AML


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.

Bob Mazur

Members only podcast: Robert Mazur shares first-person AML lessons

2021-04-27T12:21:00+01:00By Compliance Week

Robert Mazur, the famous undercover agent portrayed in the 2016 film “The Infiltrator,” delivered an hour-long keynote at CW’s Financial Crimes virtual event in March.

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.

Honduras

Honduras drug trafficking case highlights danger of unchecked corruption

2021-04-15T14:28:00+01:00By Robert Mazur

Former federal agent and best-selling author Robert Mazur shares his uniquely informed take on anti-corruption regarding the recent U.S. sentencing of the Honduran president’s brother for drug trafficking.

Citi

Outgoing FinCEN head Kenneth Blanco to join Citi as financial crimes CCO

2021-04-05T17:13:00+01:00By

Kenneth Blanco has been tapped to lead a new financial crimes unit at Citi following his departure as director of the Treasury Department’s Financial Crimes Enforcement Network later this week.

FinCEN logo 300x200

FinCEN Director Kenneth Blanco to step down

2021-04-02T15:10:00+01:00By

FinCEN Director Kenneth Blanco, who has served in the position since December 2017, will step down April 9, and Michael Mosier, formerly the deputy director of FinCEN, will return to the agency as acting director.

U.K. money laundering

U.K. AML update: New obligations for cryptocurrency firms

2021-04-01T18:39:00+01:00By

Mark Steward, executive director of enforcement and market oversight at the U.K. Financial Conduct Authority, recently shared insights into the agency’s pipeline of AML investigations and what lies ahead for regulated firms.

Rulemaking

FinCEN launches rulemaking on beneficial ownership

2021-04-01T16:54:00+01:00By

The Financial Crimes Enforcement Network has launched its rulemaking process that will require corporations report the individual or individuals who own and control them, part of an initiative to help U.S. law enforcement fight financial crime.

Bob Mazur

Robert Mazur: Old tricks still work for launderers; new policies could help

2021-04-01T16:02:00+01:00By

Former federal agent Robert Mazur revealed secrets of the money-laundering trade to attendees of CW’s Financial Crimes virtual event and proposed two solutions for financial institutions in the fight against bad actors.

ABN AMRO

ABN AMRO facing new charges in money laundering probe

2021-03-17T18:32:00+00:00By

ABN AMRO is facing new charges from Dutch prosecutors that imply the bank is suspected of knowing of money laundering activities perpetrated by its customers without intervening.

NatWest Bank

NatWest facing criminal charges in landmark U.K. money laundering case

2021-03-16T17:24:00+00:00By

The U.K. Financial Conduct Authority has brought criminal proceedings against National Westminster Bank concerning alleged violations of the 2007 Money Laundering Regulations—a first for the regulator.

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.