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Growing Peer-to-Peer Lending Market Offers Revenue and Risks to Banks In an attempt to expand their customer base and cut costs at a time of declining revenues, U.S. depository institutions are jumping into partnerships with online lenders that could draw regulatory scrutiny.
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May 5, 2016
New U.K. Financial Law Permits Fines for Banks that Deny Services to Lawmakers A British law enacted Wednesday clears the way for potential monetary penalties against banks that deny or restrict financial services for politicians based solely on their political ties.
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May 5, 2016
Panamanian VP Says Country Will Hear Calls for Reforms Following Data Leak As media organizations prepare to launch a database of records leaked from a Panama City-based company, a top Panamanian official on Thursday reiterated the country’s plans to improve its financial transparency.
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May 5, 2016
Weekly Roundup: Deutsche Bank AG in Crosshairs Again, IRS to Expand Enforcement Staff, and More British regulators criticized Deutsche Bank AG for insufficiently verifying the identities of its clients, Sri Lanka will establish a panel to investigate possible misconduct by citizens whose names appear in the Panama Papers, and more, in the midweek roundup.
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May 4, 2016
Euro
The European Central Bank said Wednesday that it would discontinue issuing the €500 note in 2018 due to money laundering and terrorist financing-related concerns. More...
FinCEN Issues Final Beneficial Ownership Verification Requirements for Financial Institutions, Amends CDD Rules The Financial Crimes Enforcement Network released final rules under the Bank Secrecy Act that clarify customer due diligence requirements, including the identification and verification of certain beneficial owners of legal entities. The rules are scheduled to be published on May 11, 2016.
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May 5, 2016
OFAC Issues General License Allowing Certain Transactions Associated with Panamanian Mall The Office of Foreign Assets Control of the U.S. Treasury Department issued General License No. 4 authorizing certain transactions involving individuals or entities located in Soho Panama, S.A., a mall designated pursuant to the Foreign Narcotics Kingpin Designation Act.
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May 5, 2016
OFAC Issues General License Authorizing Transactions to Maintain Operations of Two Panamanian Newspapers The Office of Foreign Assets Control of the U.S. Treasury Department issued General License No. 3, which authorizes certain transactions and activities necessary for maintaining existing operations of two Panamanian newspapers through July 6, 2016.
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May 5, 2016
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Will Panama Papers Give Governments New Backbone for Transparency?

April 11, 2016

By Kieran Beer

The Panama Papers are justifiably grabbing headlines based on the number of “A-list” politicians and celebrities, as well as the handful of notorious criminals, that they name.

But it’s important to step back and have a little perspective: the use of shell companies for tax evasion, the proceeds of corruption and other crimes detailed in the papers are outrageous, but sadly nothing new.

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RBI Penalizes The Midnapore Peoples' Co-operative Bank Ltd. for AML/CTF Failures The Reserve Bank of India issued a monetary penalty of 1.5 lakh against the West Bengal, India-based bank for its violation of know-your-customer and anti-money laundering requirements.
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May 5, 2016
New Zealand FMA Warns Craigs Investment Partners Limited for AML/CTF Failures New Zealand’s Financial Markets Authority entered into a settlement agreement with the Tauranga, New Zealand-based firm to resolve issues arising out of the firm’s breaches of the Anti-Money Laundering and Countering Financing of Terrorism Act of 2009.
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May 2, 2016
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