News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-04-26T18:53:00
South Dakota-based Kingdom Trust Co. agreed to pay a $1.5 million fine to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for anti-money laundering (AML) deficiencies that resulted in violations of the Bank Secrecy Act (BSA).
“Kingdom Trust had virtually no process to identify and report suspicious transactions, resulting in it processing over $4 billion in international wires with essentially no controls,” said FinCEN Acting Director Himamauli Das in a press release Wednesday.
Kingdom Trust, whose primary business offering is the provision of custody services to people with self-directed individual retirement accounts, provided account and payment services to foreign securities and investment firms located in Latin America that had elevated money laundering risks. Some of those transactions had connections to a “trade-based money laundering scheme and multiple securities fraud schemes that were the subject of both criminal and civil actions,” FinCEN said.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
2023-04-27T16:22:00Z By Aaron Nicodemus
The Financial Crimes Enforcement Network’s year in review for fiscal year 2022 provides details on how other U.S. agencies use information derived from the millions of suspicious activity reports filed each year to support their enforcement efforts.
2022-12-28T14:52:00Z By Aaron Nicodemus
Keeping up with increasingly demanding anti-money laundering expectations in 2023 will likely mean doing more with less and figuring out where and when is the best place to use technology to aid compliance, experts say.
2022-10-11T21:16:00Z By Adrianne Appel
Virtual currency trading platform Bittrex agreed to pay more than $29 million for violations of the Bank Secrecy Act and other foreign asset restrictions by regularly allowing transactions with customers in Iran, Syria, and other U.S.-sanctioned nations.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
Site powered by Webvision Cloud