Robert Mazur, the famous undercover agent portrayed in the 2016 film “The Infiltrator,” will be the keynote speaker on Day 2 of Compliance Week’s upcoming financial crimes event, to be held virtually March 30-31.
An increase in the submission of suspicious activity reports for cash values that fall under the mandatory $10,000 transaction reporting threshold last year is a proactive step by banks, but more can always be done, writes Martin Woods.
Samsung Heavy Industries will pay 812 million reais (U.S. $149.9 million) in a leniency deal with Brazilian enforcement authorities for acts of corruption and money laundering related to “Operation Car Wash.”
The Occupational Safety and Health Administration will oversee worker retaliation claims for two new categories of whistleblowers—antitrust and anti-money laundering.
Many compliance professionals in the financial industry believe last year’s leak of 2,100 suspicious activity reports from FinCEN had an overall positive impact on global efforts to fight financial crime, according to an ACAMS survey.
The Financial Industry Regulatory Authority has published a new report designed to help inform member firms’ compliance programs by providing annual insights from its examinations and risk monitoring programs.
The Federal Deposit Insurance Corporation has fined Apple Bank for Savings $12.5 million for violations of the Bank Secrecy Act related to anti-money laundering controls.
Serving a vital purpose for the U.S. financial system, the Bank Secrecy Act (BSA) protects its individual members from being used to finance illegal activity. But at 50 years old, its ability to achieve that purpose has not kept pace with an ever-evolving world, as the law remains largely unchanged ...
Janet Yellen takes over as leader of a Treasury Department with a lot on its plate, including studying the effects of climate change on the economy, unwinding Trump administration sanctions, revamping the Bank Secrecy Act, and more.
The Financial Crimes Enforcement Network for a second time has extended the comment period for portions of its proposed AML rules aimed at peeling back the anonymity of certain kinds of cryptocurrency transactions.
Kyle Brasseur explains how Capital One’s $390 million civil penalty for anti-money laundering failures could have been much steeper had it not been for the bank’s significant remediation efforts.
In the wake of 2020’s FinCEN Files leaks, the U.S. Treasury this year will undertake a thorough reevaluation of the country’s AML program under the Bank Secrecy Act.
Capital One will pay a $390 million civil penalty for compliance failures regarding banking services offered to its check cashing group, which—according to FinCEN—had a reputation for money-laundering risks.
Congress has passed a defense bill that contains amendments with big ramifications for AML, including new requirements around beneficial ownership and a new Bank Secrecy Act whistleblower program at the Treasury.
MT Global Limited, a U.K.-based money transfer company, was hit with a record £23.8 million (U.S. $32.4 million) fine by the U.K.’s tax authority for violations of anti-money laundering regulations.
This year has been one most of us would like to forget. As we look toward 2021, nevertheless, it is worth considering lessons learned over the last 12 months and (where possible) drawing on any positives that have come to light regarding the financial crime landscape.
Financial institutions have been hit with $10.4 billion in global fines and penalties related to AML, KYC, data privacy, and MiFID regulations in 2020, according to a recent Fenergo report.
If we fail to improve our collective AML efforts, specialized law firms will offer an inviting incentive to those who blow the whistle on our continued failings, writes Martin Woods.
FinCEN has proposed a new rule looking to subject cryptocurrency transactions to similar AML reporting requirements placed on other financial institutions by the Bank Secrecy Act.
Danske Bank received a no-action letter from the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding an investigation at the bank’s infamous Estonian branch.
Con men will try to bully weak investigators and sell them their version of “the truth,” writes Martin Woods. The ultimate deterrent is to challenge their “facts” and act with the same confidence they display.
As the compliance world evolves, the skill sets needed by practitioners are changing. The ability to run investigations effectively is now highly prized, and key skills, such as understanding the use of technology, will be among the most fundamental in the years ahead.
U.S. Congress’ defense spending bill requiring corporations to identify who owns and controls them is a significant milestone in the global effort to put an end to anonymous shell companies, writes Martin Woods.
Congress’ defense spending bill approved Friday includes amendments that could dramatically alter the fight against money laundering, in addition to a new BSA whistleblower program with some kinks to be worked out.
FinCEN Director Kenneth Blanco announced updated guidance to encourage more financial institutions to share information among their peers regarding suspicious transactions.
A Dutch court has ordered a criminal investigation into UBS CEO Ralph Hamers for his role in the ING money laundering scandal that occurred during his tenure as the latter financial institution’s leader.
Many of the problems European compliance officers faced in 2020 will remain in place going into the new year, but new risks and new regulations will also present new challenges.
Beneficial ownership provisions contained in Congress’ defense spending bill should go a long way in the fight against money laundering, but holes in the bill’s proposed whistleblower program are open for criticism, says Aaron Nicodemus.
DNB ASA, Norway’s largest financial services group, is facing a potential fine of NOK 400 million (U.S. $45.4 million) for inadequate compliance with the Norwegian Anti-Money Laundering Act.
Join Authentic8’s Jeff Phillips and Nick Finnberg, OSINT training lead and former financial crime analyst, as they discuss key takeaways from a financial crime survey of investigators from more than 150 organizations worldwide.
This free e-Book considers five questions that can help when designing immersive financial crime training scenarios for learners.
Cryptocurrency is complicated, but it’s not going away anytime soon. David Povey of the ICA takes a look at what regulators are trying to do and offers tips on where compliance officers can go to study this complex topic further.
The International Compliance Association announced a partnership with Kazimieras Simonavičius University in Lithuania to offer the ICA’s full suite of professional qualifications.
While the war against financial crime wages on, machine learning and artificial intelligence may give financial institutions the upper hand, according to a recent survey.
A recent international wire transfer rule change proposed by U.S. regulators could go a long way toward combatting terrorist financing, but the increased transaction reporting may overwhelm an already taxed system, writes Martin Woods.
Julius Baer has set aside nearly $80 million in a proposed settlement with the Department of Justice regarding the agency’s corruption investigation linked to world soccer federation FIFA.
Dr. Marcus Pleyer, president of the Financial Action Task Force, emphasized his commitment to stopping money laundering in a wide-ranging and forward-looking discussion at the ICA’s BIG Compliance Festival.
Danske Bank CCO Philippe Vollot knows his journey to build a robust compliance program and culture at the troubled lender is far from over.
FinCEN and the Federal Reserve Board have proposed lowering the threshold at which financial institutions must collect, retain, and transmit information on overseas transfers under the Bank Secrecy Act.
In the aftermath of the “FinCEN Files” leak, financial industry practitioners polled by Fenergo say changing the system needs to start within their own institutions.
A new study of financial crime compliance costs found spending by American and Canadian financial institutions is up sharply in 2020, driven in part by the coronavirus pandemic.
A new report from BAE Systems demonstrates just how far we have to go in the fight against money laundering, particularly when it comes to human trafficking.
Larry Dean Harmon, the operator of virtual currency platforms Helix and Coin Ninja, was assessed a $60 million civil penalty by FinCEN for violations of the Bank Secrecy Act and its implementing of AML regulations.
On the heels of a CFTC enforcement action, cryptocurrency exchange platform BitMEX announced the appointment of Malcolm Wright as chief compliance officer of its operating company 100x Group.
A German public prosecutor levied a €13.5 million (U.S. $15.9 million) fine against Deutsche Bank for failing to report over 600 suspicious transactions in a timely manner but dropped a wider investigation related to the Danske Bank money laundering scandal.
It is not clear what action Danske Bank will take on the back of its investigation into Europe’s biggest-ever money laundering scandal, but it is a safe bet to think further improving compliance will be on the list.
In the wake of the “FinCEN Files” leaks, Martin Woods examines whether monitoring text rather than numbers in transactions could serve as a solution to our greater anti-money laundering woes.
The Swiss Financial Market Supervisory Authority found Banca Credinvest “seriously breached” anti-money laundering regulations with regard to dealings with PDVSA in Venezuela.
With the British Virgin Islands vowing its commitment to a beneficial ownership public register, financial crime expert Martin Woods turns his attention toward how the U.K. and U.S. are progressing in the space.
Simone Jones of the International Compliance Association offers three ways to get employees to both embrace financial crime training and use the knowledge learned in their daily roles.