The U.S. Treasury Department's financial intelligence unit fined a now-defunct New Jersey money transmitter $125,000 for repeatedly and willfully violating Bank Secrecy Act requirements.
Bank of America is asking clients from four blacklisted nations to submit additional identification documents and prove that they permanently reside outside of their home countries, ACAMS moneylaundering.com has learned.
Bank of America, N.A. will pay a $16.5 million penalty for failing to freeze assets and reject transactions linked to sanctioned global drug traffickers, the U.S. Treasury Department said Wednesday.
A decision by the U.S. Treasury to reshape the nation's financial intelligence unit has spurred serious concerns about the direction of the agency.
Mexican officials will extend until February an upcoming deadline for nonbank companies to implement anti-money laundering controls, according to sources with knowledge of the matter.
Lawmakers should expand financial safe harbor protections to allow banks to better share their suspicions about money laundering and its predicate crimes, a top U.S. regulatory official said Sunday.
The U.S. Treasury Department's financial intelligence unit is hiring three top-ranking officials as part of a restructuring announced in June.
As a deadline for the implementation of electronic Bank Secrecy Act reporting approached earlier this month, hundreds of financial institutions questioned whether they had too little time to comply with the requirements.
U.S. law enforcement officials and regulators have queried the nation's financial intelligence unit about securities settlements that use the world's top financial messaging platform, according to the agency's director.
Mandatory budget cuts scheduled to take effect in eight days would hinder the U.S. Treasury Department's efforts to crack down on money laundering and terrorist financing, say top federal officials.
The New York County District Attorney's Office is creating a financial intelligence unit in an effort to expand its use of Bank Secrecy Act reports, the agency's highest official said Monday.
The U.S. Treasury Department and Federal Reserve Board disclosed long-awaited enforcement actions against JPMorgan Chase for Bank Secrecy Act failures Monday - the same day the regulators punished the company for trading violations.
A team of law enforcement and bank officials may provide a model for how investigators and compliance officers at small and midsize financial institutions can better communicate, say individuals involved.
The Manhattan District Attorney's Office has opened dozens of financial crime investigations since the 2010 formation an internal team that reviews suspicious activity reports, a New York official said Monday.
It's a message that has been hammered home repeatedly by the U.S. Treasury Department: the confidentiality of data included in suspicious activity reports is sacrosanct.
Divergences in international lists of predicate offenses to money laundering have hampered the fight against financial criminals, according to a report by the Australian government.
The chief self-regulatory organization examining broker-dealers for anti-money laundering compliance is again allowed to have direct access to suspicious activity reports, the U.S. Securities and Exchange Commission confirmed Thursday.
Hundreds of banks and credit unions are likely to miss a June deadline to comply with federal rules mandating that they file all anti-money laundering regulatory reports electronically.
Banks need better legal safeguards when sharing customer information with other financial institutions in mortgage fraud investigations, say bank compliance professionals. At least one bank industry group wants to get Congress to consider such safeguards.
The system, expected to be in operation next month, will help banks streamline the process of providing examiners with proof of compliance with law enforcement requests, FinCEN Director James Freis said.