FinCEN mulling beneficial ownership reporting changes amid criticism


The reporting requirements of the beneficial ownership information registry being developed by the Financial Crimes Enforcement Network will likely be revised following harsh criticism from lawmakers and businesses.


William Hill fined record $23.7M for social responsibility, AML failures


The U.K. Gambling Commission announced three units of British bookmaking service William Hill Group will pay a record fine of £19.2 million (U.S. $23.7 million) for failures regarding social responsibility and anti-money laundering.


Ex-Binance CCO accused of aiding and abetting CFTC rule violations


The Commodity Futures Trading Commission charged Binance and its founder with operating an illegal digital assets exchange, while former Chief Compliance Officer Samuel Lim faces charges of aiding and abetting the alleged misconduct.


Ex-OneCoin compliance head charged over alleged fraud role


The former head of legal and compliance at OneCoin was indicted on separate charges of conspiracy to commit wire fraud and money laundering for her role in the $4 billion cryptocurrency fraud scheme.

Digital banking

Fed details Custodia Bank membership rejection over risk deficiencies


The Federal Reserve Board further expounded on the risk management deficiencies it found at Custodia Bank as part of the digital-first bank’s application to become a member of the Federal Reserve System.

Cash App

Report alleges Block’s Cash App facilitates fraud, disregards AML laws


Investment research firm Hindenburg Research accused financial technology payment company Block of facilitating money laundering, fraud, and scams on its platform.

Danske Bank

Danske Bank to name audit exec new chief compliance officer


Danske Bank will appoint Chief Audit Executive Dorthe Tolborg to serve as its chief compliance officer after current CCO Satnam Lehal announced he would depart the bank in early 2024.

3-15 390x260

CPE Webcast: Immersive Learning: A Revolutionary Way To Train Your Compliance Team

2023-03-15T11:00:00+00:00By Compliance Week

Get a taste of Compliance Week Training’s new instructor-led courses that provide the experience of a financial crime risk event unfolding in real time. Review scenarios used in the course, which simulates a real-life crisis you need to evaluate and resolve with your peers.

DOJ building

Ex-Goldman banker sentenced to 10 years for 1MDB fraud role


Former Goldman Sachs Managing Director Roger Ng was sentenced to 10 years in prison for his role in the 1MDB fraud scandal.

SEC building

SEC fines broker-dealer $100K over SARs reporting failures


Cambria Capital agreed to pay $100,000, hire an independent anti-money laundering consultant, and be censured for failing to file suspicious activity reports on certain transactions over a two-year period, according to the Securities and Exchange Commission.

South Africa flag

South Africa, Nigeria added to FATF’s AML/CFT watchlist


The Financial Action Task Force placed Nigeria and South Africa on its list of countries requiring increased monitoring because of deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.


Report: FCA probing Barclays over AML controls


Barclays Bank is reportedly being investigated by the U.K. Financial Conduct Authority for failures regarding its anti-money laundering procedures and controls.

Digital banking

Anchorage Digital revamps BSA/AML compliance post-OCC consent order


Anchorage Digital unveiled moves to bolster its Bank Secrecy Act/anti-money laundering compliance staff less than a year removed from being called out by the Office of the Comptroller of the Currency for deficiencies in the area.

Spinning globe

TI 2022 Corruption Perceptions Index shows ‘scant progress’


Around the world, countries attempting to address their corruption issues are not making much progress, while countries failing to address corruption are worsening the problem, according to Transparency International’s latest Corruption Perceptions Index.

Federal Reserve

Fed cites AML weaknesses in denying Custodia Bank membership application


The Federal Reserve Board denied the application of Custodia Bank for membership in the Federal Reserve System, citing weaknesses in the digital-first bank’s anti-money laundering protocols as part of its decision.


In Touch Games fined $7.6M for AML failures by U.K. Gambling Commission


U.K. online gaming company In Touch Games was fined £6.1 million (U.S. $7.6 million) by the country’s Gambling Commission for a series of anti-money laundering failures—its third such penalty since 2019.

DOJ building

Banks fooled in DOJ Russian yacht sanctions evasion case


The Department of Justice’s charges against a U.K. businessman and his Russian partner for evading U.S. sanctions against a Russian oligarch provide insight into how the use of shell companies, third parties, and other methods can thwart the compliance efforts of financial institutions.

Deutsche Bank

Deutsche Bank refreshes compliance leadership with new group CCO


Deutsche Bank named Laura Padovani to be its next group chief compliance officer and head of compliance, effective April 1. She will replace Pascal Tagné, who will become the bank’s head of compliance for the Asia Pacific region.


Crypto exchange Bitzlato shut down, labeled ‘money laundering concern’


The Financial Crimes Enforcement Network designated Bitzlato, a Hong Kong-registered cryptocurrency exchange, as a “primary money laundering concern” in the first use of a law that targets entities that facilitate illicit Russian financial transactions.

Danske Bank

Danske Bank CCO to depart in 2024


Satnam Lehal, chief compliance officer of Danske Bank, announced he will leave the bank in early 2024 after playing a pivotal role in helping steer it through the aftermath of one of the world’s largest money laundering scandals.

Investigation costs

FinCEN projects $22.7B for beneficial ownership reporting Year 1 costs


The Financial Crimes Enforcement Network estimated it will cost reporting companies a total of $22.7 billion to comply with the requirements of the agency’s beneficial ownership registry in its first year.

Financial Conduct Authority

FCA orders GT Bank to pay $9.4M for ‘reckless’ AML weaknesses


The U.K. Financial Conduct Authority fined Guaranty Trust Bank approximately £7.67 million (U.S. $9.4 million) for weaknesses in its anti-money laundering systems and controls that spanned a five-year period.

Al Rayan Bank

FCA fines Al Rayan Bank nearly $5M for AML failings


The U.K. Financial Conduct Authority fined Al Rayan Bank more than £4 million (U.S. $4.9 million) for its lack of adequate anti-money laundering controls.

FINRA New York

FINRA focuses on financial crime in annual exam report


The Financial Industry Regulatory Authority’s annual report on examinations and risk monitoring indicated a new emphasis for the regulator on combating financial crime, particularly cybercrime.


Coinbase to pay $100M after NYDFS probe into compliance lapses


Cryptocurrency exchange Coinbase agreed to pay $100 million as part of a settlement with the New York State Department of Financial Services for compliance failures that opened the door for criminals to carry out illegal activity through the platform.

Russia sanctions

FinCEN report identifies financial trends of Russian oligarchs


The Financial Crimes Enforcement Network published an analysis of financial trends involving Russian oligarchs and how U.S. financial institutions have aided in the identification of more than $30 billion worth of sanctioned Russians’ assets.


Lessons in preventing AML failures

2022-12-29T14:51:00+00:00By Jake Plenderleith, International Compliance Association

Anybody working in financial services will know enormous effort is made to ensure their institution is on the right side of the law. Why, then, do such failures continue to exist? And crucially, what can be done to prevent their recurrence?


AML 2023 preview: Regs not backing down on beneficial ownership, tech needs


Keeping up with increasingly demanding anti-money laundering expectations in 2023 will likely mean doing more with less and figuring out where and when is the best place to use technology to aid compliance, experts say.


CHS Hedging AML controls criticized in $6.5M CFTC action


CHS Hedging, a Minnesota-based futures commission merchant, was fined $6.5 million by the Commodities Futures Trading Commission for AML program gaps and other risk management and recordkeeping failures regarding a ranch owner customer committing fraud.

Deutsche Bank

Deutsche Bank efforts to meet BaFin order reflective of EU’s AML struggles


Deutsche Bank said it is about “two-thirds” of the way toward meeting Germany’s financial regulator’s demands for tighter controls to combat money laundering and terrorist financing—an area of weakness many banks across the European Union are confronting.


FinCEN proposes restricted access to beneficial ownership registry


The Treasury Department’s Financial Crimes Enforcement Network released a notice of proposed rulemaking that outlines what agencies and entities should be allowed to access the beneficial ownership registry that is in the works.

SEC office

SEC accuses J.H. Darbie of violating AML rules


New York-based brokerage firm J.H. Darbie & Co. was charged with violations of anti-money laundering provisions of federal securities laws by the Securities and Exchange Commission for failing to report suspicious activity regarding penny stock transactions.

Sam Bankman-Fried

Bankman-Fried fraud charges detail FTX’s lack of internal controls, risk management protocols


A flurry of criminal and civil fraud charges laid against FTX founder Sam Bankman-Fried have pulled back the veil on the cryptocurrency exchange’s complete lack of internal controls and toothless risk management procedures.

Danske Bank

Compliance implications of Danske Bank’s $2B Estonia money laundering settlement


Danske Bank reached final resolutions with U.S. and Danish authorities to settle allegations regarding widespread anti-money laundering deficiencies at its former Estonia branch.


Santander UK fined $132M for poor AML controls


The U.K. arm of Santander was fined approximately £107.8 million (U.S. $132 million) by the Financial Conduct Authority for “serious and persistent” gaps in its anti-money laundering controls.


Rabobank probed by Dutch prosecutors over potential AML violations


Rabobank, the second largest bank in the Netherlands, is being investigated by the Dutch Public Prosecution Service for potential violations of the country’s anti-money laundering/countering the financing of terrorism law.

Compliance_Fails_2022 Main Art_index

Top ethics and compliance failures of 2022


Businesses not taking AML requirements seriously, years of noncompliant off-channel communications catching up to financial services titans, and a manufacturing firm that shared revenue with terrorists comprise CW’s list of the biggest ethics and compliance fails of 2022.

Sayari beneficial ownership thumbnail

e-Book: Effective beneficial ownership searches leverage technology

2022-12-06T05:39:00+00:00Provided by

Determining the ultimate beneficial owner of individuals and companies your firm does business with can be a tricky thing.

Jyske Bank

Danish financial regulator refers Jyske Bank to police for AML violations


The Danish Financial Supervisory Authority reported Jyske Bank to Danish police for allegedly violating the country’s anti-money laundering law regarding its customer due diligence measures.


Experts: AML efforts dealt blow by CJEU beneficial ownership ruling


Determining the true owner of a company might become more difficult after Europe’s top court ruled automatic access to registers of beneficial ownership conflicted with the right to privacy.

South Africa flag

South Africa edges toward FATF watchlist

2022-10-31T13:47:00+00:00By Sholane Sathu, for International Compliance Association

South Africa could be designated by the Financial Action Task Force as a jurisdiction with anti-money laundering/countering the financing of terrorism risks subject to increased monitoring should a November review not meet the organization’s standards.


Danske Bank projects $2.1B settlement for Estonia money laundering probes


Danske Bank expects to pay a total of 15.5 billion Danish kroner (U.S. $2.1 billion) to U.S. and Danish authorities to settle allegations it overlooked more than $200 billion in dirty money laundered through its former Estonia branch.


Automation can improve AML compliance but won’t replace human touch


While automation has the potential to transform anti-money laundering compliance, it will not replace the human practitioners relied upon to get investigations to the finish line, experts discussed at the ACAMS annual conference in Las Vegas.

JPMorgan Chase

Former JPMorgan compliance exec settles with bank over SOX whistleblower suit


Shaquala Williams, a compliance executive who sued JPMorgan Chase after she said she was fired for blowing the whistle on deficiencies in the bank’s anti-money laundering compliance program, agreed to settle her case.


ICICI Bank cited by OCC for BSA/AML compliance failures


The Office of the Comptroller of the Currency ordered the New York branch of ICICI Bank to implement sweeping changes to its anti-money laundering and Bank Secrecy Act compliance programs but will not fine the bank if the improvements are completed.

Myanmar flag

FATF classifies Myanmar as high risk for money laundering, terrorist financing


The Financial Action Task Force designated Myanmar as a high-risk jurisdiction with “significant strategic deficiencies” regarding its anti-money laundering, countering the financing of terrorism, and financing of proliferation prevention efforts.

Star casino

Australia’s Star casino fined record $62M over money laundering scandal


The Star Entertainment Group, operator of Australia’s second largest casino, was penalized a record AUD$100 million (U.S. $62 million) by the country’s casino regulator for failures to prevent money laundering at its Sydney location.


Gatehouse Bank fined $1.77M for inadequate customer due diligence


Gatehouse Bank was fined £1.58 million (U.S. $1.77 million) by the U.K. Financial Conduct Authority for failing to address “significant weakness” in AML checks the bank conducted on customers who posed a higher risk of committing financial crime.

United States United Kingdom

U.S., U.K. improve anti-corruption coordination with data access agreement


A new agreement will allow law enforcement agencies in the United Kingdom and United States to gain better access to data held by tech and telecommunications firms from the other’s country as part of evidence gathering for complex white-collar crimes.

Treasury Department

Bittrex to pay $29M for BSA violations in landmark FinCEN, OFAC case


Virtual currency trading platform Bittrex agreed to pay more than $29 million for violations of the Bank Secrecy Act and other foreign asset restrictions by regularly allowing transactions with customers in Iran, Syria, and other U.S.-sanctioned nations.