FinCEN Proposes AML Regulations for Investment Advisers
The Treasury Department’s Financial Crimes Enforcement Network is proposing a rule that would require investment advisers to establish anti-money laundering programs, file Currency Transaction Reports, and report suspicious activity. While the Bank Secrecy Act does not expressly include “investment adviser” among its list of entities defined as a financial institution, ...
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AML Regulations in NY Force CCOs to Rethink Everything
Earlier this month New York officials proposed new anti-money laundering regulations for financial institutions that fall under that state’s regulatory regime and supervision—which pretty much includes every major international bank in the world. Along with heightened demands for monitoring programs that detect money laundering red flags, the requirements seek to ...
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News BriefFCA fines Monzo digital bank $28 million for AML, KYC failures
Britain’s Financial Conduct Authority has fined the online bank Monzo the equivalent of more than $28 million for failing to properly collect customer information and protect against financial crimes. The move is the latest in a series of efforts by British authorities to combat chronic money laundering and other crimes ...
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