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Weekly Roundup: Wynn Resorts Investigated for Money Laundering, Iran Negotiations Deadline Nears, and More The White House is open to imposing sanctions on Venezuela after the failure of diplomatic efforts to secure electoral reform, federal law enforcement officials are investigating Wynn Resorts Ltd. for potential money laundering violations, and more, in this week's roundup.
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November 21, 2014
HM Revenue & Customs Relaxes Plans to Seize Owed Taxes from Accountholders Britain’s tax enforcer Friday revised its plan to seize money from delinquent taxpayers, extending the time debtors have to appeal the decisions and bolstering independent oversight of the program.
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November 21, 2014
Midweek Roundup: Chinese Bank Reportedly Aids Iranian Guard, Portugal Faces Criticism for ‘Golden Visas,’ and More The United Arab Emirates blacklisted 83 Islamist groups as terrorists, Belgian prosecutors charged HSBC’s Switzerland-based private banking unit with “serious and organized” fraud, and more, in the midweek roundup.
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November 19, 2014
For Cybercrime Investigators, AML Fines Can Come with Strings: London Official Steep fines against banks that fail to prevent money laundering are complicating efforts by investigators to suss out cybercrime, a top London police official said Wednesday.
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November 19, 2014
Three Men Sentenced for Drug Trafficking, Money Laundering in U.K. According to the press release issued by the National Crime Agency of the U.K., Luiz Gjergji, an Albanian man, was sentenced to 13 years and six months in jail after pleading guilty to drug trafficking, money laundering and firearms offenses. His brother and a conspirator were also sentenced.
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November 21, 2014
DOJ: Credit Suisse Must Pay $1.8 Billion for Conspiring to Evade U.S. Taxes A federal judge for the Eastern District of Virginia sentenced the Zurich, Switzerland-based bank requiring it to pay a fine of approximately $1.136 billion and restitution of $666.5 million to the Internal Revenue Service for helping U.S. taxpayers hide offshore accounts.
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November 21, 2014
HM Treasury Renews Designation of One Individual on Consolidated Sanctions List The U.K. regulator has renewed the final designation for Bilal Talal Abdul Samad Abdullah effective from Nov. 21, 2014. The restrictive measures provided in the Terrorist Asset Freezing etc. Act 2010 will continue to apply to the individual.
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November 21, 2014
Juan Zarate, former U.S. Treasury official, talks about the success to-date that the U.S. has had in imposing sanctions targeting Iran, North Korea and al Qaeda.
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Compliance Pros Worry ‘De-Risking’ Has Become Risky

November 14, 2014

Short of abiding by the Community Reinvestment Act and other prohibitions against discriminatory lending, banks still have the right to choose who they’ll do business with. While that seems like an obvious statement, it gets drowned out in the debate about “de-risking.”

 

 



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NYSDFS Imposes Additional $315 Million Fine Against Bank of Tokyo Mitsubishi The NYS Department of Financial Services issued a consent order against the New York, NY-based bank imposing an additional penalty and disciplinary actions against certain employees for deceiving regulators related to transactions with Iran, Sudan and other jurisdictions subject to sanctions.
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November 18, 2014
Finra Fines Chief Compliance Officer of BMA Securities $20,000 for AML/BSA Violations Dudley Muth signed a letter of acceptance, waiver and consent with the Financial Industry Regulatory Authority regarding allegations that he failed to establish an adequate anti-money laundering program and establish a proper supervisory system as the firm's chief compliance officer since Jan. 2009.
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November 11, 2014
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