AML


European Commission

EU guidance seeks to clarify role of AML/CFT compliance officers

2021-08-04T16:38:00+01:00By

The European Banking Authority is seeking comment on new draft guidelines that set clear expectations regarding the appointment, role, tasks, and responsibilities of anti-money laundering and countering the financing of terrorism compliance officers.

Oil barrels

Ex-Glencore oil trader pleads guilty for role in bribery scheme

2021-07-28T20:58:00+01:00By

A former oil trader for a subsidiary of Glencore entered a guilty plea for his role in bribing government officials in Nigeria in exchange for the award of oil cargoes and more favorable delivery terms.

AML Euros

New agency Europe’s latest hope to curb AML struggles

2021-07-22T13:06:00+01:00By

The European Commission unveiled new plans to set up an agency specifically aimed at tackling the region’s spiraling problems with money laundering.

Robinhood

Robinhood Crypto anticipates $10M penalty for cyber, AML failures

2021-07-07T18:26:00+01:00By

Robinhood Markets said its cryptocurrency platform might face a penalty of “at least” $10 million from the New York State Department of Financial Services for anti-money laundering and cyber-security failures.

Dark money

FinCEN puts financial institutions on notice with first AML/CFT priorities

2021-06-30T17:59:00+01:00By

The Financial Crimes Enforcement Network tipped its hand at changes ahead for the Bank Secrecy Act in announcing the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism.

Spinning globe

FATF adds four jurisdictions to AML/CFT watchlist

2021-06-28T18:59:00+01:00By

The Financial Action Task Force added Haiti, Malta, the Philippines, and South Sudan to its “grey list” focused on areas subject to increased monitoring for deficiencies in fighting financial crime.

British pounds

U.K. AML expert convicted of aiding money launderers

2021-06-25T16:22:00+01:00By

A U.K. money laundering prevention expert was found guilty of allowing criminals to use his company to launder the proceeds of an £850,000 (U.S. $1.2 million) investment fraud that resulted in dozens of victims being ripped off.

UK cryptocurrency

AML compliance proving tall hurdle for U.K. crypto firms

2021-06-22T15:34:00+01:00By

The U.K.’s financial regulator has been forced to extend a registration deadline for cryptocurrency firms by nearly nine months because so few have been able to meet even basic anti-money laundering requirements.

Deutsche Bank

Embattled Deutsche Bank to overhaul anti-financial crime controls

2021-06-16T20:26:00+01:00By

Deutsche Bank is planning to shake up its internal structure around anti-financial crime efforts in the wake of criticism from multiple regulators.

Cost rising

Study: Financial crime compliance costs climb 18 percent in 2020

2021-06-09T20:43:00+01:00By

Projected costs for financial crime compliance among financial services companies worldwide reached nearly $214 billion last year, according to the latest survey from LexisNexis Risk Solutions.

NAB

Australia’s NAB cited for ‘serious and ongoing non-compliance’ with AML laws

2021-06-07T17:57:00+01:00By

Australia’s financial regulator has identified “serious concerns” with National Australia Bank’s compliance with anti-money laundering and counter-terrorism financing rules but indicated it won’t fine the bank—for now.

FinCEN Files

‘FinCEN Files’ source sentenced to 6 months in prison for disclosing SARs

2021-06-04T15:37:00+01:00By

Natalie Mayflower Sours Edwards, a former senior advisor at FinCEN who provided 2,100 SARs to BuzzFeed News that would form the basis of 2020’s “FinCEN Files” investigation, was sentenced to six months in prison.

Julius Baer

Julius Baer pays $80M in FIFA corruption settlement

2021-05-27T22:26:00+01:00By

Swiss bank Julius Baer entered a deferred prosecution agreement and will pay $80 million for its role in a money laundering conspiracy linked to world soccer federation FIFA, the Department of Justice announced.

Odebrecht site

Austrian banker arrested for role in Odebrecht-related scheme

2021-05-26T19:32:00+01:00By

The former CEO of an Austrian bank was arrested in the United Kingdom on criminal charges for his alleged role in a massive money laundering scheme involving Brazil-based global construction conglomerate Odebrecht.

Authentic8 cover img v2

e-Book: New thinking, new strategies needed for AML

2021-05-26T03:00:00+01:00Provided by

Bank culture continues to be a problem, and strategies formed following the financial crisis to prevent money laundering haven’t fared much better. Perhaps it’s time for a new approach.

woods

AML culture is in need of a revamp

2021-05-25T18:28:00+01:00By

Bank culture continues to be a problem following the 2008 financial crisis, and strategies formed to prevent money laundering haven’t fared much better. It’s time for a new approach, writes Martin Woods.

Deutsche Bank

Deutsche Bank names new group AML officer amid enhanced scrutiny

2021-05-20T20:33:00+01:00By

Deutsche Bank named Joe Salama global head of anti-financial crime and group anti-money laundering officer less than a month after its AML controls were criticized by German financial regulator BaFin.

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 ...