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Weekly Roundup: Hundreds of Medical Marijuana ATMs Shut Down, Russian Banks Challenge EU sanctions, and More Federal prosecutors have accused Scranton-based Pennsylvania Coin, LLC of running illegal gambling operations in five counties, Moscow-based VTB and Sberbank have asked the EU Court of Justice to overturn sanctions levied against them, and more, in this week's roundup.
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October 24, 2014
In EU’s Tab for England, Hidden Fees for Criminal Economy Somewhere in a controversial EU fee for the U.K. disclosed Thursday lies something like an old saw, only it’s not about how crime doesn’t pay but how it costs, and in unexpected ways.
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October 24, 2014
Outlining Plan to Degrade Islamic State’s Funding, Treasury Warns of Co-Opted Banks U.S. efforts to disrupt Islamic State funding will focus on blacklisting its leadership, penalizing entities that help the group reap illegal profits and identifying co-opted bankers in Iraq and Syria.
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October 23, 2014
Turkey Advances from FATF Gray List, Shortcomings in Tow A global watchdog against financial crime removed Turkey from a list of jurisdictions that haven’t sufficiently complied with its standards, despite the country’s failure to meet several of the group’s goals.
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October 23, 2014
NCA: Money Launderer Must Forfeit Assets or Face Additional Jail Time The United Kingdom's National Crime Agency reported that Shafiq Ahmed, who played a significant role in an organized crime group responsible for laundering millions of illicit cash, must forfeit assets worth 1.12 million pounds within the next six months or face an additional six years in jail.
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October 24, 2014
FATF Blacklists Jurisdictions for Deficiencies in AML/CTF Regimes The Financial Action Task Force published a public statement which calls for counter-measures against Iran and the Democratic People's Republic of Korea and lists jurisdictions with strategic deficiencies in their anti-money laundering and counterterrorist financing framework.
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October 24, 2014
FATF Identifies Jurisdictions Subject to On-Going AML/CTF Compliance Process The Financial Action Task Force published a list of countries that have strategic anti-money laundering and counterterrorist financing deficiencies for which they have developed an action plan with the task force. Five jurisdictions are no longer subject to the on-going compliance process.
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October 24, 2014
Juan Zarate, former U.S. Treasury official, talks about the success to-date that the U.S. has had in imposing sanctions targeting Iran, North Korea and al Qaeda.
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On Oct. 2, the Asia/Pacific Group on Money Laundering (APG) warned member nations and financial institutions about the money laundering deficiencies of:
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Good for Law Enforcement, Not Too Onerous for Banks

August 8, 2014

The proposed customer due diligence rule that was released July 30 was notable for what it didn’t require, perhaps even more than for what it did.

The Financial Crimes Enforcement Network proposal doesn't mandate some of the things financial institutions were most worried about. At the same time, it gives law enforcement much of what it wanted.   



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SEC Takes Action Against Former Wells Fargo Advisors Compliance Officer for Altering Document The U.S. Securities and Exchange Commission issued an enforcement action against Judy K. Wolf, a former compliance officer of the St. Louis, MO brokerage firm, for allegedly altering a document before it was provided to the commission during an investigation.
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October 15, 2014
Finra Penalizes Former Employee of Wealth Management Firm for Failing to Report Suspicious Activity The Financial Industry Regulatory Authority imposed a monetary penalty against Javier Tellez for failing to implement Capital Guardian, LLC's anti-money laundering compliance program, which required the reporting of suspicious activities.
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October 10, 2014
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