Among the toasts at Adam Kaufmann's "retirement" party last week was one by a speaker who credited him with turning a bounced check into more than a billion dollars in penalties that have been shared by the city and state of New York over the past four years.
It's a question few banks ever want to hear from the U.S. Treasury Department's sanctions arm: would you waive your statute of limitations protections and allow us to review more data?
New York's importance as both a financial center and a target for terrorists not only justifies but demands tough prosecutions from Manhattan prosecutors, New York's District Attorney said Friday.
A London bank in talks with the United States for potential violations over its economic sanctions compliance program spent $150 million in 2010 on related transaction reviews and upgrades.
The Manhattan District Attorney's Office has launched an initiative to review regulatory suspicious activity reports in tandem with a broad outreach to banks, the agency's top official said Tuesday.
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.
An expected fine for Barclays Plc totaling at least $300 million is tied to the bank's removal of data on wires involving Iran, according to a person with knowledge of the matter.
The chief investigator of sanctions violations at Lloyds TSB Bank and Credit Suisse speaks with Editor-in-Chief Kieran Beer about the unprecedented penalties and the need for federal beneficial ownership legislation.
A nearly $540 million fine against Credit Suisse AG for facilitating illicit transactions for Iran is sending a message to the financial industry: large sanctions penalties are here to stay.
Credit Suisse AG will pay $536 million as part of an agreement to settle charges that it provided banking services to entities that were the subject of U.S. economic sanctions, according to a statement released by the bank today.
The United Kingdom's chief financial regulator Tuesday fined Barclays PLC more than $4 million for "serious weaknesses" in its securities transaction monitoring reporting, the largest penalty issued by the agency for such problems.
The bank, which is based in London, expects to reach a "resolution" with the U.S. Justice Department, U.S. Treasury Department's Office of Foreign Assets Control and New York District Attorneys office, Lloyd's said in a statement Friday.