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Midweek Roundup: U.K. Lawmakers Call for New Enforcement Agency, Judge Says Bitcoin Not Money, and More Switzerland will soon give U.S. tax officials data on HSBC’s private banking operations in the country, British parliamentarians called for the FCA to be stripped of its authority to punish banks, and more, in the midweek roundup.
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July 27, 2016
FinCEN Extends Real Estate Disclosures in Four States U.S. officials on Wednesday ordered title insurance firms to disclose high-value cash purchases of real estate in California, Texas, Florida and New York as part of an effort to identify money laundering.
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July 27, 2016
Basel Index Cites Greater AML Vulnerabilities in Vanuatu, Chile and Sri Lanka A nonprofit group said Wednesday that Vanuatu, Chile and Sri Lanka have seen the sharpest growth in their risks to money laundering relative to 146 other nations included in an annual survey.
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July 27, 2016
In 9/11 Report, a Case Study in the Difficulties of Tracing Terror Funds For an indication of how difficult it can be to identify terrorism funding, even for federal investigators, read the previously-classified 28 pages of a congressional report on the Sept. 11 attacks.
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July 26, 2016
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Monetary Authority of Singapore Managing Director Ravi Menon said Monday that the agency will conduct “more intrusive inspections” of high-risk firms in the wake of the 1MDB corruption scandal. More
FinCEN Issues Notice on Imposition of Fifth Special Measure Against FBME Bank, Ltd. The Financial Crimes Enforcement Network issued a notice announcing that the imposition of the fifth special measures against FBME Bank Ltd. is stayed until further notice from the United States District Court for the District of Colombia.
Original | Brief
July 28, 2016
European Commission Issues Report on Remuneration Rules for Banks, Investment Firms The European Commission issued a report on the remuneration rules for banks and investment firms which notes that the rules are generally effective in curbing excessive risk-taking behavior, but that in certain cases the rules have been to costly and burdensome to apply.
Original | Brief
July 28, 2016
Ohio Man Sentenced to Nearly 12 Years in Prison for Wire Fraud, Money Laundering The Southern District of Ohio announced that David DeMathews was sentenced to 142 months in prison for conducting an investment fraud scheme in which he laundered the proceeds to satisfy monthly restitution payments ordered in relation to an April 2000 conviction for credit application fraud.
Original | Brief
July 27, 2016
Test Your AML IQ
During the Financial Action Task Force June 2016 plenary, which two countries were removed from the group’s list of nations under its monitoring of ongoing global AML/CFT compliance process?
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From the Editor: A ‘Look Back’ at FinCEN’s Former Director

July 8, 2016

The news in April that Director Jennifer Shasky Calvery would depart the Financial Crimes Enforcement Network at the end of May created a buzz. But with May a memory and July well underway, little more has been written about Shasky Calvery and her impact on FinCEN.That’s unfortunate because her tenure was characterized by a number of significant accomplishments and controversies as well as an overall shift in the direction of FinCEN.

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OFAC Finds Compass Bank in Violation of Sanctions Regulations The Office of Foreign Assets Control of the U.S. Treasury Department issued a finding of violation against the New York, NY-based bank for failing to meet the requirements of the Foreign Narcotics Kingpin Sanctions Regulations.
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July 27, 2016
SEC Orders LAN Airlines S.A. to Pay Over $9.4 Million in Disgorgement, Prejudgment Interest for FCPA Violations The U.S. Securities and Exchange Commission issued a cease-and-desist order against the Santiago, Chile-based airline company for its failure to keep accurate books and records and maintain adequate internal accounting controls in violation of the Foreign Corrupt Practices Act.
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July 25, 2016
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