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Weekly Roundup: Obama Signs Russia Sanctions Bill, Lawmakers Recommend Blacklisting Banks with North Korean Funds, and More President Obama signed a Russia sanctions bill that allows the White House to blacklist individuals who invest in Russian deep water, Italy arrested 17 people suspected of running an international money laundering ring, and more, in this week's roundup.
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December 19, 2014
In Anti-Corruption Plan, U.K. Suggests Changes to AML Regime Britain will soon strengthen its asset-freezing powers and review its suspicious transaction reporting rules, according to a governmental plan outlined Thursday.
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December 18, 2014
FinCEN Levies Unprecedented $1 Million Fine Against Former MoneyGram Exec The United States Thursday fined a former chief compliance officer for MoneyGram $1 million for his alleged role in the company’s 2012 violations of anti-money laundering laws.
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December 18, 2014
Finra Fines Wells Fargo $1.5 Million for Self-Reported CIP Violations The Financial Industry Regulatory Authority fined two non-bank Wells Fargo & Co. affiliates $1.5 million for failing to verify the identities of hundreds of thousands of clients with securities accounts.
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December 18, 2014
Treasury Sanctions Additional Ukrainian Separatists, Russian Entities The U.S. Treasury Department imposed sanctions on 24 Ukrainian and Russian-backed separatists and the militias or entities they lead or support. The sanctioned individuals and entities were designated for their role in threatening the stability and sovereignty of a part of Ukraine.
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December 19, 2014
OFAC Issues General License for Certain Exportations Under Ukraine Sanctions The Office of Foreign Assets Control issued General License No. 4 authorizing the exportation or reexportation of agricultural commodities, medicine, medical supplies and replacement parts otherwise prohibited under the Dec. 19. 2014 executive order blocking certain transactions related to Crimea.
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December 19, 2014
FATF President Addresses Topic of Targeted Financial Sanctions Financial Action Task Force President Roger Wilkins, AO delivered a speech to commensurate the 25th anniversary of the agency’s foundation, during which he noted that many jurisdictions are not complaint with recommendations on targeted financial sanctions.
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December 19, 2014
Sarah Runge, the director of the Office of Strategic Policy for Terrorist Financing and Financial Crimes, talks about possible conflicts between Europe’s efforts to both clamp down on financial crime and protect personal data.
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On Dec. 5, the Financial Action Task Force released a mutual evaluation report on Spain that concluded that the jurisdiction is compliant with:
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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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FinCEN Fines Former MoneyGram Chief Compliance Officer $1 Million for AML/BSA Violations The Financial Crimes Enforcement Network issued a civil monetary penalty against Thomas E. Haider, the former chief compliance officer and senior vice president of government affairs at MoneyGram International, Inc., based in Dallas, TX, for Bank Secrecy Act violations.
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December 18, 2014
Finra Fines Wells Fargo Advisors, Wells Fargo Advisors Financial Network $1.5 Million for AML Failures The Financial Industry Regulatory Authority penalized Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, broker-dealers based in St. Louis, MO and under common control, for failure to implement customer identification procedures under the Bank Secrecy Act.
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December 18, 2014
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