TOP STORY

Mar

US House Panel Debates Beneficial Ownership Proposals

Rep. Carolyn Maloney (D-NY) addresses a crowd in New York City on Friday, June 16, 2017. At a congressional hearing in Washington, D.C. on Wednesday, March 13, 2019, Maloney and other lawmakers discussed plans to change how beneficial-ownership data is collected and kept. (Alamy)

MORE NEWS

March 20 2019

Midweek Roundup: Dutch Bank Under Investigation in Italy, US Officials Target Venezuelan Gold, and More

Federal agents search offices of former Trump campaign fundraiser and money-laundering suspect, Chinese citizens may have moved illicit funds through online casinos based in the Philippines, and more, in the midweek roundup.

March 15 2019

Weekly Roundup: Securities Fraudster Exposed College Admissions Scandal, Russian Banks Discuss Workarounds to US Sanctions, and More

Swedbank doubles estimate of previous transactional exposure to Danske Bank Estonia, UBS sets hundreds of millions of dollars to appeal French decision, and more, in this week’s roundup.

March 14 2019

Drug Profits Funneled Through Wyoming Restaurants, Corporate Accounts: Prosecutors

By : Daniel Bethencourt

A group of all-cash car purchases made in Wyoming and Colorado several years ago led federal investigators to roughly a dozen Mexican fast food restaurants they suspect were used to launder hundreds of thousands of dollars in drug profits through at least 15 accounts at U.S. banks.

March 13 2019

Midweek Roundup: Manafort Sentenced for Money Laundering, US Federal Reserve Bans Goldman Sachs Bankers, and More

Hollywood celebrities and others accused of bribing university admissions staff, New York state prosecutors subpoena Deutsche Bank, and more, in the midweek roundup.

From the Editor: Compliance Officers Still Routinely Ignored

January 30 2019

Jho Low, right, attending the Grammy Awards in Los Angeles, California on Monday, Jan. 26, 2014. “Billion Dollar Whale,” a book covering the 1MDB scandal, describes how Low, now a fugitive, relied on global banks to launder billions of dollars stolen from Malaysia’s sovereign wealth fund.

24th Annual International AML & Financial Crime Conference

DATE: 04/15/19 - 04/17/19

LOCATION: Diplomat Resort & Spa, 3555 South Ocean Drive
Hollywood, FL 33019 United States

View Events Calendar

According to the Basel Committee, financial institutions that deal with virtual currencies should:

A. Employ a comprehensive risk analysis before acquiring exposure to cryptoassets, including assessing its credit, market and money laundering risks.
B. Implement a robust risk management program that is fully integrated into the financial institution's overall risk management processes.
C. Inform supervisory authorities of exposure to cryptocurrencies and provide assurance that risk management processes are being implemented.
D. All of the above.

View all quizzes

Legs & Regs

HM Treasury Publishes Updated Version of Asset Freeze Sanctions List

HM Treasury modified its Consolidated List of Financial Sanctions Targets in the United Kingdom, which contains the names of designated individuals and entities subject to international asset freezing and domestic sanctions under the Terrorist Asset-Freezing etc. Act 2010.

March 20 2019

UK Solicitors Regulation Authority Announces Upcoming AML Compliance Checks

The United Kingdom's Solicitors Regulation Authority announced an upcoming series of rigorous checks on law firms to verify compliance with anti-money laundering obligations pursuant to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

March 20 2019

HM Treasury Removes Entity from Iran Sanctions List

March 20 2019

HMT Removes Four Entities from Iraq Sanctions List

March 20 2019

HM Treasury Amends Entry on Al-Qaida, Islamic State Sanctions List

March 20 2019

Enforcement Actions

RBI Fines The Mahila Vikas Co-operative Bank Ltd. for AML/KYC Failures

The Reserve Bank of India issued a penalty of 10 lakh rupees against the Gujarat, India-based bank pursuant to the Banking Regulation Act for violation of its anti-money laundering and know-your-customer rules.

March 20 2019

OCC Fines Citibank, N.A. $25 Million for Fair Housing Act Violations

The Office of the Comptroller of the Currency issued a consent order against the Sioux Falls, SD-based financial institution requiring it to pay a $25 million civil money penalty for violations of the Fair Housing Act related to its Relationship Loan Pricing program.

March 19 2019

FCA Fines UBS AG Almost £27.6 Million for Transaction Reporting Failures

March 18 2019

DOJ: Mizrahi-Tefahot Bank Ltd., Subsidiaries to Pay $195 Million for Concealing US Customer Assets

March 12 2019

Bank of Italy Bans ING Bank Milan Branch from New Customer Transactions Following AML Compliance Deficiencies

March 12 2019