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Weekly Roundup: U.S. Blacklists Canadian MSB, Wells Fargo Fired Whistleblowers, and More OFAC designated the Pacnet Group as a transnational criminal organization, Canadian lenders Scotiabank, RBC and CIBC together formed nearly 2,000 offshore firms in the Bahamas according to leaked documents, and more, in this week's roundup.
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September 23, 2016
From the Editor: Cyberattacks Require Response from AML Pros Proposed regulations from the New York State Department of Financial Services and guidance from the Central Bank of Ireland released this month should prod compliance officers to talk more about the growing elephant in the room: cybersecurity.
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September 23, 2016
Analysts See Flaws in EU Plan to Strengthen AML Rules for Trusts A proposed expansion of the European Union’s due diligence rules to cover trusts only partially addresses their vulnerability to criminal exploitation, leaving long-term loopholes in the bloc’s controls against tax evasion and money laundering intact, say sources.
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September 23, 2016
EU Lawmakers Call for Mandatory Exchanges of AML Data to Stop Tax Evasion A panel of European Union lawmakers Tuesday proposed requiring the bloc’s member-states to share information on firms and trusts whose beneficial owners are required to pay taxes in other member-states.
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September 22, 2016
Cyberattack
AML professionals in New York and Ireland may have to play a more prominent role in cybersecurity going forward. More
European Commissioner Discusses Proposals on AML, Digital Contracts European Commissioner Vera Jourova spoke before the Legal Affairs Committee and the EU Affairs Committee in the Bundestag on key pending proposals concerning financial crimes.
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September 26, 2016
Treasury Secretary Lew Discusses Efforts to Combat Money Laundering After Meeting with Argentine Finance Minister U.S. Treasury Secretary Jacob J. Lew delivered remarks alongside Argentine Finance Minister Alfonso Prat-Gay concerning a comprehensive bilateral tax treaty that allows for the exchange of tax information and the two countries' collective efforts to combat money laundering and illicit finance.
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September 26, 2016
EU Court Dismisses Appeal of Designees on Zimbabwe Sanctions List A European Union court issued a judgment dismissing the appeal of Johannes Tomana and several other applicants to be removed from the sanctions lists related to Zimbabwe issued by the Council of the European Union, the European Commission, the United Kingdom and Northern Ireland.
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September 26, 2016
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The Financial Action Task Force rated Italy in its most recent mutual evaluation report as either having a high or substantial effectiveness rating with _____ out of 11 categories.
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From the Editor: Cyberattacks Require Response from AML Pros

September 23, 2016

Proposed regulations from the New York State Department of Financial Services and guidance from the Central Bank of Ireland released this month should prod compliance officers to talk more about the growing elephant in the room: cybersecurity.

More...
RBI Issues Fine Against Shivam Sahakari Bank Limited for AML, KYC Deficiencies The Reserve Bank of India issued a monetary penalty of two lakh rupees against the Kolhapur, India-based bank for failures related to its anti-money laundering and know-your-customer policies.
Original | Brief
September 26, 2016
RBI Fines The Needs of Life Co-operative Bank Ltd for KYC, Suspicious Transaction Failures The Reserve Bank of India issued a monetary penalty of five lakh rupees against the Mumbai, India-based bank for deficiencies in its know-your-customer policies, in particular related to identification documents. In addition, the regulator issued the fine for suspicious transaction failures.
Original | Brief
September 26, 2016
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