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Watchdog Office Asks FDIC to Tighten Review of AML Violators The U.S. insurer of federal banks should reconsider how it treats recidivist financial institutions and harmonize how regional examiners monitor for Bank Secrecy Act violations, a governmental watchdog said.
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October 30, 2014
Nations Sign onto OECD’s Automatic Tax Data Exchange Representatives from 51 jurisdictions Wednesday formalized their commitment to automatically exchange data starting in 2017 and 2018 as part of a global effort to limit tax evasion.
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October 29, 2014
Midweek Roundup: Vatican Bank Money Laundering Trial Postponed, Police Probe Hong Kong Banks, and More Over 50 government officials in Spain were arrested on suspicion of operating a massive corruption network, India’s Supreme Court granted investigators access to the names of over 600 Indians suspected of hiding untaxed income, and more, in the midweek roundup.
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October 29, 2014
As Registry Plan Advances, U.K. Suggests Tweaks to Protect Business Owners The U.K. is weighing amendments to its plan for a public registry of corporate owners that would allow individuals who control the firms to better protect their personal data.
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October 29, 2014
ICE: Three Californians Arrested on Money Laundering, Drug Trafficking Charges The U.S. Immigration and Customs Enforcement's special agents arrested Hugo Adalberto Adrian Ramirez, Maria Leticia-Hernandez and Luis Fernando Mancillas Medina in California on charges of money laundering and drug trafficking filed in Florida.
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October 30, 2014
Former Baltimore City Transit Division Chief Indicted for Bribery, Money Laundering A federal grand jury charged Barry Stephen Robinson for his role in an alleged bribery scheme while he served as the chief of the Baltimore City Department of Transportation's Division of Transit and Marine Services. Robinson was also charged with one count of money laundering.
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October 30, 2014
AUSTRAC Issues Consultation Paper on Proposed Compliance Report Changes The Australian Transaction Reports and Analysis Centre published the consultation paper regarding proposed changes to the framework under Section 47 of the anti-money laundering and counterterrorist financing law, which requires reporting entities to submit an annual compliance report.
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October 30, 2014
Juan Zarate, former U.S. Treasury official, talks about the success to-date that the U.S. has had in imposing sanctions targeting Iran, North Korea and al Qaeda.
Test Your AML IQ
On Oct. 24, the Financial Action Task Force issued a Public Statement identifying the following jurisdictions with anti-money laundering deficiencies that have not made sufficient progressing address those deficiencies:
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Good for Law Enforcement, Not Too Onerous for Banks

August 8, 2014

The proposed customer due diligence rule that was released July 30 was notable for what it didn’t require, perhaps even more than for what it did.

The Financial Crimes Enforcement Network proposal doesn't mandate some of the things financial institutions were most worried about. At the same time, it gives law enforcement much of what it wanted.   



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SEC: Global Water Management Company to Pay More Than $5 Million to Settle FCPA Violations The U.S. Securities and Exchange Commission charged the Texas-based Layne Christensen Company with violating the Foreign Corrupt Practices Act when it made improper payments to foreign officials in African countries to obtain beneficial treatment and reduce tax liability.
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October 27, 2014
Finra Penalizes Two Merrill Lynch Companies for AML, Securities Violations The Financial Industry Regulatory Authority imposed a $5 million fine against Merrill Lynch Professional Clearing Corp. and $2.5 million against Merrill Lynch, Pierce, Fenner & Smith Incorporated for violating previously issued orders and anti-money laundering requirements.
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October 27, 2014
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