.S. banks would be barred from opening or maintaining correspondent accounts for HG. Correspondent accounts are accounts opened by one financial institution to facilitate transactions, like currency exchanges and payment processing, for another financial institution.
This “Special Measure Five” by FinCEN, whose mission is to combat crime that may touch U.S. financial institutions, is the toughest of the five enforcement tools it has available.
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2025-05-06T20:44:00Z By Aaron Nicodemus
A significant settlement in a U.S. tax fraud case against Credit Suisse contains numerous compliance lessons related to beneficial ownership and due diligence in mergers and acquisitions.
2025-04-11T16:32:00Z By Adrianne Appel
Banks alerted authorities to $1.4 billion in suspicious transactions in 2024, a big assist in the nation’s fight against crime and fentanyl trafficking, according to the Financial Crimes Enforcement Network.
2025-04-11T08:00:00Z By Adrianne Appel
Block Inc., maker of the popular Cash App, has been hit with a $40 million fine by New York for its alleged failure to report suspicious activity. The move marks the latest in a string of recent state and federal enforcement actions against the company.
2025-02-12T15:20:00Z By Adrianne Appel
Enforcement and all other operations at the Consumer Financial Protection Bureau have come to a screeching halt under Trump administration directives but a pair of lawsuits aimed at keeping the agency open mean the stoppage could be short-lived.
2021-04-14T18:58:00Z By Aaron Nicodemus
Disgraced financier Bernie Madoff, whose decades-long fraud swindled thousands of investors out of billions of dollars, died in federal prison Wednesday.
2020-10-30T14:52:00Z By Neil Hodge
The U.K.’s financial services regulator is still failing to hold individuals accountable four years after introducing a program to improve oversight and enforcement, according to a new study.
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