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Weekly Roundup: U.S. Tags Chinese Bank with Enforcement Action, Hedge Fund Admits Corruption, and More U.N. sanctions on Iran’s Bank Sepah and Bank Sepah International were removed as part of a “secret” deal between U.S. and Iranian officials, the Fed ordered the Agricultural Bank of China to overhaul its AML program, and more, in this week's roundup.
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September 30, 2016
Fintechs Cast as MSBs Hit Banking Wall Technology-based financial service providers are struggling to obtain accounts at global banks which, despite investing millions of dollars to develop the industry, remain skeptical of their ability to manage its risks, say analysts.
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September 30, 2016
OCC Developing Best Practices for Managing Correspondent Banking Risks The primary supervisor of U.S. national banks will soon publish guidance “reiterating” how financial institutions can manage compliance risks posed by their foreign correspondent clients, the agency’s chief said Wednesday.
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September 29, 2016
Midweek Roundup: U.S. Congress Authorizes 9/11 lawsuits, Standard Chartered Under Investigation, and More U.S. lawsuits brought by 9/11 victims against Saudi Arabia can proceed after American lawmakers overrode a veto by the Obama administration, federal prosecutors investigating the Standard Chartered's alleged involvement in a bribery scheme in Indonesia, and more, in the midweek roundup.
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September 29, 2016
Fintech
Compliance concerns are dissuading many brick-and-mortar financial institutions from providing cross-border transactional accounts to fintechs, stifling the industry's growth prospects. More
U.S. Treasury's Federal Insurance Office Publishes Annual Report The U.S. Treasury Department's Federal Insurance Office published its fourth annual report concerning the state of the insurance industry and other relevant information, including international efforts to combat fraud, money laundering and terrorist financing in the insurance sector.
Original | Brief
September 30, 2016
OSFI Issues Notice to Institutions Regarding Monthly Reports on North Korea, Iran The Office of the Superintendent of Financial Institutions of Canada published a monthly reminder to financial institutions concerning their obligation to file reports pursuant to sanctions regulations related to North Korea and Iran.
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September 30, 2016
EU Updates Two Entries on Yemen Sanctions List The Council of the European Union issued Council Implementing Regulation (EU) 2016/1737 regarding updates to the sanctions measures against Yemen in light of recent changes made by the United Nations Security Council on Aug. 26, 2014.
Original | Brief
September 30, 2016
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The Financial Action Task Force rated Italy in its most recent mutual evaluation report as either having a high or substantial effectiveness rating with _____ out of 11 categories.
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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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SEC Fines GlaxoSmithKline plc $20 Million for FCPA Violations The U.S. Securities and Exchange Commission imposed a cease and desist order against the Middlesex, UK-based pharmaceutical corporation for violations of the Foreign Corrupt Practices Act related to its China-based subsidiaries engagement in bribery schemes with foreign officials to increase sales.
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September 30, 2016
OCC Requires Wells Fargo Bank, N.A. to Make Restitution to Service Members Harmed by Bank's Violations The Office of the Comptroller of the Currency entered into a consent order with the Sioux Falls, SD-based financial institution requiring it to appoint a compliance committee and develop an action plan for achieving compliance with respect to violations of the Servicemembers Civil Relief Act.
Original | Brief
September 29, 2016
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