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House Approves Plan that Could Punish North Korea’s Foreign Bankers The U.S. House of Representatives passed a measure in a voice vote that would require American officials to determine whether to punish foreign banks that maintain ties with North Korea.
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July 28, 2014
One Way Cartels Subvert AML Controls: Apply for Financial Sector Jobs Should suspicions that drug traffickers infiltrated the compliance department of a U.S.-owned bank in Mexico prove valid, it won’t be the first example of such a scheme, or the last.
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July 25, 2014
Weekly Roundup: EU Levies New Russia Sanctions, Case Links Venezuelan Officials to Cartel, and More The EU designated 15 individuals and 18 entities deemed responsible for compromising the territorial integrity of Ukraine, Nicaragua and Taiwan signed a MOU to cooperate in the fight against money laundering, and more, in this week's roundup.
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July 25, 2014
FinCEN to Propose Beneficial Ownership Rule by Month’s End, Says Regulatory Agency U.S. officials will formally propose this month a long-planned rule that would require banks to identify the owners of their corporate clients, according to an Office of Management and Budget schedule.
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July 24, 2014
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FDIC Revises Policy on Payment Processing for Higher-Risk Merchant Customers The Federal Deposit Insurance Corporation updated a letter urging financial institutions to perform proper risk assessment, conduct due diligence, and maintain monitoring systems when providing payment processing services to merchant customers engaged in higher-risk activities.
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July 28, 2014
Security Council Adds Entity to North Korea Sanctions List The United Nations Security Council added an entry to its list of individuals and entities sanctioned under paragraphs 8 (d) and 8 (e) of resolution 1718 and paragraphs 8, 9 and 10 of resolution 2094.
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July 28, 2014
FDIC Revises Guidance Concerning Payment Processor Relationships The Federal Deposit Insurance Corporation amended its guidance issued on November 7, 2008 related to potential risks of money laundering and fraud associated with entities that process payments for telemarketers and other merchant clients.
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July 28, 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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AksonBank Receives AML/CTF Warning for Non-Compliance (in Russian) The Central Bank of Russia issued a warning against the Kostroma-based bank for having inefficient anti-money laundering and counterterrorist financing controls. The July 15 warning cites the violation of Part 1 of Article 15.27 of the Administrative Offenses Code.
Original | Brief
July 29, 2014
SEC Charges Smith and Wesson Holding Corporation with Violating FCPA The U.S. Securities and Exchange Commission charged the Springfield, MA firearms manufacturer with violating the Foreign Corrupt Practices Act when its employees authorized and made payments to foreign officials to win contracts to supply firearm products to military and law enforcement overseas.
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July 28, 2014
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