TOP STORY

Mar

13

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)

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MORE NEWS

March 25 2019

Michael Avenatti Charged with Defrauding Bank, Client and IRS in California

By : Daniel Bethencourt

Los Angeles attorney Michael Avenatti, a high-profile critic of the White House who briefly considered running for president in 2020, was accused Monday of stealing from a client, using false tax returns to secure loans and redirecting cash deposits to avoid IRS liens.

March 22 2019

European Union One Step Closer to Bloc-Wide AML Oversight

By : Gabriel Vedrenne

EU lawmakers and national leaders reached preliminary agreement Thursday on a plan to improve how European financial institutions are supervised for anti-money laundering purposes.

March 22 2019

Swedbank Money-Laundering Probe Too Narrow to Establish Full Facts: Analysts

By : Koos Couvée

An ongoing investigation by Sweden’s largest bank into 50 legal entities suspected of laundering billions of dollars through its Baltic affiliates is too narrow in scope to identify the full extent of the scandal now threatening it, analysts said.

March 22 2019

Weekly Roundup: Mueller Delivers Final Report, Trump Reverses New US Sanctions Against North Korea, and More

Shell companies acquired 50,000 Toronto properties since 2008, former Brazilian president arrested on suspicion of graft, and more, in this week’s 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.

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Legs & Regs

OFAC Publishes Latest Edition of SDN List

The Office of Foreign Assets Control, part of the U.S. Treasury Department, updated its list of Specially Designated Nationals and Blocked Persons, which designates organizations and individuals who are restricted from doing business with the United States, American companies or Americans.
March 26 2019

OFAC Announces Changes Made to SDN List in 2019

The Office of Foreign Assets Control released a cumulative list of changes made to the list of Specially Designated Nationals and Blocked Persons between Jan. 1, 2019 and March 26, 2019.
March 26 2019

US Treasury Sanctions Network of Front Companies Linked to Islamic Revolutionary Guard Corps

March 26 2019

OFAC Adds Nine Individuals, 14 Entities to Iran, Other Sanctions Lists

March 26 2019

EU High Representative Welcomes Third Country Alignment with Syria Sanctions

March 26 2019
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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