All money laundering articles – Page 3

  • Blog

    Treasury Moves to Shine a Light on Real Estate Transactions


    Recently, the U.S. Treasury Department said it would begin demanding to know the names of folks behind the shell companies, which ultra-wealthy foreigners use to hide behind multimillion-dollar real estate purchases. Efforts by the U.S. Treasury Department to police more closely large cash purchases of real estate as a method ...

  • Article

    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 ...

  • Blog

    Standard Chartered Bolsters Its Financial Crime Unit Amid Regulatory Trouble


    Standard Chartered is adding more staff to its financial crimes team, following a probe by U.S. regulators for an alleged breach in sanctions laws that resulted in a $400 million fine in 2012. In its first-half results announced last week, the bank said, “There is a range of potential penalties ...

  • Blog

    IMF: U.S. Must Tackle Shell Companies, Beneficial Ownership


    A new report from the IMF faults the United States for turning a blind eye to shell companies and unclear beneficial ownership—that is, the parties that really control a company or its related bank accounts, even if they do so behind the scenes. That loose approach, the report says, “creates ...

  • Article

    Lessons From HSBC’s Size, Compliance Struggles


    For nearly three years, HSBC Holdings, a grande dame of international banking, has come under fire for a litany of regulatory problems and compliance failures: money laundering, sanctions, violations, and abetting tax evasion to name just a few. How does a good bank fall into such dire straits? The problem, ...