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British MSB Falsified Records for £50 Million Laundering Racket A small U.K. money exchange firm doctored compliance records and circumvented currency controls to avoid regulatory scrutiny and launder more than £50 million for European criminal gangs over a 4-year period, U.K. officials said.
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March 28, 2017
US Banks Should Review Transfers Tied to Trump Aides for Suspicious Activity: Sources A series of news reports alleging improper, potentially illegal dialogue and other ties between Russian officials and aides of U.S. President Donald Trump should prompt financial institutions to review batches of transactions for suspicious activity.
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March 24, 2017
Weekly Roundup: Global Banks Plan New Wave of AML Compliance Overhauls, US Lawmakers Target Iran’s Elite Military Unit, and More Magnitsky tax-fraud lawyer “fell” out of a building a day before a key court hearing, U.K. bankers and other professionals largely spared from prosecution for money laundering, and more, in this week’s roundup.
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March 24, 2017
UK Officials Largely Disregarding Bank Reports of Potential Overseas Bribery: OECD U.K. investigators are routinely failing to follow up on confidential disclosures by banks of suspicious payments that may represent the proceeds of foreign corruption, according to an intergovernmental group.
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March 23, 2017
Lombard
Geneva-based private bank Lombard Odier is tied to investigations of corrupt politicians and business leaders throughout Latin America, Asia and Europe. More
OSCE Hosts Anti-Corruption Study for Albanian Authorities The Organization for Security and Co-Operation in Europe organized a study for high-level representatives of Albanian anti-corruption authorities in Australia in order to build anti-corruption capacity and good practices.
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March 28, 2017
Royal United Services Institute Publishes Report on Virtual Currencies The United Kingdom's Royal United Services Institute released a report that examines virtual currencies, such as Bitcoin, concluding that while digital currencies contain financial crime risks, criminal organizations are largely still in the earlier stages of adapting to virtual currencies.
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March 28, 2017
GFI: Global Shadow Financial System Perpetuates Transnational Crime in Developing World Global Financial Integrity published a report on transnational crime and the developing world focusing on how drug trafficking, human trafficking and counterfeiting affect developing economies, societies and governments, including a look at various money laundering trends.
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March 27, 2017
Test Your AML IQ
On Jan. 19, 2017, Western Union agreed to pay the U.S. Justice Department and federal regulators ________ to resolve charges that the institution violated anti-money laundering laws and failed to appropriately monitor 550,000 independent agents.
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From the Editor: AML Compliance Regulations in the Bardo?*

February 27, 2017

You could be forgiven for thinking—at least initially—that all the recent talk from the Clearing House about reframing U.S. anti-money laundering rules came from the same playbook as President Donald Trump’s promise to lay waste to federal supervision of the private sector.

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Fed Requires Santander Holdings USA, Inc. to Strengthen Board Oversight The Federal Reserve Bank of Boston entered into a written agreement with the Boston, MA-based bank and Santander Consumer USA, Inc., its Dallas, TX-based subsidiary, requiring it to submit a plan to enhance senior management oversight of the bank's risk management program.
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March 21, 2017
RBI Fines Transport Cooperative Bank Ltd for KYC Failures The Reserve Bank of India issued a penalty of five lakh rupees against the Indore, India-based financial institution for know-your-customer violations pursuant to the Banking Regulation Act, 1949.
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March 16, 2017
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