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Midweek Roundup: Swedish Lender Under Investigation, US Terror Finance Lawsuit Dismissed, and More Former U.S. Secret Service agent admits laundering money, U.K. government asked to confirm post-Brexit support of efforts against terrorist funding, and more, in the midweek roundup.
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August 16, 2017
Australian Banks Reassessing Risks amid Unprecedented Enforcement Action: Sources In the wake of an unprecedented lawsuit against Commonwealth Bank of Australia for alleged compliance violations, other lenders are re-evaluating their own risks and adjusting to a potentially more aggressive regulatory climate, say sources.
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August 16, 2017
OFAC Fine for Due Diligence in Iran Threatens Legitimate Transactions: Sources The U.S. Treasury Department’s penalty against an American consulting firm for collecting intelligence on behalf of a foreign client from inside Iran may hinder legitimate business and transactions with the Islamic Republic, say sources.
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August 15, 2017
FATF President Vows to Tackle Terrorist Funding, Trade-Based Money Laundering In an interview with ACAMS moneylaundering.com, Santiago Otamendi, who was named FATF’s president last month, discusses his plans for the organization to address de-risking, combat cybercrime, increase engagement with law enforcement and even reassess the group’s formal structure.
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August 14, 2017
PakistanPM
Pakistani investigators claim that Prime Minister Nawaz Sharif and his children used accounts at more than a dozen banks in at least eight countries to launder millions of dollars-worth of corrupt proceeds. More
DOJ: Virginia Individual Pleads Guilty to Attempting to Provide Material Support for Terrorism The U.S. Justice Department announced that Lionel Williams pleaded guilty to attempting to provide material support to the Islamic State in Iraq and the Levant in connection to his attempt to send money to a person he believed was an Islamic State financier.
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August 16, 2017
Basel AML Index 2017 Report Highlights Iran, Afghanistan Among Highest Risk Countries The Basel Institute on Governance published its 2017 edition of the Basel Anti-Money Laundering Index to provide rankings on the assessment of 146 countries' money laundering and terrorist financing risks.
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August 16, 2017
Australian Attorney-General Issues Consultation on Proposed Reporting Requirement on Modern Slavery The Australian Attorney-General's Department published a public consultation paper on a newly proposed reporting requirement to enable businesses to respond more effectively to modern slavery and develop responsible and transparent supply chains.
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August 16, 2017
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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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DOJ: Prime Partners SA Agrees to Pay $5 Million to Resolve Criminal Tax Investigation The U.S. Justice Department and the Geneva, Switzerland-based asset management firm entered into a non-prosecution agreement that requires the financial institution to cooperate in any related criminal or civil proceedings and pay $5 million in forfeiture and restitution.
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August 15, 2017
OFAC: IPSA International Services, Inc. to Pay $259,200 for Apparent Sanctions Violations The Office of Foreign Assets Control of the U.S. Treasury Department entered into a settlement agreement with the Phoenix, AZ-based company for apparent violations of the Iranian Transactions and Sanctions Regulations.
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August 10, 2017
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