All Suspicious Activity Reports articles
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PremiumChapter 4: Investigations into misconduct: What banks can do
Both JPMorgan Chase and Deutsche Bank retained their respective Jeffrey Epstein relationships for too long. Yet, there is a case to be made for why exiting a high-risk relationship too soon can become an inverse form of recklessness.
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PremiumChapter 3: Egregious failures: Customer due diligence and transaction monitoring
Why did JPMorgan Chase retain Jeffrey Epstein for more than a dozen years? How did the relationship persist despite glaring red flags? The “why” is straightforward; the “how” is more complicated.
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PremiumChapter 1: Compliance v. complicity: The ‘underbelly’ of bank culture
Why were decisions made the way they were at the banks that serviced Jeffrey Epstein? Evidence points to a cultural tension: a tug-of-war between the allure of profit and the drag of compliance, with the former having all the pulling power.
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News BriefEx-Sterling Bank GC cited by OCC over BSA-related failures
The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.
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PremiumFinCEN to propose applying BSA requirements to investment advisers
The Financial Crimes Enforcement Network will propose categorizing investment advisers as financial institutions that must comply with the Bank Secrecy Act, including having an anti-money laundering program.
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News BriefCompliance officer BSA case a cautionary tale for small banks
A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.
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News BriefMGM Grand, Cosmopolitan fined $7.5M total over BSA violations
Two Las Vegas casinos agreed to pay penalties of nearly $7.5 million as part of separate non-prosecution agreements with the Department of Justice addressing violations of the Bank Secrecy Act over alleged anti-money laundering compliance failings.
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News BriefFinCEN analysis: Most common identity-related suspicious activities
Fraud remains the leading form of identity-related suspicious activity cited in Bank Secrecy Act reports by a large margin, while technologies enable greater overall risks around exploitation, according to new research from the Financial Crimes Enforcement Network.
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News BriefReport: Canada’s FINTRAC to increase reliance on AI
Canada’s financial intelligence agency aims to increase its use of artificial intelligence technology to improve its capabilities to analyze data and detect suspicious activity, according to an agency official.
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OpinionBook review: Demythologizing money laundering, demystifying AML compliance
Movies and TV shows might have launched a thousand armchair experts on the topic of money laundering, but few can explain how or why it’s done. Ola Tucker’s book, “The Flow of Illicit Funds,” does exactly that.
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News BriefBinance pleads guilty, fined $4.3B over widespread U.S. law violations
Federal agencies hit Binance with more than $4.3 billion in penalties and imposed multiple compliance monitorships on the virtual currency exchange as punishment for its repeated and intentional violations of U.S. anti-money laundering laws, sanctions, and other regulations.
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News BriefBaFin dings Deutsche Bank $180K over SARs filing delays
Deutsche Bank was assessed a penalty of €170,000 (U.S. $180,000) by Germany’s financial supervisory authority for failing to timely submit suspicious transaction reports.
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PremiumShinhan Bank enforcements a lesson in not prioritizing compliance
The recent $25 million in combined penalties levied against South Korean-based Shinhan Bank by three U.S. regulators was the culmination of the bank’s failure over an eight-year period to timely correct deficiencies with its anti-money laundering and Bank Secrecy Act processes.
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News BriefMaxim Group fined $800K by SEC over SARs filing lapses
New York-based broker-dealer Maxim Group agreed to pay an $800,000 fine in settling with the Securities and Exchange Commission regarding the firm’s alleged failures to file required suspicious activity reports and properly execute certain short sales.
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News BriefShinhan Bank America fined $25M for repeat AML compliance failures
The American branch of South Korea-based Shinhan Bank agreed to pay $25 million across settlements with three separate regulators for admitted violations of the Bank Secrecy Act and anti-money laundering requirements.
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News BriefSEC obtains judgment against J.H. Darbie in SARs reporting case
New York-based brokerage firm J.H. Darbie & Co. consented to pay a $125,000 penalty to resolve charges levied by the Securities and Exchange Commission that the firm failed to report suspicious activity regarding penny stock transactions.
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News BriefSEC fines registered rep for causing firm’s SARs filing lapses
A registered representative at an unnamed brokerage firm will pay $20,000 to settle charges by the Securities and Exchange Commission that he failed to notify the firm’s anti-money laundering department of apparent suspicious transactions.
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News BriefFinCEN analysis: Trends in Russia export control evasion attempts
Analysis of suspicious activity reports by the Financial Crimes Enforcement Network indicates nearly $1 billion in suspicious activity in cases of suspected evasion of Russia-related export controls.
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News BriefSEC fines Archipelago Trading Services $1.5M over SARs filing lapses
Archipelago Trading Services agreed to pay a $1.5 million penalty as part of a settlement with the Securities and Exchange Commission for allegedly failing to file nearly 500 suspicious activity reports largely related to microcap or penny stock securities transactions.
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ArticleThe importance of quality SARs
Good suspicious activity reports make it easier for financial intelligence units to prioritize and process investigations, enabling better results in the global fight against financial crime.