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Decision on Reforming U.K.’s SAR Database on Hold Through End of 2018 A planned overhaul of the U.K.’s database of suspicious activity reports won’t be completed for another three years at the soonest, despite calls from British lawmakers to replace the system by December.
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July 29, 2016
Midweek Roundup: U.K. Lawmakers Call for New Enforcement Agency, Judge Says Bitcoin Not Money, and More Switzerland will soon give U.S. tax officials data on HSBC’s private banking operations in the country, British parliamentarians called for the FCA to be stripped of its authority to punish banks, and more, in the midweek roundup.
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July 27, 2016
FinCEN Extends Real Estate Disclosures in Four States U.S. officials on Wednesday ordered title insurance firms to disclose high-value cash purchases of real estate in California, Texas, Florida and New York as part of an effort to identify money laundering.
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July 27, 2016
Basel Index Cites Greater AML Vulnerabilities in Vanuatu, Chile and Sri Lanka A nonprofit group said Wednesday that Vanuatu, Chile and Sri Lanka have seen the sharpest growth in their risks to money laundering relative to 146 other nations included in an annual survey.
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July 27, 2016
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Monetary Authority of Singapore Managing Director Ravi Menon said Monday that the agency will conduct “more intrusive inspections” of high-risk firms in the wake of the 1MDB corruption scandal. More
FDIC Seeks Comments on Proposed Examination Guidance for Third-Party Lending The Federal Deposit Insurance Corporation issued proposed guidance regarding third-party lending arrangements covering soundness and compliance measures financial institutions should follow when utilizing third-party lending, in particular anti-money laundering and Bank Secrecy Act measures.
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July 29, 2016
DOJ: Former President Of Guatemalan Soccer Federation Pleads Guilty to Racketeering, Wire Fraud Conspiracy According to the U.S. Justice Department press release, Brayan Jimenez, the former president of the Guatemalan soccer federation, pleaded guilty to racketeering and wire fraud conspiracy charges for his involvement with the Federation Internationale de Football Association corruption case.
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July 29, 2016
OFAC Authorizes Certain Transactions Related to Civil Aircraft Exports to Iran The Office of Foreign Assets Control of the U.S. Treasury Department issued General License J which authorizes the re-exportation of certain civil aircraft to Iran and related transactions.
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July 29, 2016
Test Your AML IQ
During the Financial Action Task Force June 2016 plenary, which two countries were removed from the group’s list of nations under its monitoring of ongoing global AML/CFT compliance process?
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From the Editor: A ‘Look Back’ at FinCEN’s Former Director

July 8, 2016

The news in April that Director Jennifer Shasky Calvery would depart the Financial Crimes Enforcement Network at the end of May created a buzz. But with May a memory and July well underway, little more has been written about Shasky Calvery and her impact on FinCEN.That’s unfortunate because her tenure was characterized by a number of significant accomplishments and controversies as well as an overall shift in the direction of FinCEN.

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OFAC Finds Compass Bank in Violation of Sanctions Regulations The Office of Foreign Assets Control of the U.S. Treasury Department issued a finding of violation against the New York, NY-based bank for failing to meet the requirements of the Foreign Narcotics Kingpin Sanctions Regulations.
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July 27, 2016
SEC Orders LAN Airlines S.A. to Pay Over $9.4 Million in Disgorgement, Prejudgment Interest for FCPA Violations The U.S. Securities and Exchange Commission issued a cease-and-desist order against the Santiago, Chile-based airline company for its failure to keep accurate books and records and maintain adequate internal accounting controls in violation of the Foreign Corrupt Practices Act.
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July 25, 2016
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