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Bank Secrecy Act 'Well-Intentioned' but Ineffective: Lawmakers U.S. lawmakers Wednesday pledged a potentially broad overhaul of U.S. anti-money laundering rules and considered draft legislation that would require corporate and legal entities to identify their beneficial owners.
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June 28, 2017
Corrupt Politicians Targeting Bankers to Launder Illicit Profits: NCA Corrupt foreign politicians have allegedly relied on “complicit” bank relationship managers in the United Kingdom to launder their kickbacks, bribes and stolen public assets because they know how to circumvent rules against financial crime, according to a report published Thursday.
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June 28, 2017
Midweek Roundup: Russia Ties More Banks to Mirror Trades, Three Latvian Lenders Fined for Compliance Breaches, and More Portuguese bank suspected of laundering Venezuelan state assets, powerful new global ransomware virus demands payments in Bitcoin, and more, in the midweek roundup.
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June 28, 2017
Italian Lender at the Center of Fraud and Money Laundering Scandal: Reports Top compliance managers, supervisory board members and senior executives of Italy’s fourth largest bank are suspected of willfully violating the nation’s rules against illicit finance as part of an alleged conspiracy to enrich themselves at the lender’s expense.
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June 27, 2017
BankMelli
FATF on Friday extended its suspension of countermeasures against banks based in Iran, which, according to the intergovernmental group, continues to fund terrorism despite having adopted a new law to combat terrorist financing in March 2016. More
NCA Publishes 2017 Strategic Assessment of Organized Crime The National Crime Agency published its 2017 National Strategic Assessment of Serious and Organised Crime which analyzes serious threats facing the United Kingdom, including cyber crime, bribery and corruption, drug trafficking, money laundering and fraud, among others.
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June 29, 2017
Senators Introduce Corporate Transparency, Beneficial Ownership Law Several U.S. Senators introduced the True Incorporation Transparency for Law Enforcement Act, which would make states require the disclosure of beneficial ownership information for applicants seeking to form a corporation or limited liability company under their state laws.
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June 28, 2017
EU Extends Economic Sanctions Targeting Russian Economy The Council of the European Union issued a press release on its decision to prolong economic sanctions targeting the financial, energy and defense sectors of the Russian economy until Jan. 31, 2018.
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June 28, 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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From the Editor: In Praise of Transparency and US Inspectors General

June 16, 2017

Funding and staffing for the inspectors general in every federal agency is under attack, despite the invaluable oversight service they perform.

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Fed: The Bank of New York Mellon Corporation Fined $3 Million for Unsafe Practices The Federal Reserve Board issued a consent order and civil money penalty against the New York, NY-based bank holding company for unsafe and unsound practices related to improperly assigning a lower risk weighting to a portfolio of assets which resulted in reducing its risk-based capital ratios.
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June 26, 2017
OFAC: American International Group, Inc. to Pay $148,698 for Possible Sanctions Violations The Office of Foreign Assets Control of the U.S. Treasury Department entered into a settlement agreement with the New York, NY-based international insurance and financial services organization requiring it to pay the fine to settle possible violations of various sanctions programs.
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June 26, 2017
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