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US Senators Propose Expansion of Money Laundering Statutes The head of a powerful Senate panel introduced legislation Thursday that would empower law enforcement to seize undeclared prepaid value at U.S. borders and enable federal prosecutors to charge suspected income tax evaders with money laundering.
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May 25, 2017
US Lawmakers Propose to Expand Real Estate GTOs to Cover Wire Transfers Federal lawmakers reintroduced legislation Wednesday that would expand enhanced reporting requirements for firms involved in the purchase of high-end residential properties in New York, Miami and a handful of other U.S. cities.
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May 24, 2017
US State and Federal Ponzi Lawsuits Raise Bar for Compliance Departments A recent bevy of civil complaints brought against financial institutions by victims of Ponzi schemes raises questions over the extent to which financial institutions can detect and prevent large scale fraud perpetrated by their own customers, say sources.
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May 24, 2017
Midweek Roundup: Taiwan Drops Probe Against Mega Bank, Trump’s Casino Repeatedly Breached AML Rules, and More Gambia accuses fugitive ex-president of stealing $50 million and freezes his assets, Andorran bank loses court appeal against designation by U.S. Treasury Department, and more, in the midweek roundup.
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May 24, 2017
MadoffX
Banks are increasingly exposed to civil complaints for allegedly facilitating investment frauds similar to the $65 billion Ponzi scheme run by disgraced American stockbroker Bernie Madoff. More
DOJ: Wells Fargo Liable for Negligence Penalty Related to Abusive Tax Shelter According to the press release issued by the U.S. Justice Department, a federal court in Minnesota found Wells Fargo liable for a 20 percent negligence penalty in relation to $350 million of foreign tax credits associated with an abusive tax shelter known as STARS.
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May 25, 2017
Senate Members Introduce Bill to Strengthen Criminal Laws against Money Laundering Senators Chuck Grassley, Dianne Feinstein, John Cornyn and Sheldon Whitehouse introduced the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017, a bill designed to update and strengthen money laundering statutes.
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May 25, 2017
Senate Foreign Relations Committee Passes Additional Iran Sanctions Legislation U.S. Senators Bob Corker (R-TN), Bob Menendez (D-NJ), Marco Rubio (R-FL), Ben Cardin (D-MD), Tom Cotton (R-AR) and Bob Casey (D-PA) announced that the Senate Foreign Relations Committee passed the Countering Iran’s Destabilizing Activities Act of 2017 that aims to impose additional sanctions on Iran.
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May 25, 2017
Test Your AML IQ
On Jan. 19, 2017, Western Union agreed to pay the U.S. Justice Department and federal regulators ________ to resolve charges that the institution violated anti-money laundering laws and failed to appropriately monitor 550,000 independent agents.
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From the Editor: AML Compliance Regulations in the Bardo?*

February 27, 2017

You could be forgiven for thinking—at least initially—that all the recent talk from the Clearing House about reframing U.S. anti-money laundering rules came from the same playbook as President Donald Trump’s promise to lay waste to federal supervision of the private sector.

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Hong Kong Regulator Suspends Guoyuan Securities Brokerage Limited Officer for AML/CTF Violations The Securities and Futures Commission of Hong Kong issued a disciplinary action against Hui Lam Chiu banning the former officer of Guoyuan Securities Brokerage (Hong Kong) Limited for a period of six months for anti-money laundering and counterterrorism financing violations.
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May 19, 2017
DOJ: Banamex USA to Forfeit $97.44 Million for BSA/AML Violations The U.S. Justice Department entered into a deferred prosecution agreement with the Los Angeles, CA-based bank, a subsidiary of Citigroup Inc., for violations of the Bank Secrecy Act and anti-money laundering requirements.
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May 19, 2017
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