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Citigroup subsidiary Banamex USA will pay federal and state agencies $140 million for unresolved anti-money laundering violations ahead of the shutdown of its U.S. operations, the bank and regulators said Wednesday.
In internal reviews and an ongoing criminal and regulatory investigation, Citigroup employees and Mexican officials have privately voiced concerns that drug traffickers may have infiltrated Banamex's anti-money laundering department, say sources.
A hiring spate by some of the largest banks facing a variety of regulatory pressures has resulted in more than just a glut of compliance officers. It's been a training headache too.
The median salaries of compliance officers tasked with identifying money laundering and other financial crimes rose nearly six percent from 2011 to 2012, according to an industry survey released Thursday.
Citigroup, Inc. must improve its anti-money laundering compliance risk management across business lines and subsidiaries, under a consent order disclosed Tuesday by the Federal Reserve Board.
Citigroup's top anti-money laundering and sanctions compliance officer has resigned to take a position at JPMorgan Chase, according to an e-mail obtained by ACAMS MoneyLaundering.com and an individual familiar with bank discussions.
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 ongoing U.S. financial regulatory overhaul and recent compliance penalties have sharply increased the demand for seasoned anti-money laundering professionals at federal agencies and banks, say sources.
Record anti-money laundering penalties in 2010 and sounder financial footing at most financial institutions following an economic downturn is prompting dozens of banks and consulting firms to add more than a thousand compliance positions, say recruiting companies.
A federal judge's questioning of the recent DPA between the U.S. Department of Justice and Barclays Bank, could signal that future agreements will be more expensive for financial institutions and more perilous for their top executives, according to legal analysts.
If March's record penalty against Wells Fargo & Co. has reminded compliance departments of the bite of anti-money laundering regulatory fines, it has also been a reminder of something else. With acquisitions come problems.
After more than a year of shrinking, the anti-money laundering job market is showing signs of growth again, with large financial institutions looking to refill top slots in compliance departments.
Japan's financial regulator ordered Citibank's Japanese arm to suspend its retail sales operations for a month over anti-money laundering deficiencies, marking the second high-profile enforcement action against the bank.
Job cuts among the anti-money laundering staff of small to mid-sized financial institutions are prompting regulatory examiners to lower bank compliance ratings, federal regulators said at a conference Tuesday.
Financial institutions and other companies will spend 7.4 percent more this year on compliance, risk management and corporate governance, according to a survey issued by AMR Research Inc.
Adjusting prices to account for money laundering risk is akin to charging a customer with a poor credit history a higher interest rate, say both compliance consultants and banking executives, who consider the strategy a logical extension of the industry shift to risk-based AML programs.
The report, published by the Boston-based consultancy Aite Group, found that most banks surveyed named AML as their most important compliance issue, beating out data security and consumer privacy issues.
The U.S. Justice Department is seeking the forfeiture of $110 million in proceeds from an allegedly corrupt Italian bankruptcy case.
Anti-money laundering costs for banks operating in North America jumped 71 percent, the highest among six regions surveyed, according to a survey by consulting firm KPMG.
A New Jersey man has been sentenced to 37 months in prison for credit card fraud and making structured financial transactions totaling over $600,000 in banks located in Hudson County, N.J.
