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Midweek Roundup: China Hands U.S. List of ‘Economic Fugitives,’ AML-Delayed Bank Merger Nears Finalization, and More The EU is expected to blacklist 40 Iranian shipping companies for a second time following court rulings, few Australian companies are disclosing instances of foreign bribery and other forms of corruption, and more, in the midweek roundup.
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March 25, 2015
OFAC Fines PayPal $7.7 Million for Payments Tied to Nuclear Proliferator PayPal will pay the U.S. Treasury Department nearly $7.7 million for processing hundreds of transactions in violation of sanctions against weapons proliferators.
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March 25, 2015
House Committee to Recommend Better Ways to Stop Terror Finance The House Financial Services Committee approved the formation of a taskforce Wednesday to recommend how to better cut off funding networks used by terrorist organizations.
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March 25, 2015
Despite FDIC’s Overtures, Payment Processors Still Struggle with Banks, Lawmakers Say The Federal Deposit Insurance Corp. has failed to stop banks from automatically severing relationships with clients that process payments for pawnshops, payday lenders and other purportedly high-risk vendors, lawmakers said Tuesday.
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March 24, 2015
Gruenberg
FDIC Chairman Martin Gruenberg fielded House lawmakers’ questions Tuesday about his agency’s role in warning banks away from high-risk business sectors targeted in Operation Choke Point. More...
Swiss STRs Regarding Cybercrime Increased in 2014 Between Jan. 1, 2014 and Dec. 31, 2014, Switzerland's Cybercrime Coordination Unit received a total of 10,214 suspicious transaction reports related to cybercrime, representing an increase of 10.9% from the previous year when 9,208 STRs were reported.
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March 26, 2015
OECD Secretary-General: Corruption Impedes Investment The Secretary-General of the Organisation for Economic Development and Co-Operation, Angel Gurria, spoke at the third OECD Integrity Forum, highlighting the issue of corruption in relation to investment in economies. He urged global cooperation to combat bribery and corruption.
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March 26, 2015
U.K. Enacts Legislation to Combat Use of Anonymous Companies to Launder Illicit Proceeds The government of the United Kingdom announced that the Small Business, Enterprise and Employment Act received royal assent, increasing transparency around who owns and controls U.K. companies and helping to deter those who hide their interest in U.K. companies to facilitate illegal activities.
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March 26, 2015
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The Lawsky Legacy


December 2, 2014

Reports that Benjamin Lawsky will step down early next year as superintendent of the New York State Department of Financial Services highlight how time can paradoxically seem to pass both quickly and slowly, almost simultaneously. Perhaps that's because Lawsky has profoundly changed bank regulation - enough that is possible to identify a Lawsky legacy.

 


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DOJ: Schlumberger Oilfield Holdings Ltd. to Pay Over $232.7 Million for Violating U.S. Sanctions Law The Road Town, British Virgin Islands-based provider of oilfield services entered into a plea agreement with the U.S. Justice Department for its violation of the International Emergency Economic Powers Act by facilitating illicit transactions with Iran and Sudan.
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March 24, 2015
OFAC: PayPal, Inc. Agrees to Pay $7.66 Million for Sanctions Violations The U.S. Treasury Department's Office of Foreign Assets Control entered into a settlement agreement with the San Jose, CA-based company, in which PayPal agreed to pay a $7,658,300 penalty for processing transactions in violation of multiple U.S. sanctions.
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March 23, 2015
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