Pending requirements that U.S. financial institutions more thoroughly vet their accountholders may especially challenge broker dealers, some of which are designing new systems to scrutinize investment advisers and others who control omnibus accounts and pooled investment vehicles, say sources.
Citigroup's Los Angeles-based subsidiary Banamex USA has agreed to forfeit $97 million to avoid criminal charges for having willfully failed to maintain an effective anti-money laundering program for at least six years, federal prosecutors disclosed Monday.
A community bank operating from a single branch in Southern California agreed to pay $7 million to the U.S. financial intelligence unit for willfully and knowingly violating the Bank Secrecy Act while still under the terms of previous enforcement actions.
Several of the world's largest financial institutions have moved quickly to limit risks posed by their corporate clients in the six months since U.S. officials finalized a long-anticipated customer due diligence rule, while smaller lenders have treaded a rougher path towards implementation.
print