News»

In CTR Guidance on Account Aggregation, Some Banks See Greater Expectations U.S. Treasury Department guidance on when banks should link accounts for regulatory reporting purposes will prompt some financial institutions to bolster their know-your-customer procedures, say compliance officers.
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May 16, 2012
Midweek Roundup: White House Issues Yemen Sanctions Order, FinCEN Discloses Rise in SAR Filings, and More The European Union is set to impose tougher sanctions against Iran if it continues with its nuclear program, a former advisor of ex-French President Nicolas Sarkozy has been accused of laundering illegal campaign donations, and more, in the midweek roundup.
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May 16, 2012
International Banking Groups Ask IRS for FATCA Delay Financial industry groups from several countries called on U.S. officials to extend by one year a deadline to comply with an anti-tax evasion law that takes effect in January.
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May 15, 2012
U.K.’s FSA Singles Out AML Officer for Fine, Penalizes Swiss Bank The United Kingdom’s banking regulator Tuesday penalized a Zurich-based financial institution and its former anti-money laundering officer a combined 540,000 pounds for broad failures in risk-ranking and enhanced due diligence procedures.
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May 15, 2012

Legs & Regs»

Five Restaurant Chain Owners Charged with Multi-Million Dollar Tax Evasion Scheme The Federal Bureau of Investigation announced that five owners and managers of the Nifty Fifty's restaurant chain were charged with tax evasion conspiracy for failure to properly report $15.6 million in gross receipts, evading payments of $2.2 million in federal employment and personal taxes.
Original | Brief
May 16, 2012
Rymer: Improvements to Structured Transaction Program Could Lower FDIC's Costs for Managing Failed Bank Assets Testifying before the House Financial Services Committee, Inspector General for the Federal Deposit Insurance Corporation Jon Rymer stated that his office has completed two audits of the regulator's structured asset sale transactions, concluding that it could improve its process to limit costs.
Original | Brief
May 16, 2012
FATF Secretariat Participates in Law Society of England and Wales Symposium The Financial Action Task Force Secretariat attended the Financial Crime Symposium hosted by the Law Society of England and Wales, where over 100 attendees discussed current approaches to adopting international anti-money laundering and counter-terrorist financing standards.
Original | Brief
May 16, 2012
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Arizona Data Pact Leads to Major AML Prosecution


May 4, 2012

A 2010 agreement by Western Union to share data with Arizona and other Southwestern states is the catalyst for a major AML prosecution that came to light Thursday.

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Enforcement Actions»

FINRA Bars Genesis Securities, President from Membership The Financial Industry Regulatory Authority expelled Genesis Securities from the industry and barred William Yeh, who served as the firm's President and Anti-Money Laundering Compliance Officer, from associating with any FINRA members for violating securities and AML regulations.
Original | Brief
May 15, 2012
RBI Fines The Patdi Nagrik Sahakari Bank for Improper Filing of CTRs The Reserve Bank of India issued a monetary penalty of 1.00 lakh rupees against The Patdi Nagrik Sahakari Bank because the bank failed to properly file cash transaction reports with the Financial Intelligence Unit-India and neglected to adhere to the regulator's operational instructions.
Original | Brief
May 15, 2012
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