FinCEN Eyes AML ‘Sandboxes’

FDIC Associate Director Lisa Arquette told bankers at the ABA/ABA conference on Thursday, Jan. 1, 2022, that regulators still expect them to collect ownership data during the federal government’s implementation of the AML Act. (File photo, ACAMS Conference on April 9, 2018)


Legs & Regs


Enforcement Actions

Malta’s Financial Intelligence Analysis Unit issued a remediation directive to an unnamed corporate service provider after a 2021 offsite compliance review uncovered breaches of the Prevention of Money Laundering and Funding of Terrorism Regulations.
The Financial Transactions and Reports Analysis Centre of Canada imposed a CA$156,750 monetary penalty on the credit union for failing to file suspicious transaction reports when there were reasonable grounds to suspect illicit activity was occurring.