News.»

House Approves Plan that Could Punish North Korea’s Foreign Bankers The U.S. House of Representatives passed a measure in a voice vote that would require American officials to determine whether to punish foreign banks that maintain ties with North Korea.
More...
July 28, 2014
One Way Cartels Subvert AML Controls: Apply for Financial Sector Jobs Should suspicions that drug traffickers infiltrated the compliance department of a U.S.-owned bank in Mexico prove valid, it won’t be the first example of such a scheme, or the last.
More...
July 25, 2014
Weekly Roundup: EU Levies New Russia Sanctions, Case Links Venezuelan Officials to Cartel, and More The EU designated 15 individuals and 18 entities deemed responsible for compromising the territorial integrity of Ukraine, Nicaragua and Taiwan signed a MOU to cooperate in the fight against money laundering, and more, in this week's roundup.
More...
July 25, 2014
FinCEN to Propose Beneficial Ownership Rule by Month’s End, Says Regulatory Agency U.S. officials will formally propose this month a long-planned rule that would require banks to identify the owners of their corporate clients, according to an Office of Management and Budget schedule.
More...
July 24, 2014
ConferencesSeminarsWebinars
EU Expands Restrictive Measures Concerning Eastern Ukraine, Annexation of Crimea The European Union Council's Committee of Permanent Representatives agreed to restrict Russia's access to European Union capital markets by prohibiting nationals and companies from buying or selling new bonds with a maturity greater than 90 days issued by state-owned Russian banks.
Original | Brief
July 29, 2014
Treasury Department's Cohen Discusses Status of P5+1 Negotiations with Iran Testifying before the Senate Committee on Foreign Relations, Treasury Department Undersecretary for Terrorism and Financial Intelligence David S. Cohen explained the U.S. government's efforts to maintain pressure on Iran as it continues to seek a long-term resolution.
Original | Brief
July 29, 2014
OFAC Announces Changes Made to SDN List in 2014 The Office of Foreign Assets Control released a cumulative list of changes made to the list of Specially Designated Nationals and Blocked Persons between January 1, 2014 and July 29, 2014.
Original | Brief
July 29, 2014
Searching for revenue, banks are taking on products and services, even acquisitions, that they don't have AML controls in place to handle, says the FDIC's Lisa Arquette.
Test Your AML IQ
According to the Financial Transactions and Reports Analysis Centre of Canada, the following are examples of possible red flag money laundering indictors for the casino industry:
  • SCOOPS
Free weekly newsletter with Money Laundering Training Events
Subscribe Now Learn More Free Demo

Naming, Shaming and Firing

June 6, 2014

“This time it’s personal” was a promo line for “Jaws: The Revenge,” the unsuccessful fourth and mercifully final Jaws movie featuring a great white shark so enraged by one family that it pursues them from New England to the Bahamas in order to eat them.

Whatever jokes the regulated may want to make about regulators, the enraged great white shark image doesn’t capture the spirit of banking regulators. But to the degree that regulators are pursuing individuals responsible for compliance failures, wherever they are, this time IT IS personal. 

Read More

AksonBank Receives AML/CTF Warning for Non-Compliance (in Russian) The Central Bank of Russia issued a warning against the Kostroma-based bank for having inefficient anti-money laundering and counterterrorist financing controls. The July 15 warning cites the violation of Part 1 of Article 15.27 of the Administrative Offenses Code.
Original | Brief
July 29, 2014
SEC Charges Smith and Wesson Holding Corporation with Violating FCPA The U.S. Securities and Exchange Commission charged the Springfield, MA firearms manufacturer with violating the Foreign Corrupt Practices Act when its employees authorized and made payments to foreign officials to win contracts to supply firearm products to military and law enforcement overseas.
Original | Brief
July 28, 2014
Skip Navigation Links
Skip navigation links
Legs & Regs 
Countries 
QUIZZES
Resources 
News 
Enforcement Actions