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Weekly Roundup: Capital One Confirms US Investigation, HSBC Admits Poor Record Keeping on Longstanding Clients, and More Swiss private bank investigated for alleged involvement in grand corruption and money-laundering scheme in Uzbekistan, Canada seeks to recover $300 million from offshore tax havens, and more, in this week’s roundup.
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February 24, 2017
Online Thefts Against Banks and Clients Flourish Despite New Focus on Cybersecurity The world’s largest banks are increasingly devoting resources to guarding their infrastructure against large-scale cyberattacks, and installing new controls to prevent hackers from generating fraudulent payment messages to steal from them.
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February 24, 2017
Bank of Cyprus Cuts Thousands of Eastern European Accounts after AML Review The largest lender in Cyprus dropped 3,500 high-risk clients and four-fifths of its third-party business introducers over the past two years to reduce its exposure to financial crime, a senior executive with the bank said.
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February 24, 2017
FinCEN Renews Real Estate GTOs for 6 Months The U.S. Treasury Department on Thursday ordered title insurance firms to continue reporting “all cash” acquisitions of luxury property in New York, Florida, California and Texas for another six months amid concerns that criminals are still converting their profits into luxury real estate.
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February 23, 2017
Miami
Title insurance firms must continue obtaining and disclosing the identities of individuals involved in cash purchases of luxury residences in six U.S. metropolitan areas, federal officials said Thursday. More
FATF Highlights Outcomes of February Plenary The Financial Action Task Force outlined the activities that occurred during its February 2017 plenary meeting in Paris, France under the Spanish Presidency of Juan Manuel Vega-Serrano, including work on terrorist financing and improving beneficial ownership transparency.
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February 24, 2017
Metropolitan Police Service Seized Over £73 Million in FY 2015/2016 The United Kingdom's Metropolitan Police Service issued a press release highlighting its seizure of the largest amount of money in London in a single year since the Proceeds of Crime Act came into force in 2002. The largest single cash value during the year was £943,000.
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February 24, 2017
DOJ: California Airplane Broker Pleads Guilty to Laundering Drug Proceeds The U.S. Attorney's Office for the Southern District of California announced that Hector Hernandez pleaded guilty to money laundering charges related to his activities to help hide the true origin of drug money through the purchase of airplanes for drug traffickers.
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February 24, 2017
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From the Editor: Rise of the Compliance Bots?

January 30, 2016

Several dystopian novels describe a future in which homo sapiens become enslaved or extinct because of the rise of robots and computers. While current buzz in the compliance world doesn’t include speculation on our extinction, there is lots of talk about the rise of "regtech."

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PRA Fines Bank of Tokyo Mitsubishi UFJ Limited, Subsidiary Over £26 Million for Reporting Failures The United Kingdom's Prudential Regulatory Authority issued a final notice imposing a £17.85 million financial penalty on the Bank of Tokyo Mitsubishi UFJ Limited and a separate £8.925 million penalty on MUFG Securities EMEA plc for failing to disclose information and cooperate with the regulator.
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February 9, 2017
Finra Fines Former Pennaluna & Company Representative $10,000 for AML Failures The Financial Industry Regulatory Authority issued a monetary penalty against Ronald B. Nicklas, Jr., a former general securities representative for the Coeur d'Alene, ID-based firm for failing to implement to an anti-money laundering program designed to detect suspicious activities.
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February 6, 2017
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