US Federal Reserve Could Make Fintech Accounts Contingent on AML Programs

Federal Reserve Governor Lael Brainard in Washington, D.C., on Friday, Oct. 30, 2015. The agency on May 11, 2021 proposed imposing AML program requirements on fintechs that seek to obtain accounts at the Fed.


Legs & Regs


Enforcement Actions

The U.S. Justice Department entered into a deferred prosecution agreement with the Zurich, Switzerland-based insurance company and three of its subsidiaries to pay a total of $77,374,337 for conspiring with U.S. taxpayers and others to conceal more than $1.452 billion in offshore insurance policies.
The U.S. Securities and Exchange Commission issued a cease and desist order against the Greenwood Village, CO-based broker-dealer for violating securities laws governing the filing of suspicious activity reports with the Financial Crimes Enforcement Network from September 2015 through October 2018.