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Sep

Counterterrorist Financing, Still a Work in Progress 20 Years After 9/11, Now a Lower Priority

The America’s Response Monument rises above the 9/11 Memorial in New York on opening day, Wednesday, June 29, 2016. The Sept. 11 attacks triggered radical changes to laws and regulations that govern the financial services industry. (Alamy)

Legs & Regs

Europol, Armenia Agree to Cooperate Against Organized Crime

The European Union Agency for Law Enforcement Cooperation (Europol) and Armenia signed an agreement to coordinate efforts to combat cross-border criminal activity, such as migrant smuggling, cybercrime, drug trafficking, money laundering, and human trafficking.

September 16, 2021

OFAC Adds Six Entries to Kingpin Act Designations

The Office of Foreign Assets Control of the U.S. Treasury Department issued a notice regarding the addition of six entries on the Specially Designated Nationals List with respect to the Kingpin Act.

September 16, 2021

Treasury Department Designates Colombian Drug Trafficking Organization Members, Two Related Entities

The U.S. Treasury Department issued sanctions against four members of a Colombian-based international drug trafficking organization, as well as two related entities under the Foreign Narcotics Kingpin Designation Act.

September 16, 2021

OFAC Adds Five Counter Terrorism Designations

The Office of Foreign Assets Control of the U.S. Treasury Department notified financial institutions regarding additions to the Specially Designated Nationals list with respect to counterterrorism.

September 16, 2021

Financial Crime Matters: Former New York Prosecutor Shares Tips for Preventing Elder Financial Abuse

August 3, 2021

In this episode of Financial Crime Matters, Kieran Beer and Liz Loewy, a former assistant district attorney in New York, discuss the due-diligence controls financial institutions should have in place to prevent financial exploitation of elderly and other vulnerable clients.

ACAMS Las Vegas Conference

DATE: 09/27/21 - 09/29/21

LOCATION: ARIA | Las Vegas, Nevada, United States

View Events Calendar

The Wolfsberg Group in a June 2021 statement advised financial institutions to focus on the following areas to increase the effectiveness of their AML/CFT programs:

A. Assess and understand anti-money laundering and counterterrorist financing risks.
B. Prioritize resources.
C. Engage with law enforcement.
D. All of the above.

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More News

Suspected Child Pornography Payments Spiking During COVID-19 Pandemic

By : Valentina Pasquali

The volume of reports that U.S. banks and other institutions filed on transactions potentially linked to the online manipulation and sexual abuse of children jumped nearly 20 percent from 2019 to 2020, the first full year of the novel coronavirus pandemic, U.S. officials said Thursday.

September 16, 2021

German FIU in Turmoil Weeks Ahead of Global Evaluation

By : Gabriel Vedrenne

State police searched a pair of federal ministries in Berlin last week as part of a sprawling investigation into Germany's financial intelligence unit that could impact an impending global assessment of their country's laws, rules and overall campaign against financial crime.

September 15, 2021

ING Executives Cleared of Violating ‘Banker’s Oath’ Over AML Failures

By : Koos Couvée

A disciplinary panel in the Netherlands has cleared former chief executive Ralph Hamers and 14 other senior managers of ING of violating the Dutch Banker's Oath in relation to systemic anti-money laundering failures that the Amsterdam-based lender copped to three years ago.

September 15, 2021

Midweek Roundup: Afghan FIU Shuts Down, Japanese Banks Reconsider Remittances, and More

September 15, 2021

FinTRACA, Afghanistan’s Financial Intelligence Unit, Faces Bleak Future

By : Valentina Pasquali

September 13, 2021

ACAMS Las Vegas. September 27 - 29, 2021

NICE Actimize - Blind spots are inevitable. Do you know who you're doing business with?

Enforcement Actions

RBI Penalizes Guna Branch of Jila Sahakari Kendriya Bank Maryadit for KYC Failures

The Reserve Bank of India issued a monetary penalty against the Guna-based branch of the Madhya Pradesh, India-based bank for its failure to comply with know-your-customer requirements.

September 16, 2021

RBI: Jila Sahakari Kendriya Bank Maryadit Penalized for KYC Failures

The Reserve Bank of India issued a monetary penalty of one lakh rupee against the Madhya Pradesh, India-based bank for its failure to comply with know your customer rules.

September 15, 2021