FinCEN to financial institutions: Beware of Venezuelan money laundering


FinCEN recently alerted financial institutions of continued widespread public corruption in Venezuela and the methods Venezuelan senior political figures and their associates may use to move and hide proceeds of their corruption.

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Artificial intelligence joins the AML crusade

2019-04-10T18:53:00+01:00Provided by

Artificial intelligence is transforming the way that companies and regulators alike tackle money-laundering and terrorist financing risk in remarkable and significant ways.


Standard Chartered Bank to pay $1.1B for sanctions violations


Standard Chartered Bank, a U.K.-based financial institution, will pay a total of $1.1 billion in a global settlement for sanctions violations.


Troika Laundromat reveals the gaps in AML compliance


A recent report from several investigative journalists details the AML scandal behind Troika Dialog, once Russia’s largest private investment bank, and is just one small look into the much bigger problem of corruption across the globe.


What Swedbank is saying about its multiple investigations


It has been a tumultuous few weeks for Swedbank as it fends off several investigations, including for money laundering and insider trading, resulting in the dismissal of its chief executive officer.


Swedbank faces scrutiny over money laundering allegations


Legal pressure against Stockholm-based Swedbank, one of several banks at the center of a massive money laundering scandal, continues to escalate.


1MDB scandal could result in pay cut for Goldman Sachs’ executives


Goldman Sachs disclosed in a recent quarterly filing that 2018 equity-based pay awards could be subject to clawbacks depending on the results of governmental and regulatory investigations relating to 1MDB.


Danske Bank under investigation in France over money-laundering saga


For a second time, Danske Bank is under investigation in France for suspected money-laundering transactions worth €21.6 million (U.S. $24.4 million) committed between 2007 and 2014.


EU expands controversial AML country blacklist


The European Commission adopted its proposed new blacklist of countries that it has identified as having significant deficiencies in their anti-money laundering and counter-terrorist financing regimes.

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Tackling Compliance Tropophobia: The Fear of Change & System Migration

2019-02-12T13:43:00+00:00Provided by

Many organizations find that their current screening systems can no longer efficiently support their growing AML compliance needs. They are tired of investing in short-term “band aids” that are not sustainable in the long-term, yet the thought of changing to a new system can be daunting and fraught with risk. ...

Danske Bank provides update on AML probe in France


Danske Bank said it might again become subject to a formal investigation in France, instead of being an assisted witness, in connection with an ongoing investigation into organised money laundering of tax evasion proceeds.

Will the EU improve its monitoring of money-laundering threats?


EU ambassadors on 19 December 2018 agreed to give the European Banking Authority (EBA) more power over anti-money-laundering supervision for financial institutions, but some doubt the effectiveness of these measures.

SEC plans focus on internal controls at year-end


Given big changes companies are undertaking in their accounting processes, staff at the SEC plan to pay special attention to internal controls.


Regulators give nod to AI, emerging tech for AML programs


Federal bank regulators are encouraging banks to use artificial intelligence and other emerging technologies to bolster their AML compliance programs. In doing so, new guidance addresses an evolving liability and enforcement posture.


Innovative ways to reduce money laundering risk

2018-11-28T12:15:00+00:00Provided by

From Big Data to cryptocurrencies, money laundering and terrorism financing is an ever-evolving risk.