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International Organization to Step Up Data Collection on Correspondent De-Risking Governments have yet to collect sufficient data to fully understand the reasons for and impact of a reported decline in correspondent banking services throughout the globe, a Basel-based organization said Friday.
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August 26, 2016
Weekly Roundup: Brazilian Police Recommend Money Laundering Charge for Ex-President, Taiwan to Tighten AML Rules, and More Taiwan plans to bolster its anti-money laundering rules, U.S. and South Korean officials are considering imposing a new round of sanctions against North Korea, and more, in this week's roundup.
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August 26, 2016
FinCEN Proposes AML Obligations for Firms Lacking Federal Supervision The U.S. Treasury Department on Thursday published a plan to impose anti-money laundering rules on hundreds of financial institutions providing banking services in the United States without federal oversight or insurance.
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August 25, 2016
British Tax Cheats May Be Required to Report on Facilitating Institutions, HMRC Says The United Kingdom may soon require tax dodgers with undeclared offshore assets to disclose information on the financial institutions and individuals who abetted their violations, British officials said Wednesday.
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August 25, 2016
Monet
When Malaysian businessman Low Taek Jho wanted a loan with few questions asked, he turned to one of the many non-bank businesses involved in shadow lending: New York-based Sotheby’s, U.S. officials believe. Pictured above: a Monet painting used to collateralize the loan. More
Independent Think Tank Publishes Report on Importance of Public, Private Sector Cooperation The Royal United Services Institute for Defence and Security Studies published a report on the importance of public sector and private sector cooperation on money laundering and cybersecurity issues.
Original | Brief
August 26, 2016
State Department Issues Notice on Designation of Jemaah Islamiya The U.S. State Department issued a notice regarding the designation of Jemaah Islamiya as a Foreign Terrorist Organization pursuant to Section 219 of the Immigration and Nationality Act.
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August 26, 2016
UN: Liberia Must Sustain Progress on Judicial Framework, Accountability in Light of Upcoming Elections According to a press release regarding a recent United Nations Security Council meeting, senior official Farid Zarif stated that Liberia and its international partners must increase efforts to sustain progress on developments in security, judicial measures and accountability.
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August 25, 2016
Test Your AML IQ
During the Financial Action Task Force June 2016 plenary, which two countries were removed from the group’s list of nations under its monitoring of ongoing global AML/CFT compliance process?
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From the Editor: A ‘Look Back’ at FinCEN’s Former Director

July 8, 2016

The news in April that Director Jennifer Shasky Calvery would depart the Financial Crimes Enforcement Network at the end of May created a buzz. But with May a memory and July well underway, little more has been written about Shasky Calvery and her impact on FinCEN.That’s unfortunate because her tenure was characterized by a number of significant accomplishments and controversies as well as an overall shift in the direction of FinCEN.

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NYDFS Fines Mega International Commercial Bank Co., LTD., New York Branch $180 Million for AML/BSA Deficiencies The New York State Department of Financial Services issued a consent order against the Taipei, Taiwan-based financial institution and its New York, NY-based branch in relation to serious deficiencies within the bank’s compliance program and its anti-money laundering controls.
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August 19, 2016
OCC Fines First National Bank of Omaha $3 Million for Violations Related to Billing Practices The Office of the Comptroller of the Currency issued a consent order for a civil money penalty against the Omaha, NE-based bank for deficiencies related to billing practices with regard to two identity protection products.
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August 18, 2016
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