Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Big money fines emphasize focus on AML compliance

Joe Mont | February 21, 2018

February has been a very bad month for anti-money laundering compliance. A series of high-profile AML failings offer evidence that, despite the regulatory retreat favored by the Trump administration and its new agency heads, big fines will still follow blatant rule violations.

A perfect illustration of the current landscape of financial crimes is the California-based subsidiary of Coöperatieve Rabobank U.A. It was gobsmacked earlier this month by a $368.7 million fine for laundering money for known Mexican drug cartels.

The bank pleaded guilty to a felony conspiracy charge for impairing, impeding, and obstructing a government investigation by concealing deficiencies in its anti-money laundering program. It was also accused of obstructing regulatory examinations and monitoring by the Department of the Treasury and the Comptroller of the Currency.

The bank’s deficiencies were the subject of an earlier cease and desist order in December 2013.

The consent...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.