Bank compliance departments continue to underreport Internet Protocol and e-mail addresses in their regulatory filings to the U.S. Treasury Department despite repeated requests for such disclosures from federal officials.
The U.S. insurer of federal banks should reconsider how it treats recidivist financial institutions and harmonize how regional examiners monitor for Bank Secrecy Act violations, a governmental watchdog said.
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.
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.
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.
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.
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.
Once confined to large banks, the practice of forming teams to review suspicious activity reports ahead of regulatory filing deadlines is increasingly being adopted by midsize financial institutions, say compliance professionals.
When it comes to reporting ongoing suspicious activity, even following federal regulations to the letter may not be enough to stave off enforcement actions, say compliance professionals.
Account activity related to efforts to evade paying child support, hide assets from a spouse or dodge a tax lien could warrant a suspicious activity report, even if the funds involved are ostensibly of legal origin, say former and current compliance officers.
The U.S. Treasury Department has proposed an amendment to Bank Secrecy Act regulations that would allow financial institutions to share suspicious activity reports with their domestic affiliates.
The federal agency charged with collecting and analyzing the reports of suspicious transactions and customers filed by financial institutions only looks at about 20 percent of the more than one million submitted every year, say former FinCEN insiders.
As the general knowledge of anti-money laundering compliance has risen in recent years, financial regulators have expected their financial institutions to place greater emphasis on training, say compliance consultants.
Claiming that he was fired for trying to file a suspicious activity report on a customer and two employees, a former compliance officer for an East Brunswick, New Jersey-based bank has filed a lawsuit seeking an unspecified amount of lost pay, attorney's fees and punitive damages.