News
Bush Administration Adds Financial Regulators to Fraud Task Force
printThe Bush administration has added six government agencies, including three financial regulators, to a federal task force charged with fighting mortgage and securities fraud, according to the U.S. Justice Department. The Federal Reserve, the Office of the Comptroller of the Currency and the Office of Thrift Supervision will work with fourteen federal agencies and eight government officials, including the Treasury Secretary, as members of the President's Corporate Fraud Task Force, the department said Tuesday. The Federal Housing Finance Agency, the Department of Housing and Urban Development and the Special Inspector General for the Troubled Asset Relief Program have also joined...
TO READ THE FULL STORY
Related News
A recent regulatory penalty citing a Brown Brothers Harriman executive made a compliance director at Bank of America wonder about his future personal liability, attendees of a business forum heard Tuesday.
The U.S. Treasury Department finalized rules Thursday requiring federal home-loan banks to implement anti-money laundering controls and report suspicious activity.
Internet portals that facilitate crowd-sourced fundraising will need to spend tens of thousands of dollars to comply with anti-money laundering rules proposed by the U.S. regulator of broker-dealers, say industry consultants.
U.S. financial institutions are taking a closer look at accounts held for stock brokers managing money on behalf of multiple parties in the wake of governmental warnings and sanctions-related settlements.
Changes to how and how often securities firms report suspicious activity are helping to clarify the scope of a long-familiar financial crime: microcap fraud.
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.
A New York brokerage firm violated the Bank Secrecy Act by failing to report suspicious activity related to a scheme to bilk third-party investors, securities regulators said Tuesday.
Plans by the Obama administration to pursue civil and criminal cases against institutions that illegally promoted mortgage-backed securities could also bring scrutiny to anti-money laundering compliance officers.
The effect of a planned whistleblower program expected to have an impact on anti-money laundering compliance departments will likely be mitigated by low funding and other issues, say consultants.
The largest nongovernmental regulator of U.S. securities firms has expelled a Westlake Village, CA-based company for failing to implement anti-money laundering controls, the organization said Monday.
The number of bank regulatory reports of suspected cases of commercial real estate fraud rose nearly threefold between 2007 and last year, the U.S. Treasury Department said Wednesday.
The U.S. Treasury Department said Monday it plans to close a "regulatory gap" by requiring non-bank mortgage lenders to report suspicious activity to the country's financial intelligence unit.
A U.S. Treasury Department advisory detailing red flags of reverse-mortgage scams takes another step in placing more responsibility for identifying such frauds within banks' anti-money laundering programs, say consultants.
The formation of a federal task force aimed at fighting financial crime will likely mean more money laundering investigations at banks, according to a U.S. Treasury Department official.
The country's largest independent securities regulator fined Scottrade $600,000 Monday for alleged deficiencies in its anti-money laundering program, including the company's over reliance on a manual transaction auditing system.
Non-bank mortgage lenders may soon have to comply with the Bank Secrecy Act as part of a broad effort to shield loan companies from money launderers, according to a U.S. regulator.
A U.S. lawmaker called Thursday for the formation of a federal task charged with coordinating law enforcement investigations and training related to mortgage fraud.
Federal banking regulators, besieged by a surge in bank closings, are resorting to re-hiring retired examiners to speed up receiverships and resolve billions in toxic assets, the flotsam of a still unsettled mortgage meltdown.
The investigative arm of the Internal Revenue Service, charged with tackling intricate tax and money laundering cases, is shifting resources to handle a mushrooming mortgage fraud caseload, according to current and former special age
Financial institutions filed 46,717 suspicious activity reports about potential mortgage fraud in fiscal year 2007, a 31 percent increase in the reports from the previous year, the FBI said Tuesday.