All money laundering articles – Page 3

  • MossackFonseca
    Article

    Mossack Fonseca leak prompts global compliance crackdown

    2016-04-18T09:30:00Z

    While politicians draw fire for their connections to shell companies, regulators and legislators are threatening to take action. CW’s Joe Mont says to expect plenty of renewed scrutiny on beneficial ownership data, attacks on U.S. incorporation laws, and a focus on how firms conduct due diligence on third parties, business ...

  • Article

    Data collection could be key to battling trade-based money laundering

    2016-02-09T11:15:00Z

    Trade-based money laundering is a common technique for funding terrorist activities through seemingly innocuous trade activity that essentially hides criminal transactions in plain sight. And it will take the combined efforts of U.S. Customs, FinCEN, the Department of Commerce, and port authorities (and their counterparts in other countries) to compile ...

  • Blog

    Treasury Moves to Shine a Light on Real Estate Transactions

    2016-02-01T14:30:00Z

    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

    2015-12-08T14:45:00Z

    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

    2015-08-12T11:00:00Z

    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

    2015-07-07T17:15:00Z

    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

    2015-03-03T14:30:00Z

    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, ...