AML


Hacker

FinCEN report: Ransomware SARs surge past 2020 totals

2021-10-18T20:45:00+01:00By

A Financial Crimes Enforcement Network report on financial trends in Bank Secrecy Act data found a greater number of SARs related to ransomware filed between January and June 2021 than during all of 2020.

FINRA

FINRA encourages proactive compliance with FinCEN AML/CFT priorities

2021-10-13T19:32:00+01:00By

The Financial Industry Regulatory Authority is encouraging member firms to start proactively incorporating new AML/CFT priorities mandated by Congress into their risk-based compliance programs.

Pandora Papers

Pandora Papers exposed gaps in AML compliance. Is beneficial ownership registry the answer?

2021-10-12T19:40:00+01:00By

FinCEN’s upcoming ultimate beneficial ownership registry could help to combat some of the anti-money laundering deficiencies put on display by the Pandora Papers, but not until Congress gets serious about funding the initiative.

NatWest

NatWest pleads guilty in landmark U.K. money laundering case

2021-10-07T16:11:00+01:00By

National Westminster Bank pleaded guilty to landmark criminal charges brought by the U.K. Financial Conduct Authority for violations of the Money Laundering Regulations 2007.

WaFd Bank

WaFd Bank to pay $2.5M for AML/BSA deficiencies

2021-10-04T18:23:00+01:00By

Washington Federal Bank has agreed to pay $2.5 million in accordance with a consent order reached with the Office of the Comptroller of the Currency in February 2018.

LPL Financial

LPL Financial to pay $4.8M to settle claims of poor KYC procedures

2021-10-01T19:44:00+01:00By

The nation’s presumed top independent broker-dealer will pay more than $4.8 million to settle AML charges stemming from its alleged failure to reconcile inconsistencies of a new customer who would scam a Puerto Rican city out of millions of dollars.

N26

​Germany’s N26 fined $5M for AML lapses

2021-09-30T16:25:00+01:00By

Mobile bank N26 revealed it paid a €4.25 million (U.S. $5 million) fine ordered by Germany’s market regulator regarding deficiencies in its reporting of suspicious activities “in the area of anti-money laundering.”

Swedbank

Swedbank CCO lauded for role in AML rebound to retire

2021-09-21T15:16:00+01:00By

Ingrid Harbo, Swedbank’s chief compliance officer during its ongoing recovery from a massive AML scandal, announced she will retire in March 2022.

German parliament

German AML deficiencies in spotlight ahead of election

2021-09-16T17:42:00+01:00By

A recent raid by German prosecutors of the country’s finance and justice ministries has once again put a spotlight on Germany’s apparent failings in tackling financial crime.

Japanese Yen

FATF urges Japan to enhance AML/CFT measures

2021-08-31T17:44:00+01:00By

Japanese authorities have a good understanding of money laundering and terrorism financing risks, but certain areas of their AML/CFT framework could be further improved, according to a Financial Action Task Force evaluation report.

Binance crypto

Weathering the storm: Why FinTech compliance failures persist

2021-08-30T15:54:00+01:00By

Experts weigh in with their thoughts on why FinTechs and cryptocurrency firms continue to have a bad reputation in terms of compliance.

Money laundering

Pandemic not slowing rising AML fine totals, report says

2021-08-25T18:31:00+01:00By

Kroll’s latest annual enforcement review identified $2.2 billion in AML fines in 2020 compared to $444 million in 2019. The first six months of 2021 indicate a similar pace to last year.

Treasury Department

Challenge to SEC’s Bank Secrecy Act authority backed by ex-FinCEN leadership

2021-08-24T15:21:00+01:00By

A brokerage firm petitioning the Supreme Court to review the power of the SEC to enforce the Bank Secrecy Act has received support from two former officials of the primary agency tasked with overseeing the AML law.

Filing cabinet

ICA roundtable: Five tips for filing more effective SARs

2021-08-13T16:48:00+01:00By Jake Plenderleith, International Compliance Association

A recent roundtable explored the anxieties compliance officers face in filing suspicious activity reports and offered advice for overcoming such difficulties.

CSIWeb Sept 2021 cover

White paper: AML Compliance Guide

2021-08-12T08:30:00+01:00Provided by

Read this AML Compliance Guide to learn the five ways you can modernize your AML program to meet regulatory requirements and protect your institution and its customers from financial crime.

Westpac

Westpac warned over continued AML failings

2021-08-11T17:42:00+01:00By

The Reserve Bank of New Zealand issued a formal warning to Westpac’s New Zealand branch for failing to report certain transactions as required under local anti-money laundering regulations.

BitMEX

Crypto platform BitMEX to pay $100M for registration, AML violations

2021-08-11T15:45:00+01:00By

Cryptocurrency platform BitMEX has agreed to pay $100 million as part of a settlement with the CFTC and FinCEN for multiple violations of the Bank Secrecy Act and other anti-money laundering laws.

European Commission

EU guidance seeks to clarify role of AML/CFT compliance officers

2021-08-04T16:38:00+01:00By

The European Banking Authority is seeking comment on new draft guidelines that set clear expectations regarding the appointment, role, tasks, and responsibilities of anti-money laundering and countering the financing of terrorism compliance officers.

Oil barrels

Ex-Glencore oil trader pleads guilty for role in bribery scheme

2021-07-28T20:58:00+01:00By

A former oil trader for a subsidiary of Glencore entered a guilty plea for his role in bribing government officials in Nigeria in exchange for the award of oil cargoes and more favorable delivery terms.

AML Euros

New agency Europe’s latest hope to curb AML struggles

2021-07-22T13:06:00+01:00By

The European Commission unveiled new plans to set up an agency specifically aimed at tackling the region’s spiraling problems with money laundering.

Robinhood

Robinhood Crypto anticipates $10M penalty for cyber, AML failures

2021-07-07T18:26:00+01:00By

Robinhood Markets said its cryptocurrency platform might face a penalty of “at least” $10 million from the New York State Department of Financial Services for anti-money laundering and cyber-security failures.

Dark money

FinCEN puts financial institutions on notice with first AML/CFT priorities

2021-06-30T17:59:00+01:00By

The Financial Crimes Enforcement Network tipped its hand at changes ahead for the Bank Secrecy Act in announcing the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism.

Spinning globe

FATF adds four jurisdictions to AML/CFT watchlist

2021-06-28T18:59:00+01:00By

The Financial Action Task Force added Haiti, Malta, the Philippines, and South Sudan to its “grey list” focused on areas subject to increased monitoring for deficiencies in fighting financial crime.

British pounds

U.K. AML expert convicted of aiding money launderers

2021-06-25T16:22:00+01:00By

A U.K. money laundering prevention expert was found guilty of allowing criminals to use his company to launder the proceeds of an £850,000 (U.S. $1.2 million) investment fraud that resulted in dozens of victims being ripped off.

UK cryptocurrency

AML compliance proving tall hurdle for U.K. crypto firms

2021-06-22T15:34:00+01:00By

The U.K.’s financial regulator has been forced to extend a registration deadline for cryptocurrency firms by nearly nine months because so few have been able to meet even basic anti-money laundering requirements.

Deutsche Bank

Embattled Deutsche Bank to overhaul anti-financial crime controls

2021-06-16T20:26:00+01:00By

Deutsche Bank is planning to shake up its internal structure around anti-financial crime efforts in the wake of criticism from multiple regulators.

Cost rising

Study: Financial crime compliance costs climb 18 percent in 2020

2021-06-09T20:43:00+01:00By

Projected costs for financial crime compliance among financial services companies worldwide reached nearly $214 billion last year, according to the latest survey from LexisNexis Risk Solutions.

NAB

Australia’s NAB cited for ‘serious and ongoing non-compliance’ with AML laws

2021-06-07T17:57:00+01:00By

Australia’s financial regulator has identified “serious concerns” with National Australia Bank’s compliance with anti-money laundering and counter-terrorism financing rules but indicated it won’t fine the bank—for now.

FinCEN Files

‘FinCEN Files’ source sentenced to 6 months in prison for disclosing SARs

2021-06-04T15:37:00+01:00By

Natalie Mayflower Sours Edwards, a former senior advisor at FinCEN who provided 2,100 SARs to BuzzFeed News that would form the basis of 2020’s “FinCEN Files” investigation, was sentenced to six months in prison.

Julius Baer

Julius Baer pays $80M in FIFA corruption settlement

2021-05-27T22:26:00+01:00By

Swiss bank Julius Baer entered a deferred prosecution agreement and will pay $80 million for its role in a money laundering conspiracy linked to world soccer federation FIFA, the Department of Justice announced.

Odebrecht site

Austrian banker arrested for role in Odebrecht-related scheme

2021-05-26T19:32:00+01:00By

The former CEO of an Austrian bank was arrested in the United Kingdom on criminal charges for his alleged role in a massive money laundering scheme involving Brazil-based global construction conglomerate Odebrecht.

Authentic8 cover img v2

e-Book: New thinking, new strategies needed for AML

2021-05-26T03:00:00+01:00Provided by

Bank culture continues to be a problem, and strategies formed following the financial crisis to prevent money laundering haven’t fared much better. Perhaps it’s time for a new approach.

woods

AML culture is in need of a revamp

2021-05-25T18:28:00+01:00By

Bank culture continues to be a problem following the 2008 financial crisis, and strategies formed to prevent money laundering haven’t fared much better. It’s time for a new approach, writes Martin Woods.

Deutsche Bank

Deutsche Bank names new group AML officer amid enhanced scrutiny

2021-05-20T20:33:00+01:00By

Deutsche Bank named Joe Salama global head of anti-financial crime and group anti-money laundering officer less than a month after its AML controls were criticized by German financial regulator BaFin.

SFO

SFO probing Sanjeev Gupta business ties to Greensill Capital

2021-05-14T17:20:00+01:00By

The U.K. Serious Fraud Office has launched an investigation into suspected fraud and money laundering in financing arrangements between steel and mining magnate Sanjeev Gupta and recently collapsed Greensill Capital.

woods

Deutsche Bank’s continued AML struggles worth questioning

2021-05-14T15:16:00+01:00By

How is it Deutsche Bank can spend more than $1 billion on compliance enhancements but still be ordered to do more to improve its AML controls? Is the bank to blame or are regulators missing the big picture?

N26

German finance regulator orders N26 to improve AML controls

2021-05-13T18:17:00+01:00By

BaFin, Germany’s market regulator, has ordered mobile bank N26 to improve its anti-money laundering controls, taking the unusual move to appoint a “special commissioner” to monitor its progress.

TerroristMoney

Combating terrorist financing: Coordination and the ‘human element’

2021-05-12T21:34:00+01:00By Nitin Sane, International Compliance Association

Fundamental differences in ideology and motivation differentiate a terrorist from organized criminal groups. However, a debate rages over the connection between transnational organized crime and terrorist financing.

Hackers

SEC fines broker-dealer $1.5M for SARs filing failures

2021-05-12T18:01:00+01:00By

GWFS Equities will pay $1.5 million as part of a settlement with the SEC for lapses in the filing of suspicious activity reports related to the threat of cyber-breaches.

John Flint

Elevating compliance key for financial services, says former HSBC head

2021-05-07T15:14:00+01:00By James Thomas, International Compliance Association

John Flint, former group chief executive at HSBC, considered the progress compliance has made over the last 20 years and the strides the profession must continue to make as part of a keynote at the ICA’s 2021 BIG Compliance Festival.

MoneyGram sign

Monitor certifies MoneyGram’s AML program after lengthy DPA

2021-05-06T19:42:00+01:00By

MoneyGram International stated in a regulatory filing it has fulfilled its obligations under a DPA it entered with the Department of Justice eight years ago, and its AML program was given a thumbs-up by its compliance monitor.

DNB

Norway’s DNB fined $48.1M for AML violations

2021-05-04T16:39:00+01:00By

DNB ASA, Norway’s largest financial services group, will pay a fine of NOK 400 million ($48.1 million) for failing to adhere to Norwegian Anti-Money Laundering Act standards.

Deutsche

Deutsche Bank ordered to further improve AML controls

2021-05-03T17:54:00+01:00By

BaFin, Germany’s market regulator, signaled Deutsche Bank still has more to do concerning previously ordered improvements to its AML compliance controls.

Danske

Danske Bank compliance costs down after completing internal Estonia probe

2021-04-29T20:27:00+01:00By

New Danske Bank CEO Carsten Egeriis told investors compliance costs at the bank have stabilized now that a forensic audit into a money laundering scandal involving its Estonia branch is complete.

LN cover img

White paper: Concentrate on effective compliance

2021-04-26T05:59:00+01:00Provided by

The Anti-Money Laundering Act of 2020 (AMLA) is intended to improve transparency between financial institutions and regulators in an effort to streamline financial crime compliance.

Nailedit1200x800

Video: ABN AMRO refreshingly accountable; pharmacists lose in COVID-19 vaccine push

2021-04-22T19:36:00+01:00By Compliance Week

Kyle Brasseur seeks silver linings from ABN AMRO’s €480 million settlement for AML failures, while Aly McDevitt calls out the retail pharmacies overextending their employees for the sake of distributing more COVID-19 vaccines.

AIdata

Regulators want answers from financial services on AI/ML tools

2021-04-21T20:23:00+01:00By

The financial services industry is at the cutting edge of the utilization of artificial intelligence and machine learning tools. Regulators have recently requested to understand how these technologies are being used—or misused.

woods

ABN AMRO fine response suggests moral compass of banking is shifting

2021-04-21T18:26:00+01:00By

ABN AMRO CEO Robert Swaak acknowledging his bank’s “moral duty” to prevent money laundering should be welcomed by all in the global AML community as progress, writes Martin Woods.

ABN AMRO

ABN AMRO to pay $575M in money laundering settlement with Dutch authorities

2021-04-19T17:41:00+01:00By

Dutch bank ABN AMRO reached a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service to resolve money laundering charges.

Danske

Danske Bank CEO, board member resign amid ABN AMRO probe

2021-04-19T16:58:00+01:00By

Danske Bank CEO Chris Vogelzang and board member Gerrit Zalm each resigned after being identified as suspects in ABN AMRO’s money laundering scandal. Chief Risk Officer Carsten Egeriis will take over as Danske’s CEO.