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US Lawmakers Propose to Revise Collection, Evaluation of Financial Intelligence Legislation introduced last week would direct U.S. financial institutions to disclose currency transactions and suspicious activity at higher thresholds and order the Treasury Department to issue more timely and robust administrative rulings.
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September 19, 2017
Weekly Roundup: Australian Banks Allegedly Launder $4 Million a Day, Iran Reorganizing Companies to Avoid US Sanctions, and More European Union to centralize banking supervision, Capital One’s AML controls under investigation, and more, in this week’s roundup.
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September 15, 2017
Gold Refiner’s Sales Team Tricked Compliance Staff into Approving Illegal Acquisitions The compliance department of a Dallas-based precious metals firm was duped by its own sales executives and a Peruvian smuggler into importing hundreds of millions of dollars of illegally mined gold, according to court records published last week.
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September 14, 2017
Seeking Full Embargo of North Korea, US Lawmakers Target Foreign Governments Foreign officials who knowingly fail to enforce U.N. trade and banking restrictions levied against North Korea in response to the country’s nuclear weapons and ballistic missile programs could be blacklisted under U.S. legislation introduced this week.
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September 13, 2017
MiamiGold
A pair of Miami-based sales executives with Elemetal, a U.S. gold refiner, pleaded guilty this month to conspiring to launder funds from purchases of illicitly obtained gold, raising concerns over the precious metals industry's efforts to vet their supply chains. More.
Senators Laud Committee Passage of Human Trafficking Bill According to the press release issued by Senator Bill Menendez (D-NJ), the Trafficking Victims Protection Reauthorization Act of 2017 passed the Senate Foreign Relations Committee unanimously.
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September 19, 2017
President Trump Discusses Sanctions Against North Korea, Cuba During UN General Assembly Speech U.S. President Donald Trump issued remarks before the United Nations General Assembly highlighting the recent increased sanctions against North Korea and thanking China and Russia for their involvement in particular.
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September 19, 2017
UK FCA Releases Report on its Approach to Revised Payment Services Directive The United Kingdom finalized its approach on how it will implement the European Union's Payment Services Directive, which aims to strengthen consumer protection and make payments more secure.
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September 19, 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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Catching Bad Guys Requires Investment, Experimentation and Patience

September 12, 2017

New regulatory technologies aim to improve common anti-money laundering processes, but financial institutions are wary of the costs in time and money that upgrading their compliance programs may require.

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Fed, Wisconsin Financial Regulator: Markesan State Bank Must Increase Board Oversight The Federal Reserve Bank of Chicago and the Wisconsin Department of Financial Institutions entered into a written agreement with the Markesan, WI-based bank requiring it to submit a written plan to strengthen credit risk management practices.
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September 8, 2017
Finra Fines Revere Securities LLC, Former Branch Manager Combined $80,000 for AML Failures The Financial Industry Regulatory Authority issued a monetary penalty of $75,000 against the New York, NY-based firm and $5,000 against former branch manager Kurt Alfred Hurst for their failure to develop and implement an anti-money laundering program designed to comply with BSA requirements.
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September 7, 2017
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