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FATF Finds Swiss AML Efforts Deficient Despite Progress Swiss banks often file suspicious activity reports only as a reaction to “external information,” while penalties Swiss regulators levy in response to serious compliance violations fall short of deterring future misconduct, according to the Financial Action Task Force.
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December 8, 2016
Midweek Roundup: Former Chair of Mega Bank Charged with Money Laundering, Finra Fines Credit Suisse, and More The ex-chairman of Taiwan’s Mega International Commercial Bank allegedly moved $7 million in illicit funds through Hong Kong, Russia blames foreign spies for cyberattacks on country’s banks, and more, in the midweek roundup.
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December 7, 2016
US States Enable Money Launderers, Undermine Federal Investigators: FATF Scant, uneven efforts by U.S. state authorities to identify the individuals who own or control companies formed within their jurisdictions hobble federal efforts to investigate and prosecute money launderers, an intergovernmental group recently concluded.
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December 6, 2016
US-Mexico Correspondent Ties Recover Under Data-sharing Arrangement Domestic banks and U.S.-headquartered affiliates in Mexico have increased their supply of know-your-customer and transactional information to institutions in the United States under a bilateral agreement finalized last year, say sources.
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December 5, 2016
Mexico City
An agreement reached last year enables Mexican financial institutions to provide their U.S. correspondent banks with information on customers and suspicious transactions. More
Congress Passes Legislation Containing Global Magnitsky Human Rights Accountability Act Senator Ben Cardin (D-MD) issued a press release welcoming the passage of the FY 2017 National Defense Authorization Act which contains the Global Magnitsky Human Rights Accountability Act, a bill that gives the U.S. President the power to sanction human rights abusers and corrupt individuals.
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December 8, 2016
Senators Introduce Bill to Reform State Department's Human Trafficking Report Two U.S. Senators introduced the Trafficking in Persons Report Integrity Act, which would strengthen minimum standards and clarify the ranking process used to create the U.S. State Department's annual Trafficking in Persons Report.
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December 8, 2016
Secretary of State Kerry Issues Remarks on Anti-Corruption Efforts U.S. Secretary of State John Kerry spoke at the opening session of the Organization for Security and Co-operation in Europe ministerial, focusing on anti-corruption issues, in particular the reforms being enacted in Ukraine.
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December 8, 2016
Test Your AML IQ
In its latest mutual evaluation report of Singapore, the Financial Action Task Force recommended that the jurisdiction:
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From the Editor: Cyberattacks Require Response from AML Pros

September 23, 2016

Proposed regulations from the New York State Department of Financial Services and guidance from the Central Bank of Ireland released this month should prod compliance officers to talk more about the growing elephant in the room: cybersecurity.

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Finra Fines Convergex Execution Solutions LLC $3 Million for AML Failures The Financial Industry Regulatory Authority issued a monetary penalty against the New York, NY-based firm for its failure to establish an anti-money laundering program designed to detect potentially suspicious transactions in microcap securities.
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December 7, 2016
Finra Fines Melville Island, LLC $82,500 for AML Failures The Financial Industry Regulatory Authority issued the penalty against the Chicago, IL-based firm for various violations including not conducting anti-money laundering testing for 2011 and 2012 and conducting the testing late in 2013.
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December 6, 2016
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