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Britain Finalizes Plan to Penalize Senior Bankers for ‘Reckless Misconduct’ British regulators will hold senior executives and others at domestic and foreign banks directly accountable for institutional misconduct starting March 7 of next year, HM Treasury said Tuesday.
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March 3, 2015
Weekly Roundup: Citigroup AML Investigation Expands, RBC in Hot Water for Bahamas Unit, and More The FDIC published a consent order against Tri-State Bank of Memphis, Germany is investigating the Swiss-based private banking division of Coutts for potential violations of tax evasion laws, and more, in this week's roundup.
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February 27, 2015
House Committee Approves North Korea Sanctions Targeting Correspondent Accounts The House Committee on Foreign Affairs Friday advanced a measure that would bar foreign banks linked to North Korean weapons proliferation and financial crime from holding U.S. correspondent accounts.
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February 27, 2015
Pennsylvania Bank to Pay $1.5 Million for Accounts Tied to Juvenile Detention Scheme First National Community Bank of Dunmore, PA will pay $1.5 million for failing to report transactions linked to a pair of former state judges who secretly profited by sending minors to detention facilities.
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February 27, 2015
French Finance Minister Michel Sapin
French Finance Minister Michel Sapin urged FATF member-states to step up their efforts to cut the financial lines of terrorists during the group's plenary, which focused in part on Islamic State's revenue sources. More...
U.K. Serious Crime Bill Receives Royal Assent The U.K.'s Home Office announced that the parliament passed the Serious Crime Bill, which aims to ensure that those who travel abroad to prepare and train for terrorism can be prosecuted on their return to this country. Another provision includes closing loopholes in the Proceeds of Crime Act 2002.
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March 3, 2015
Switzerland, Australia Agree to Exchange Tax Information The governments of Switzerland and Australia signed a joint declaration on the automatic exchange of information with regard to tax matters. In accordance with their commitment to the Global Forum, the countries intend to start collecting data in 2017 and first transmit data in 2018.
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March 3, 2015
HM Treasury Annuls Asset Freeze of One Entry on Belarus Sanctions List The regulator notified institutions that an asset freeze no longer applies to the main exporter of arms and military equipment in Belarus, Beltechexport. The annex to the notice contains identifying information for the annulled entry.
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March 3, 2015
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On Feb. 27, the Financial Action Task Force issued a public statement regarding the following jurisdictions that have not made sufficient progress addressing anti-money laundering deficiencies or that have not committed to an action plan to correct those deficiencies:
  • Treliant
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The Lawsky Legacy


December 2, 2014

Reports that Benjamin Lawsky will step down early next year as superintendent of the New York State Department of Financial Services highlight how time can paradoxically seem to pass both quickly and slowly, almost simultaneously. Perhaps that's because Lawsky has profoundly changed bank regulation - enough that is possible to identify a Lawsky legacy.

 


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Finra Fines Former Broker-Dealer Compliance Officer $20,000 for AML Failures The Financial Industry Regulatory Authority issued the letter of acceptance, waiver and consent against Jonathan Harold Frede, the former chief compliance officer and anti-money laundering compliance officer at Murphy & Durieu, L.P., a regulated broker-dealer, for due diligence failures.
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March 2, 2015
FinCEN Fines First National Community Bank $1.5 Million for BSA Violations The Financial Crimes Enforcement Network issued the penalty against the Dunmore, PA-based financial institution for failing to file suspicious activity reports related to proceeds from corrupt Pennsylvania judges who sent juveniles to facilities in which they had a financial interest.
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February 27, 2015
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