AML


Financial Conduct Authority

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FCA: Most banks don’t subject U.K. politicians to excessive risk checks

2024-07-18T20:39:00+01:00By

The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.

BitMEX

News Brief

DOJ latest agency to charge crypto platform BitMEX for BSA/AML failures

2024-07-12T16:57:00+01:00By

The parent company of crypto-trading platform BitMEX is again facing charges of violating the Bank Secrecy Act, the latest in a string of punishments against the company and its founders for failing to implement adequate know your customer and anti-money laundering programs.

DOJ

News Brief

Ex-Paxful co-founder pleads guilty to violating BSA/AML regulations

2024-07-10T19:30:00+01:00By

The co-founder and former chief technology officer of crypto peer-to-peer network Paxful faces charges related to violating the anti-money laundering requirements of the Bank Secrecy Act.

Brian_Nelson_web

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De-risking trend threatens global financial markets, Treasury official warns

2024-07-10T17:25:00+01:00By

As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.

Dominic_Buckwell_web1

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Q&A: Seaco general counsel, compliance head on environmental regulations

2024-07-03T18:17:00+01:00By

Dominic Buckwell, general counsel and compliance head at global marine container leasing company Seaco, discussed key themes including anti-money laundering, sanctions, and why the industry needs common environmental reporting standards.

Silvergate_Bank_Web

News Brief

Silvergate Bank to pay $63M to Fed, California over BSA/AML deficiencies

2024-07-02T13:50:00+01:00By

Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.

Turkey flag

News Brief

FATF removes Jamaica, Türkiye from watchlist; adds Monaco, Venezuela

2024-07-01T15:58:00+01:00By

Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.

Treasury

News Brief

FinCEN proposes additional risk assessments for AML/CFT programs

2024-06-28T17:00:00+01:00By

Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.

OCC

News Brief

OCC emphasizes compliance’s role in FI’s operational resiliency

2024-06-20T15:40:00+01:00By

Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.

Credit Suisse

News Brief

Credit Suisse unit inks deal with OCC over BSA/AML obligations

2024-06-18T17:36:00+01:00By

The New York branch of Swiss bank Credit Suisse reached a deal with the Treasury Department’s Office of the Comptroller of the Currency (OCC) over compliance with its Bank Secrecy Act and anti-money laundering obligations.

FinTech

News Brief

Evolve Bank ordered by Fed to address AML, sanctions lapses

2024-06-14T20:37:00+01:00By

The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology companies to correct deficiencies in its anti-money laundering, sanctions, risk management, and consumer compliance programs.

Financial Crimes 2024 Bank Remediation

Event

Photo gallery: Compliance Week Financial Crimes and Regulatory Compliance Summit

2024-06-11T21:00:00+01:00By

The Compliance Week Financial Crimes and Regulatory Compliance Summit took place June 10-11 at Fordham Law School in Manhattan, New York. Check out some of the sights from the summit in our photo gallery.

Bank AML

News Brief

FinCEN BSA data: Fraud, money laundering top suspicious activities

2024-06-10T09:43:00+01:00By

The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.

London Financial District

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Reignited calls to tighten up AML in London, crown dependencies

2024-06-06T13:52:00+01:00By

Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.

Epoch Times

News Brief

Epoch Times CFO charged in $67M money laundering scheme

2024-06-04T18:40:00+01:00By

The chief financial officer of the Epoch Times was charged with laundering at least $67 million in illegally obtained funds to bolster the fortunes of the newspaper and himself.

N26

News Brief

BaFin relaxes growth restrictions on N26 following AML improvements

2024-05-29T20:31:00+01:00By

German financial regulatory authority BaFin lifted growth restrictions on N26, after the digital bank made improvements to its anti-money laundering program.

TD Bank sign

News Brief

TD Bank risk chief laments ‘procedural weaknesses’ in U.S. AML program

2024-05-28T19:45:00+01:00By

TD Bank Chief Risk Officer Ajai Bambawale said “procedural weaknesses” in the institution’s U.S. anti-money laundering program allowed bad actors to exploit its network.

N26 office

News Brief

N26 fined $9.6M for not timely filing AML reports to BaFin

2024-05-22T18:31:00+01:00By

Germany’s financial supervisory authority issued a fine of €9.2 million euros against mobile bank N26 for “systematically” submitting late anti-money laundering reports.

skycity_wb

News Brief

​SkyCity Entertainment bracing for nearly $50M in AML penalties

2024-05-21T16:59:00+01:00By

Australian gaming company SkyCity Entertainment Group faces nearly $50 million in penalties for admitted breaches of anti-money laundering and countering financing of terrorism obligations in Australia and New Zealand.

Blockchain concept

Premium

Fed governor: Regs should engage with industry on safe DLT use in banking

2024-05-17T16:57:00+01:00By

Federal Reserve Board Governor Michelle Bowman argued banking regulators should move from their current reactive posture on banking innovation to a position that actively encourages new technologies, business models, and ideas to solve age-old problems.

Treasury

News Brief

Treasury says closing AML regulation loopholes top priority

2024-05-17T16:00:00+01:00By

The Treasury Department’s efforts to eliminate regulation loopholes that help enable money laundering in the U.S. financial system will remain a top priority as part of the agency’s 2024 national illicit finance strategy.

Nicodemus_opinion

Opinion

Binance CEO got 4 months in prison. FTX’s got 25 years. Was compliance the difference?

2024-05-15T20:00:00+01:00By

Why the wild disparity in the sentences of Binance’s Changpeng Zhao and FTX’s Sam Bankman-Fried? Aaron Nicodemus argues the performance of the compliance teams at the two cryptocurrency exchanges was as big a contrast as the penalties earned by their respective founders.

TD Bank

News Brief

Canadian parliament adds to TD Bank AML scrutiny

2024-05-15T17:14:00+01:00By

Canadian lawmakers will come together to discuss TD Bank’s reported failure to prevent drug traffickers from laundering proceeds of fentanyl sales on its platform.

SEC office

News Brief

SEC, FinCEN propose customer ID program for investment advisers

2024-05-13T19:47:00+01:00By

The Securities and Exchange Commission and Financial Crimes Enforcement Network proposed a rule requiring registered investment advisers to implement customer identification programs, another facet of a coordinated attempt to close an apparent loophole in federal AML regulations.

Binance

News Brief

FINTRAC fines Binance $4.4M over AML/CFT violations

2024-05-10T19:49:00+01:00By

The Financial Transactions and Reports Analysis Centre of Canada imposed a penalty of approximately CAD$6 million (U.S. $4.4 million) against crypto platform Binance over alleged noncompliance with the country’s anti-money laundering/countering the financing of terrorism law.

Brasseur_opinion

Opinion

Five reasons I’m excited for CW’s Financial Crimes Summit

2024-05-09T11:00:00+01:00By

Compliance Week’s Financial Crimes and Regulatory Compliance Summit will feature more than 50 prominent speakers representing government agencies, regulators, banks, investment advisers, and more tackling the top-of-mind risk areas facing the financial services industry.

Iran flag

News Brief

FinCEN warns financial institutions on Iran-backed terrorist organizations

2024-05-08T20:47:00+01:00By

The Financial Crimes Enforcement Network advised financial institutions in detecting illicit transactions related to Iran-backed terrorist organizations.

FINRA

News Brief

SoFi unit fined $1.1M by FINRA for fraud prevention failures

2024-05-06T15:30:00+01:00By

SoFi’s brokerage unit will pay a $1.1 million fine to the Financial Industry Regulatory Authority for fraud detection weaknesses that allowed thieves to create SoFi Money accounts using fake or stolen identities.

TD Bank sign

News Brief

FINTRAC fines TD Bank record $6.7M over AML program failings

2024-05-03T16:45:00+01:00By

The Financial Transactions and Reports Analysis Centre of Canada fined TD Bank nearly CAD$9.2 million (U.S. $6.7 million) for failing to comply with its anti-money laundering regulations.

TD Bank

News Brief

TD Bank reserves $450M for BSA/AML enforcements

2024-05-01T17:34:00+01:00By

TD Bank said it set aside $450 million to settle regulatory and law enforcement investigations, including by the Department of Justice, into its anti-money laundering and Bank Secrecy Act programs.

Commerzbank

News Brief

BaFin fines Commerzbank $1.6M over supervision, AML lapses

2024-04-23T15:57:00+01:00By

Germany’s financial supervisory authority issued total fines of €1.45 million (U.S. $1.6 million) against Commerzbank AG to settle allegations of inadequate monitoring and anti-money laundering controls.

OCC

News Brief

OCC cites three banks for risk management, BSA-related failures

2024-04-19T17:49:00+01:00By

The Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis.

FinCEN

News Brief

FinCEN warns of fake U.S. passport cards used to commit fraud

2024-04-16T16:59:00+01:00By

The Financial Crimes Enforcement Network is warning financial institutions of counterfeit U.S. passport cards used to commit fraud and identity theft.

DOJ building

News Brief

​Ex-OneCoin compliance head jailed 4 years for fraud role

2024-04-05T15:04:00+01:00By

The former head of legal and compliance at OneCoin was sentenced to four years in prison after pleading guilty to fraud charges regarding her role in a cryptocurrency marketing scheme.

Money

News Brief

U.S. BOI efforts earn it upgraded rating from FATF

2024-03-26T15:48:00+00:00By

The United States’s progress on implementing the beneficial ownership information reporting requirements contained within the Corporate Transparency Act earned it praise from the intergovernmental Financial Action Task Force.

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FDIC proposes strengthening, modernizing bank merger reviews

2024-03-22T17:14:00+00:00By

The Federal Deposit Insurance Corporation proposed to strengthen its approach to evaluating bank mergers under the Bank Merger Act, particularly how it would address factors like competition, financial resources, the convenience and needs of communities, financial stability, and money laundering.

Epstein case study cover 3x2

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Chapter 4: Investigations into misconduct: What banks can do

2024-03-21T16:00:00+00:00By

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.

Epstein case study cover 3x2

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Chapter 3: Egregious failures: Customer due diligence and transaction monitoring

2024-03-20T16:00:00+00:00By

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.

Epstein case study cover 3x2

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Chapter 2: KYC shortfalls: JPMorgan and Deutsche Bank’s onboarding of Epstein

2024-03-19T16:00:00+00:00By

Jeffrey Epstein’s designation as a high-risk client should have subjected him to enhanced due diligence that never appeared to occur, most notably at Deutsche Bank. Instead, Epstein was allowed to continue his misconduct despite numerous red flags.

Epstein case study cover 3x2

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Chapter 1: Compliance v. complicity: The ‘underbelly’ of bank culture

2024-03-18T16:00:00+00:00By

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.

Epstein case study cover 3x2

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Case study: ‘The Banks Behind the Epstein Enterprise’

2024-03-18T15:50:00+00:00By

This Compliance Week case study offers a deep dive into the anti-money laundering compliance failures—and alleged complicity—of JPMorgan Chase and Deutsche Bank, the two banks that enabled the Jeffrey Epstein enterprise to flourish for decades.

U.K. money laundering

News Brief

​FCA warns CEOs over firm AML failings

2024-03-05T20:55:00+00:00By

The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.

FinCEN

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Judge’s ruling calls FinCEN beneficial ownership registry into question

2024-03-05T18:30:00+00:00By

A federal court judge in Alabama ruled the Corporate Transparency Act was beyond Congress’s power, potentially throwing the effectiveness of the Financial Crimes Enforcement Network beneficial ownership information registry into doubt.

Metropolitan Commercial Bank

News Brief

Metropolitan Commercial Bank adds risk chief, AML officer

2024-03-04T19:39:00+00:00By

Metropolitan Commercial Bank announced the appointments of a chief risk officer and Bank Secrecy Act/anti-money laundering officer to bolster its reporting lines following a $30 million enforcement action from federal and state authorities last year.

Swedbank

News Brief

Swedbank says Estonia money laundering probe closed

2024-03-04T11:28:00+00:00By

The Estonian branch of Swedbank is no longer under investigation regarding suspected money laundering and other criminal activities.

Federal Reserve

News Brief

Green Dot estimates up to $50M in liabilities over proposed Fed order

2024-03-01T17:18:00+00:00By

Financial technology firm Green Dot Corp. estimated a pending consent order with the Federal Reserve Board will require a payment of between $20 million to $50 million.

gemini_web

News Brief

NYDFS fines Gemini $37M over compliance failures

2024-02-29T19:18:00+00:00By

The New York State Department of Financial Services fined cryptocurrency exchange Gemini Trust Company $37 million over alleged compliance failures related to lapses in safety and soundness.

United Kingdom

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FCA vows transparency, faster case outcomes in new enforcement strategy

2024-02-28T18:26:00+00:00By

The U.K. Financial Conduct Authority will rein in its enforcement focus and commit to providing more updates on its ongoing investigations as part of a revamped strategy designed to quicken the pace and increase the deterrent impact of its cases.

Dark money

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FinCEN head touts compliance through enforcement approach

2024-02-27T19:01:00+00:00By

Andrea Gacki, head of the Financial Crimes Enforcement Network, said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism regime and exposed specific risk factors, trends, and typologies.

Frankfurt

News Brief

New European AML agency to be based in Germany

2024-02-27T12:43:00+00:00By

The European Union’s recently approved Anti-Money Laundering Authority will be based in Frankfurt, Germany, and begin operations in 2025.