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With Tech Firm Growth Comes Existential Compliance Question: Are We an MSB? San Francisco-based AirBnB isn’t exactly what springs to mind when thinking of money services businesses, but the 6-year-old company deemed itself just that last year by registering with the U.S. Treasury Department.
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January 23, 2015
Weekly Roundup: EU Court Reverses Iran Bank Sanctions, France’s Hollande Calls for Terror Finance Crackdown, and More North Korea is demanding that South Korea lift sanctions as a condition for bilateral talks, Billionaire Rinat Akhmetov was questioned over his suspected involvement in terrorist financing, and more, in this week's roundup.
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January 23, 2015
Asking for Sanctions Stay, U.S. Officials Promise Quick Actions on Iran if Talks Fail White House officials voiced opposition Wednesday to a Senate bill that would impose additional sanctions against Iran should negotiations to place limits on the Islamic Republic’s nuclear program fail.
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January 21, 2015
Midweek Roundup: Colombia Arrests Alleged Head of Massive Laundering Scheme, EU to Appeal Hamas Decision, and More EU officials will appeal a high court ruling that removed Hamas from the 28-member bloc’s blacklist, Colombia arrested the CEO of CI Goldex SA for allegedly executing the nation’s largest-ever money laundering scheme, and more, in the midweek roundup.
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January 21, 2015
U.K. Updates List of Proscribed Terrorist Groups The United Kingdom's Home Office lists terrorists organizations currently banned under U.K. law and provides the criteria used to determine whether to proscribe a group that conducts terrorist activity.
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January 23, 2015
EU Court Annuls Sanctions Imposed on Iranian Bank The General Court of the European Union determined that the restrictive measures imposed against Bank Tejarat should be annulled. The court explained that the Council of the European Union had failed to prove that the Iranian commercial bank had provided support for nuclear proliferation.
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January 22, 2015
SEC Charges Former Executive of Engineering Firm with Violating FCPA The U.S. Securities and Exchange Commission charged Walid Hatoum with violating the Foreign Corrupt Practices Act when the former officer of a engineering and construction firm offered and authorized bribes and employment to foreign officials to secure Qatari government contracts.
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January 22, 2015
2014 Year in Review
Little more than a year ago, the U.S. Justice Department’s settlement with JPMorgan Chase augured big changes in 2014 for the AML compliance world. More...
Test Your AML IQ
Under the U.S. Treasury Department's amended Cuban sanctions, the amount allowed to be remitted by U.S. persons to individuals in Cuba has been raised to:
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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 OptionsHouse $60,000 for Inadequate CIP Procedures The Financial Industry Regulatory Authority issued a monetary penalty against the Chicago, IL-based firm for failing to have an adequate customer identification program designed to achieve compliance with the Bank Secrecy Act.
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January 22, 2015
Australian Regulator Fines MoneyGram $122,400 for AML/CTF Deficiencies The Australian Transaction Reports and Analysis Centre fined the Dallas, TX-based money transfer company $122,400 for violating Australia's anti-money laundering and counterterrorist financing laws. The company provided money remittance services through unregistered remittance businesses.
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January 21, 2015
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