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Weekly Roundup: U.K. to Push SWIFT Ban for Russia, Swiss Banks Lose Nearly $400 Billion to Crackdown, and More Authorities are concerned that money launderers are using Myanmar’s real estate sector, a study found that Swiss banks have lost $383 billion in the last six years partly due to fines, and more, in this week's roundup.
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August 29, 2014
U.S. Makes First Use of Power to Penalize for Large Transactions with Iran’s Central Bank For the first time, U.S. officials have blacklisted a foreign financial institution using a July 2012 executive order that prohibits significant transactions with the Central Bank of Iran.
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August 29, 2014
FinCEN Hits Defunct MSB with $125,000 Fine for Willful Violations The U.S. Treasury Department’s financial intelligence unit fined a now-defunct New Jersey money transmitter $125,000 for repeatedly and willfully violating Bank Secrecy Act requirements.
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August 28, 2014
Midweek Roundup: IS Collects Millions from Stolen Oil, Russia Weighs Alternative to SWIFT Payments, and More U.S. and EU officials are considering asset freezes and travel bans on the leaders of rebel groups in Libya, India’s Reserve Bank issued simplified due diligence rules for low-risk customers, and more, in the midweek roundup.
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August 27, 2014
ConferencesSeminarsWebinars
OSCE Center in Turkmenistan Encourages Development of National AML Mechanisms The Organization for Security and Co-operation in Europe supported a discussion held in Turkmenistan on improving the national system for combating money laundering and preventing terrorist financing.
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September 2, 2014
Nigeria Partakes in Analysts Exchange Program in Colombia The Nigerian Financial Intelligence Unit announced its participation in an analyst exchange program in Colombia between August 4 and 8. The program was organized as part of the framework of the EU's project tracing money laundering activities and cocaine routes in West Africa.
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September 2, 2014
Transparency International Urges Switzerland to Expand Scope of AML Legislation Transparency International's "Unmask the Corrupt" campaign was launched in Switzerland to encourage the country to require the identity of beneficial ownerships. The organization suggests that Switzerland collect and make accessible such information to law enforcement.
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September 2, 2014
Since-retired OCC Director of BSA Compliance John Wagner outlines the core issues for bank examiners.
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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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Russia Publishes AML/CTF Warning Against SeverStroyBank (in Russian) The Central Bank of Russia issued an administrative warning against the Vologda-based bank citing the violation of Part 1 of Article 15.27 of the Administrative Offenses Code. The bank's internal controls were insufficient to prevent money laundering and terrorist financing.
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September 2, 2014
Regulator Warns Official of Pervouralskbank for AML/CTF Failures (in Russian) Citing a violation of Part 1 of Article 15.27 of the Administrative Offenses Code, the Central Bank of Russia released an administrative warning against an official of the bank based in Pervouralsk. The bank failed to establish proper controls to prevent money laundering and terrorist financing.
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August 29, 2014
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