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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
U.S. Officials Suspect Islamic State Could Fund Itself with Drug Profits Recent military setbacks have diminished the Islamic State’s control over local populations, natural resources and cultural antiquities in Iraq and Syria, raising the possibility that the group may turn to drug trafficking and other criminal schemes to generate revenue, say sources.
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September 28, 2016
Weekly Roundup: U.S. Blacklists Canadian MSB, Wells Fargo Fired Whistleblowers, and More OFAC designated the Pacnet Group as a transnational criminal organization, Canadian lenders Scotiabank, RBC and CIBC together formed nearly 2,000 offshore firms in the Bahamas according to leaked documents, and more, in this week's roundup.
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September 23, 2016
Cyberattack
AML professionals in New York and Ireland may have to play a more prominent role in cybersecurity going forward. More
Wells Fargo CEO Testifies Before Financial Services Committee The Chairman and Chief Executive Officer of Wells Fargo & Company testified before the U.S. House of Representatives Committee on Financial Services regarding the company's recent fraudulent sales practices.
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September 29, 2016
EU Extends Burundi Sanctions The European Union issued a press release announcing that the Council of the European Union renewed the sanctions against Burundi until Oct. 31, 2017, including a travel ban and asset freeze.
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September 29, 2016
DOJ Awards Over $49 Million to Combat Human Trafficking The U.S. Justice Department announced that it awarded more than $49 million in grants to state, local and tribal jurisdiction law enforcement agencies and victim services providers to address human trafficking and support victims of human trafficking crimes.
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September 29, 2016
Test Your AML IQ
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: Och-Ziff Capital Management Group LLC, OZ Management LP, Two Executives Settle FCPA Charges According to the order issued by the U.S. Securities and Exchange Commission, the New York, NY-based asset management company and its subsidiary agreed to pay nearly $200 million to settle civil charges of violation of the Foreign Corrupt Practices Act.
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September 29, 2016
Fed Requires Agricultural Bank of China, Bank's New York Branch to Revise AML/BSA Compliance Program The Federal Reserve Board issued a cease and desist order against the Beijing, China-based bank and its New York branch requiring them to jointly submit a written enhanced anti-money laundering and Bank Secrecy Act compliance program.
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September 28, 2016
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