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As Beneficial Ownership Initiatives Advance, Academics Argue for Another Way Intergovernmental plans to better identify corporate owners will do little to thwart financial crooks, even at great cost to banks and governments, according to an academic report on offshore financial flows.
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July 22, 2014
House Lawmakers Approve Ban on Correspondent Accounts for Hezbollah Bankers The U.S. House of Representatives Tuesday unanimously passed a bill aimed at foreign banks that provide financial services to Hezbollah, an Iran-backed, Lebanon-based Shiite militant group.
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July 22, 2014
OECD Finalizes Model for Tax Data Exchange Thirty-four nations disclosed a finalized model plan Monday to regularly share financial data for tax enforcement purposes as part of a broader crackdown on tax dodgers and offshore jurisdictions.
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July 21, 2014
Weekly Roundup: House Approves Bill to Allow Marijuana Banking, OCC Fines Bank $500,000 for Poor Risk Assessment, and More M&T Bank Corp. revealed it has spent more than $150 million boosting its AML program, the Asia Pacific Group on Money Laundering will allow North Korea to join the organization as an observer, and more, in this week's roundup.
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July 18, 2014
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OFAC Publishes Latest Edition of SDN List The Office of Foreign Assets Control, part of the U.S. Treasury Department, updated its list of Specially Designated Nationals and Blocked Persons, which designates organizations and individuals who are restricted from doing business with the United States, American companies or Americans.
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July 23, 2014
Nigeria: GIABA Holds Workshop on Cash Smuggling, Transaction Reports The Inter-Governmental Action Group Against Money Laundering held a 3-day workshop in Lagos, Nigeria covering the detection of cross-border cash smuggling and the filing of currency transaction reports for Nigerian border authorities and law enforcement agencies.
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July 23, 2014
EU Deletes One Person from Libya Sanctions Regulation The Council of the European Union published Council Implementing Regulation (EU) No 792/2014, which implements certain restrictive measures in view of the situation in Libya issued in 2011. The regulation removed Mohamad Ali Zidane from the designated persons list appearing in Annex III.
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July 23, 2014
Searching for revenue, banks are taking on products and services, even acquisitions, that they don't have AML controls in place to handle, says the FDIC's Lisa Arquette.
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According to the Financial Transactions and Reports Analysis Centre of Canada, the following are examples of possible red flag money laundering indictors for the casino industry:
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Naming, Shaming and Firing

June 6, 2014

“This time it’s personal” was a promo line for “Jaws: The Revenge,” the unsuccessful fourth and mercifully final Jaws movie featuring a great white shark so enraged by one family that it pursues them from New England to the Bahamas in order to eat them.

Whatever jokes the regulated may want to make about regulators, the enraged great white shark image doesn’t capture the spirit of banking regulators. But to the degree that regulators are pursuing individuals responsible for compliance failures, wherever they are, this time IT IS personal. 

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BIN Bank to Pay AML/CTF Penalty for Deficiencies (in Russian) Citing the violation of Part 1 of Article 15.27 of the Administrative Offenses Code, the Central Bank of Russia released a monetary fine against the bank based in Moscow. The bank failed to establish proper controls to prevent money laundering and terrorist financing.
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July 22, 2014
Milbank Ltd. Commercial Bank Receives Warning for AML/CTF Non-Compliance (in Russian) The Central Bank of Russia issued a warning against the Moscow-based bank for failing to maintain measures that properly address anti-money laundering and counterterrorist financing issues. The bank violated Part 1 of Article 15.27 of the Administrative Offenses Code.
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July 22, 2014
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