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Weekly Roundup: FINTRAC Issues Largest Monetary Penalty, U.S. Regulators Publish Cross Border Payment Guidance, and More
printFor compliance staff, the week offered a study in contrasts. On Wednesday, U.S. and New York officials announced a $536 million penalty against Credit Suisse for sanctions violations. The fine was the largest of its kind and the "most significant" of the Treasury Department's sanctions arm. More Two days earlier, Canada's financial intelligence unit had also announced its largest penalty to date, for $12,750. The Financial Transactions and Reports Analysis Centre (FINTRAC) said that it had issued the fine against SSCG International Trading, a Vaughan, Ontario-based money services business, for failing to develop and maintain an adequate AML program. Specifically,...
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Canada's financial watchdogs outlined their expectations and priorities Monday, clarifying a policy that previously gave banks a warning one month in advance of pending regulatory examinations.
Canada's top financial intelligence agency intends to work more closely with its counterparts abroad and investigators at home to identify money launderers, according to Gérald Cossette, the group's new director.
A group of investigative journalists reveal the identities of thousands of suspected tax evaders, U.S. prosecutors increasingly turn to a civil fraud statute to prosecute money launderers, and more, in this week's news roundup.
JPMorgan Chase drops a Milan account for the Holy See, Beijing police freeze nearly $800 million tied to at least six "underground" banks, and more.
The Indian government announced that it's looking into creating a "gaming regulator" to oversee casinos for AML compliance, a Miami woman was sentenced to nearly three years in prison for laundering money connected to $200 million Medicare fraud scheme, and more, in this week's roundup.
Iran's central bank prepares to sue to win back $2 billion in frozen assets, the U.S. Treasury Department blacklists the heads of a money laundering ring based in Panama and Colombia, and more, in this week's news roundup.
A Missouri man pleads guilty to providing material support to a blacklisted separatist group, twelve people are charged in an alleged Medicare fraud and money laundering scheme that netted over $95 million, and more, in this week's roundup.
Turkey announces plans to impose sanctions against Syria due to violence against government protestors, FinCEN asks for comments on proposed revised MSB registration form, and more, in this week's roundup.
SEC warns broker-dealers on the money laundering risks of master/sub-account trading arrangements, a Swiss official calls on the UN to blacklist a former Tunisian president and his aides, and more, in this week's roundup.
The Financial Crimes Enforcement Network penalizes a money transmitter $25,000 for structuring transactions, Sri Lanka's parliament approves two bills to strengthen anti-money laundering and counter-terrorist financing controls, and more, in this week's roundup.
The Justice Department launches investigations into three Israeli banks and continues its probe into the financial network of R. Allen Stanford, in this week's news roundup.
Former Holy Land Foundation leaders appear in court to appeal convictions, the United Kingdom announces charges against an individual for alleged Bribery Act violations, and more, in this week's roundup.
The United Nations is considering imposing tougher financial restrictions on Eritrea, a think tank in Ghana says 60 percent of all remittances in the country are sent through illegal channels, and more, in this week's roundup.
The Office of Thrift supervision released it's final enforcement actions as a stand-alone regulator, the U.S. Justice Department issued indictments against three more ex-Credit Suisse bankers and more.
The Financial Crimes Enforcement Network warns about the risks involving Syrian PEP transactions, New Zealand issues new AML regulations, and more, in this week's roundup.
Afghanistan arrests two former top bank officials for alleged graft, Taiwan brings corruption charges against a second former president and FATF advises countries on how to evaluate the risks of alternative financial service providers, in this week's news roundup.
The Tunis Criminal Court convicts former President Zine al-Abidine Ben Ali for embezzlement, the Federal Deposit Insurance Corporation issues two consent orders for AML violations, and more, in this week's roundup.
President Obama signed a renewal of the Patriot Act into law late Thursday and the U.S. State Department cracked down on international companies for their ties to Iran, in this week's news roundup.
The Obama Administration's choice for undersecretary of terrorism and financial intelligence in the U.S. Treasury Department clears one hurdle towards confirmation, FINTRAC releases STR report, and more, in this week's roundup.
Dubai fines the UAE arm of E-Trade, and a source familiar with the U.S. Justice Department investigation of HSBC says that prosecutors may target individual bankers, in this week's news roundup.