Book 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.


News Brief

FinCEN adopts beneficial ownership reporting extension for 2024 companies


The Financial Crimes Enforcement Network finalized a rule to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.

Binance crypto


Binance’s compliance past, future detailed


There are a slew of compliance lessons to be learned from the $4.3 billion settlement that Binance, the world’s largest cryptocurrency exchange, reached with the U.S. government.

Singapore money

News Brief

Singapore banks say money laundering risks up after $2B scandal


Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore.

U.K. Parliament


All eyes on Companies House in U.K. corporate transparency efforts


The success of the U.K.’s latest legislative efforts to tackle financial crime depends on the capability of transforming what is often regarded as one of the country’s most passive regulators into a proactive—even aggressive—prosecuting authority.


News Brief

Binance 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.


News Brief

French high court orders new trial into $2B fine against UBS


France’s top court struck down a fine of €1.8 billion (U.S. $2 billion) imposed on UBS in 2021 by a lower court, despite upholding a guilty verdict related to money laundering and tax fraud in the Swiss bank’s cross-border activities.


News Brief

Merged UBS, AI on FINMA’s risk radar


A year of significant change in the Swiss banking sector, including the acquisition of Credit Suisse by UBS, has the country’s financial regulator prioritizing new risk areas on its radar.


News Brief

Ex-OneCoin compliance head pleads guilty to fraud role


The former head of legal and compliance at OneCoin pleaded guilty to fraud charges regarding her role in a cryptocurrency marketing scheme that generated more than $4 billion in sales and revenue.

Morgan Stanley

News Brief

Report: Morgan Stanley AML controls draw Fed scrutiny


The wealth management arm of Morgan Stanley is being probed by the Federal Reserve regarding the controls it has in place to prevent wealthy foreign customers from laundering money, according to a report from the Wall Street Journal.

DOJ building


DOJ official: People ‘drawing the right conclusions’ on national security focus


Christian Nauvel, deputy chief counsel for corporate enforcement in the Department of Justice’s National Security Division, said the agency’s focus on national security is “top of mind at the highest levels” and that enforcement numbers are set to increase.


News Brief

​Singapore bank DBS says $74M exposure from money laundering scandal


The chief executive officer of DBS, Singapore’s largest bank, acknowledged exposure of about 100 million Singapore dollars (U.S. $74 million) related to the city-state’s money laundering scandal.


News Brief

FATF’s AML/CFT watchlist adds Bulgaria, drops 4 others


Bulgaria is the latest country to be identified by the Financial Action Task Force as a jurisdiction under increased monitoring for money laundering and terrorist and proliferation financing.

London cityscape

News Brief

Companies House set for ‘biggest shakeup’ under U.K. corporate transparency bill


The United Kingdom adopted the Economic Crime and Corporate Transparency Act, which aims to stem the flow of dirty money coming into the country through enhancements to government agency capabilities and law enforcement.

Metropolitan Commercial Bank

News Brief

Metropolitan Commercial Bank fined $30M for third-party oversight failings


New York-based Metropolitan Commercial Bank was assessed nearly $30 million in penalties by federal and state banking regulators for failing to properly oversee a third-party program manager whose prepaid cards were a popular target of fraud during the Covid-19 pandemic.


News Brief

BaFin 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.

Credit Suisse sign

News Brief

Report: Credit Suisse facing probe in Singapore money laundering scandal


A Singapore financial regulator will reportedly conduct an on-site inspection of a local Credit Suisse unit in connection with a 2.8 billion Singapore dollar (U.S. $2 billion) money laundering scandal.

Treasury Department

News Brief

FinCEN rule proposal labels CVC mixing a primary money laundering concern


The Financial Crimes Enforcement Network might require financial institutions to implement new recordkeeping and reporting requirements regarding convertible virtual currency mixing under a proposed rule.

Karim headshot Web


Q&A: Bangladeshi compliance AVP on future of AML, leadership strategies


Rezaul Karim, assistant vice president, risk and compliance at HSBC Bangladesh, discusses with Compliance Week recent changes in KYC/AML compliance, how new technology is shaping the banking industry, and strategies for building and leading effective AML teams.

CWE2023 Emerging Trends panel


Humans vs. machines, it all comes back to data


A panel of experts discussed trending topics in the compliance space, including the debate over whether humans or machines will lead future efforts to fight financial crime, during the opening keynote at Compliance Week’s Europe conference in London.


News Brief

Cybersecurity, AML risks among SEC 2024 exam priorities


SEC examiners will be asking tough questions of registered firms regarding how they handle risks related to operational security, interact with financial technology companies and crypto assets, and the maturity of their anti-money laundering programs.

Shadow business


Survey: FinCEN beneficial ownership rule still a mystery to many


A survey of U.S.-based businesses—as well as the law firms and certified public accountants who serve them—uncovered a shocking lack of understanding and preparedness for looming beneficial ownership reporting requirements.

Shinhan Bank


Shinhan 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.

Satnam Lehal 3x2


Lessons from Danske Bank CCO: Four pillars to successful remediation


Outgoing Danske Bank CCO Satnam Lehal shares with Compliance Week lessons learned from addressing deficiencies in the bank’s compliance program while managing the expectations of regulators, the board, employees, customers, analysts, investors, and the public.

Treasury Department


FinCEN crafting rule proposal for AML and sanctions whistleblower program


Andrea Gacki, the new director at the Financial Crimes Enforcement Network, said the agency is working to issue a notice of proposed rulemaking regarding the establishment of an anti-money laundering and sanctions whistleblower program.


News Brief

U.K.-based ADM unit fined $7.9M for historic AML shortcomings


ADM Investor Services International was ordered to pay nearly £6.5 million (U.S. $7.9 million) by the U.K. Financial Conduct Authority for not timely addressing anti-money laundering systems and controls deficiencies first alleged by the regulator in 2014.

Magnifying glass

News Brief

Maxim 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.

Shinhan Bank

News Brief

Shinhan 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.


News Brief

FinCEN proposes beneficial ownership reporting extension for 2024 companies


The Financial Crimes Enforcement Network announced a notice of proposed rulemaking to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.


News Brief

SEC 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.

Deutsche Bank

News Brief

Deutsche Bank unit fined $25M in ESG, AML settlements


DWS Investment Management Americas agreed to pay $25 million in penalties across separate settlements with the Securities and Exchange Commission addressing alleged misstatements in environmental, social, and governance investments and anti-money laundering violations.


News Brief

SEC 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.

Small business costs

News Brief

FinCEN publishes beneficial ownership guidance for small businesses


Nearly three months from the effective date of its beneficial ownership reporting rule, the Financial Crimes Enforcement Network released guidance for small businesses to determine whether they must comply and what information they might be required to provide.

Puerto Rico banking

News Brief

FinCEN fines P.R.-based Bancredito $15M in landmark AML action


Puerto Rico-based Bancrédito International Bank and Trust Corporation was assessed a $15 million penalty by the Financial Crimes Enforcement Network for admitted violations of the Bank Secrecy Act regarding suspicious activity monitoring and anti-money laundering compliance.

U.K. money laundering


Lessons learned from FCA case against CFP Management MLRO

2023-09-14T17:00:00+01:00By Ariane Baldwin-Webb, International Compliance Association

The U.K. Financial Conduct Authority’s decision notice against the money laundering reporting officer of CFP Management sends a strong message to the financial industry, particularly those who work in senior management functions or hold oversight responsibilities.

Carolina Ceballos


Q&A: Paxos CCO on defying stereotype of lax controls in digital asset industry


Carolina Ceballos, the first full-time chief compliance officer at Paxos, shares with Compliance Week what the blockchain infrastructure platform does, its culture, and how it uses compliance as a competitive advantage.


News Brief

Switzerland floats AML reforms for beneficial ownership, legal advice


The Swiss government launched consultation proceedings on a series of reforms designed to combat money laundering and terrorist financing occurring within the country’s financial system.

Swiss francs

News Brief

FINMA guidance calls out Swiss bank failings on AML risk analysis


Switzerland’s Financial Market Supervisory Authority published new guidance to improve banks’ money laundering risk analysis after repeatedly identifying shortcomings during on-site supervisory reviews.


News Brief

SEC 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.

British pounds


Expert views mixed on proposed U.K. AML reforms


Experts share differences of opinion over whether future anti-money laundering supervision in the United Kingdom should be industry specific and whether a single regulator would be more effective than multiple bodies.

AML Euros


A day in the life of an MLRO

2023-08-28T19:28:00+01:00By Jason Holt, for International Compliance Association

Discover the key responsibilities and skills of a money laundering reporting officer from Jason Holt, global head of financial crimes compliance at U.K-based investment manager abrdn.

TD Bank

News Brief

TD Bank expecting punishment in BSA/AML probes


TD Bank disclosed in a shareholder report it is facing regulatory investigations regarding its Bank Secrecy Act/anti-money laundering compliance program.



Dutch banks’ innovative AML collaboration ready to take next step


ABN AMRO, ING, Rabobank, Triodos Bank, and de Volksbank are each participating in a first-of-its-kind collaboration to shine light on the estimated €16 billion worth of illicit funds coursing through the Netherlands’ banking system every year.


News Brief

Short seller accuses Freedom Holding Corp. of ‘brazen’ sanctions evasion


Freedom Holding Corp. was accused of “brazen sanctions evasion,” along with openly flouting anti-money laundering and know your customer regulations, as part of an investigative report published by short seller Hindenburg Research.

Dark money

News Brief

FinCEN alerts banks to payroll tax, workers’ compensation schemes


The Financial Crimes Enforcement Network issued a notice to financial institutions regarding its observations of increasing payroll tax evasion and workers’ compensation fraud taking place in the U.S. residential and commercial real estate construction industries.


News Brief

SkyCity Entertainment reserves $29M for pending AML/CFT fine


Australian gaming company SkyCity Entertainment Group disclosed it reserved AUS$45 million (U.S. $29 million) for a potential settlement resolving alleged violations of the country’s anti-money laundering and combating the financing of terrorism law.

Legal services


ABA resolution latest effort to separate lawyers from clients’ crimes


Under increasing pressure from federal lawmakers and regulators, the American Bar Association agreed to strengthen the obligations lawyers must meet when weighing whether to stop representing clients who might be using their services to commit financial crimes.


News Brief

Dubai financial regulator fines Mirabaud unit $3M for weak AML controls


A Middle Eastern unit of international banking group Mirabaud was ordered to pay a $3 million fine for inadequate anti-money laundering controls by the Dubai Financial Services Authority.

Money laundering

News Brief

SEC risk alert flags staffing, policy weaknesses in AML compliance exams


Broker-dealers complying with anti-money laundering/countering the financing of terrorism requirements put forward by the SEC must be mindful of the resources they are providing for their programs during the current heightened risk environment.

United Arab Emirates

News Brief

UAE approves plan to establish AML prosecutor


The United Arab Emirates has moved forward with plans to establish federal prosecution entities specializing in economic crimes and money laundering.