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UK Government Confirms EU Sanctions Cooperation Post-Brexit The British government said it will continue working closely with members of the European Union to impose and implement blacklists even as it outlined plans for new autonomous sanctions authorities after the United Kingdom exits the bloc.
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April 21, 2017
Weekly Roundup: EU Leader Says UK Voters can Stop Brexit, US Regulator Admits Failings in Wells Fargo Scandal, and More Japanese regulator cites “patchy” AML compliance in domestic banks, United Nations threatens North Korea with sanctions, and more, in this week’s roundup.
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April 21, 2017
US Banks Frequently Fail to Identify All Correspondent Clients: Regulator U.S. financial institutions are still struggling to detect and properly monitor foreign banks and clients for whom they process correspondent transactions nearly a decade after more stringent rules governing such relationships took effect, according to a federal regulator.
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April 21, 2017
UK Officials Push for Global Financial Intelligence Network The United Kingdom is consulting with foreign governments and financial centers to create an international “safe harbor” intelligence-sharing network to combat high-end money laundering, a senior investigator told ACAMS moneylaundering.com.
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April 20, 2017
Weber
IRS-CI Chief Richard Weber told staff Tuesday that he will step down at the end of May. More
State Department Representative to Meet with Japan, South Korea to Discuss Situation in North Korea The U.S. State Department issued a press release announcing the upcoming U.S.-Japan-Republic of Korea trilateral meeting scheduled to take place on April 25, 2017 in Tokyo, Japan.
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April 21, 2017
New Hampshire Passes Legislation Exempting Virtual Currency Users from Money Transmitter Registration The State of New Hampshire adopted House of Representative Bill 436, legislation designed to exempt persons using virtual currency from having to register as money transmitters.
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April 21, 2017
NCA Recovers Assets Worth £1.6 Million from Wife of Deceased Cyber Criminal The United Kingdom's National Crime Agency announced that proceedings in the High Court have granted the agency power to recover assets worth £1.6 million following an investigation into an international conspiracy to infect computers with malicious software to steal bank details from victims.
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April 21, 2017
Test Your AML IQ
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: AML Compliance Regulations in the Bardo?*

February 27, 2017

You could be forgiven for thinking—at least initially—that all the recent talk from the Clearing House about reframing U.S. anti-money laundering rules came from the same playbook as President Donald Trump’s promise to lay waste to federal supervision of the private sector.

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Fed Fines Deutsche Bank AG Over $136 Million for Foreign Exchange Market Violations The Board of Governors of the Federal Reserve System imposed a civil monetary penalty against the Frankfurt, Germany-based institution and its New York, NY-based subsidiary for inadequate governance, risk management and compliance procedures related to its foreign exchange market activities.
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April 20, 2017
Fed: Deutsche Bank AG to Pay $19.71 Million for Volcker Rule Violations The Board of Governors of the Federal Reserve System entered into a consent order with the Frankfurt am Main, Germany-based bank requiring it to pay the $19.71 million fine and to submit a plan to improve senior management oversight for failures related to the Volcker Rule.
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April 20, 2017
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