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Weekly Roundup: Citigroup AML Investigation Expands, RBC in Hot Water for Bahamas Unit, and More The FDIC published a consent order against Tri-State Bank of Memphis, Germany is investigating the Swiss-based private banking division of Coutts for potential violations of tax evasion laws, and more, in this week's roundup.
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February 27, 2015
House Committee Approves North Korea Sanctions Targeting Correspondent Accounts The House Committee on Foreign Affairs Friday advanced a measure that would bar foreign banks linked to North Korean weapons proliferation and financial crime from holding U.S. correspondent accounts.
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February 27, 2015
Pennsylvania Bank to Pay $1.5 Million for Accounts Tied to Juvenile Detention Scheme First National Community Bank of Dunmore, PA will pay $1.5 million for failing to report transactions linked to a pair of former state judges who secretly profited by sending minors to detention facilities.
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February 27, 2015
FATF President Says Group to Review Counterterror Controls of Nations An intergovernmental group that sets compliance standards will soon evaluate the counterterrorist laws of dozens of nations in light of turmoil in Iraq and Syria and recent attacks in Europe.
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February 26, 2015
French Finance Minister Michel Sapin
French Finance Minister Michel Sapin urged FATF member-states to step up their efforts to cut the financial lines of terrorists during the group's plenary, which focused in part on Islamic State's revenue sources. More...
FATF Releases Plenary Results The Financial Action Task Force completed its 26th plenary under the Australian presidency, which resulted in the adoption of a report on the financing of terrorist group the Islamic State in Iraq and the Levant and, a review of the voluntary tax compliance programs of various jurisdictions.
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February 27, 2015
OSFI Reminds Institutions to File Monthly Reports on Iran, North Korea Sanctions The Office of the Superintendent of Financial Institutions of Canada published its monthly reminder for financial institutions to file their reports on the list of names subject to the United Nations sanctions regulations pertaining to Iran and the Democratic People's Republic of Korea.
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February 27, 2015
OSFI Issues Reminder to File Monthly Al-Qaida Sanctions Report The Office of the Superintendent of Financial Institutions of Canada reminded all financial institutions to submit their monthly reports under the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism and the United Nations Al-Qaida and Taliban Regulations.
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February 27, 2015
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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 First National Community Bank $1.5 Million for BSA Violations The Financial Crimes Enforcement Network issued the penalty against the Dunmore, PA-based financial institution for failing to file suspicious activity reports related to proceeds from corrupt Pennsylvania judges who sent juveniles to facilities in which they had a financial interest.
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February 27, 2015
OCC Fines First National Community Bank $500,000 for BSA Failures The Office of the Comptroller of the Currency issued a consent order for a civil monetary penalty against the Dunmore, PA-based bank that had deficient practices related to failures to file suspicious activity reports in a timely manner.
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February 25, 2015
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