AML


Bob Mazur

Ex-undercover agent Robert Mazur to share first-person AML lessons at CW event

2021-03-04T22:07:00+00:00By

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.

woods

Banks filing more SARs amid pandemic; is this the right approach?

2021-03-01T14:09:00+00:00By

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.

Construction site

Samsung Heavy Industries settles Brazil bribery probe for $150M

2021-02-24T15:41:00+00:00By

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.”

Whistle

OSHA will handle antitrust, AML retaliation claims from whistleblowers

2021-02-22T19:57:00+00:00By

The Occupational Safety and Health Administration will oversee worker retaliation claims for two new categories of whistleblowers—antitrust and anti-money laundering.

AML-Europe

ACAMS survey: FinCEN Files leak a positive for financial industry?

2021-02-11T20:51:00+00:00By

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.

Risk

FINRA report: Top risk areas for AML, cyber-security

2021-02-05T20:31:00+00:00By

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.

Apple Bank

FDIC fines Apple Bank $12.5M for AML compliance failures

2021-02-02T21:04:00+00:00By

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.

CSI BSA-AML cover img

White paper: BSA/AML Compliance: A Growing Consensus for Change

2021-02-02T08:54:00+00:00Provided by

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

Treasury under Yellen to prioritize climate change, sanctions, AML reform

2021-01-26T21:26:00+00:00By

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.

Cryptocurrency wallet

FinCEN again extends comment period for controversial crypto AML rules

2021-01-26T15:30:00+00:00By

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.

Nailedit1200x800

Video: Did Capital One get off easy with $390M AML fine?

2021-01-21T19:22:00+00:00By Compliance Week

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.

SARs chart

Analysis: Improving SARs effectiveness takes more than act of Congress

2021-01-19T19:25:00+00:00By

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

Capital One fined $390M for ‘egregious’ AML compliance failures

2021-01-19T17:59:00+00:00By

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.

AMLCover

e-Book: AML: New U.S. regulation to start the year off

2021-01-12T03:00:00+00:00Provided by

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.

Money laundering

U.K. tax authority fines MT Global record $32.4M for AML failures

2021-01-07T22:18:00+00:00By

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.

Coronavirus fails

Assessing 2020: Lessons learned for the financial crime landscape

2020-12-29T21:49:00+00:00By James Thomas, International Compliance Association

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.

Global

Report: Fines against financial institutions hit $10.4B in 2020

2020-12-22T21:14:00+00:00By

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.

woods

We’ve been failing at AML efforts, but new U.S. rules offer hope

2020-12-22T18:02:00+00:00By

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.

Crypto

FinCEN proposes BSA reporting rule for cryptocurrency transactions

2020-12-21T21:11:00+00:00By

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

OFAC closes investigation into Danske Estonia case

2020-12-21T19:39:00+00:00By

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.

woods

Confidence is the ultimate tool in fighting fraudsters

2020-12-18T16:25:00+00:00By

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.

Investigate

The growing demand for investigation skills in compliance

2020-12-16T16:48:00+00:00By Tristan Jenkinson, International Compliance Association

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.

woods

U.S. beneficial ownership efforts a welcome sight for global AML community

2020-12-14T20:14:00+00:00By

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

Congress passes defense bill with big ramifications for AML, whistleblowers

2020-12-11T22:01:00+00:00By

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.

Data sharing

New FinCEN guidance encourages information sharing among banks

2020-12-11T17:52:00+00:00By

FinCEN Director Kenneth Blanco announced updated guidance to encourage more financial institutions to share information among their peers regarding suspicious transactions.

ING

UBS chief facing investigation in ING money laundering case

2020-12-11T16:24:00+00:00By

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.

Europe

Five challenges for European CCOs heading into 2021

2020-12-10T21:13:00+00:00By

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.

Nailedit1200x800

Video: Compliance pros, cons included in Congress defense spending bill

2020-12-10T18:45:00+00:00By Compliance Week

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

Norway’s DNB facing potential $45M AML fine

2020-12-07T17:11:00+00:00By

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.

authentic8 300x200

CPE Webcast: Unveiling 2020 online research trends

2020-12-01T14:00:00+00:00Provided by

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.

ICAebook

e-Book: Using immersive scenarios in your financial crime training

2020-11-18T15:41:00+00:00Provided by

This free e-Book considers five questions that can help when designing immersive financial crime training scenarios for learners.

Crypto

Cryptocurrency’s future: What compliance needs to know

2020-11-17T19:15:00+00:00By David Povey, International Compliance Association

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.

ICA partnership offers AML education in Lithuania

2020-11-17T16:57:00+00:00By GRC Announcements

The International Compliance Association announced a partnership with Kazimieras Simonavičius University in Lithuania to offer the ICA’s full suite of professional qualifications.

AILaw

Survey: Machine learning will (eventually) help win the war against financial crime

2020-11-17T16:45:00+00:00By

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.

woods

More data, more problems with FinCEN international transfer proposal?

2020-11-12T18:10:00+00:00By

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

Julius Baer reserves $80M for FIFA corruption settlement

2020-11-09T20:07:00+00:00By

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.

Marcus Pleyer

Working together to stop money laundering: A conversation with Marcus Pleyer

2020-11-02T22:13:00+00:00By International Compliance Association

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.

Kurt Michels

CCO Philippe Vollot has a plan for Danske’s compliance reboot

2020-11-02T16:57:00+00:00By

Danske Bank CCO Philippe Vollot knows his journey to build a robust compliance program and culture at the troubled lender is far from over.

Data globe

BSA update proposal seeks more data on international transactions

2020-10-23T21:23:00+01:00By

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.

Dark money

‘FinCEN Files’ reaction poll: Corporate culture blocks AML compliance

2020-10-22T17:48:00+01:00By

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.

Cost rising

Study: Financial crime compliance costs top $42B in U.S./Canada

2020-10-21T16:39:00+01:00By

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.

Blind

Is human trafficking financial services’ blind spot?

2020-10-20T16:24:00+01:00By Jake Plenderleith, International Compliance Association

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.

Bitcoin

Bitcoin platform operator fined $60M for AML violations

2020-10-19T21:23:00+01:00By

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.

Crypto

Embattled BitMEX hires chief compliance officer

2020-10-19T19:58:00+01:00By

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.

Deutsche

Deutsche Bank fined $15.9M for lag in reporting suspicious transactions

2020-10-14T15:57:00+01:00By

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.

Danske Bank

How Danske is cleaning up after a €200B money laundering scandal

2020-10-13T20:38:00+01:00By

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.

woods

Back to the drawing board on transaction monitoring

2020-10-13T20:21:00+01:00By

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.

EU-AML

FINMA orders Banca Credinvest to improve AML measures

2020-10-06T19:56:00+01:00By

The Swiss Financial Market Supervisory Authority found Banca Credinvest “seriously breached” anti-money laundering regulations with regard to dealings with PDVSA in Venezuela.

woods

Progress on beneficial ownership key to AML fight

2020-10-02T16:02:00+01:00By

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.

Training

Three tips on how to design financial crime training with impact

2020-10-02T14:49:00+01:00By Simone Jones, International Compliance Association

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.