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.
The Bank of England reportedly exerts "strong pressure" on Russia's second largest bank, an arrested Zetas leader's sons tweet incriminating photographs, and more, in this week's news roundup.
Large banks need to clearly delineate which senior executives are responsible for Bank Secrecy Act compliance violations, the U.S. Comptroller of the Currency said in a speech Monday.
An influential Senate subcommittee will hear testimony on tax evasion through offshore banks, Switzerland agrees to follow automatic data exchange standards and more, in this week's news roundup.
If you aren't certain that the Bank Secrecy Act job market is unusually active these days, ask anyone who has recently taken an executive position in a compliance department facing regulatory scrutiny. The message they're hearing: move quickly or move out of the way.
Last year, I told you not to believe any of that "best of years, worst of years" stuff à la Charles Dickens with regard to 2012. But if 2013 was less eventful than the prior year, every indication is that 2014 will be "challenging" for financial institutions and regulators.
The U.S. Justice Department seizes digital funds tied to an Internet black market, Republicans line up behind effort to fight FATCA and more, in this week's news roundup.
Ahead of expected anti-money laundering regulations for investment advisers, some private equity firms may find themselves subject to such oversight for a reason few would have guessed: their fee structures.
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.
Amid all of the political rhetoric and bombast that accompanied television coverage of the 16-day government shutdown last month, one question never seemed to get any airtime: what did it all mean for the financial compliance industry?
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.
JPMorgan Chase launches AML SWAT team as the bank's legal costs mount, Turkey blacklists over 350 entities in an effort to comply with United Nations sanctions, and more, in this week's news roundup.
Federal officials will weigh whether financial institutions can bank medical marijuana shops, New York's financial regulators asks two financial consultancies for data and more, in this week's news roundup.
Facing mounting regulatory pressure in the past year, several multinational banks are weighing whether to scale back their cash letter processing and other services for some of their foreign counterparts, say compliance professionals.
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.
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.
U.S. banking regulators have initiated talks with JPMorgan Chase that could result in an anti-money laundering enforcement action related to insufficient staffing and other issues, say sources.
For the past year, a compliance officer in a midsize Texas bank has been pushing executives to link bonuses to how the officials comply with anti-money laundering rules.
The U.S. regulator of national banks said Thursday in a consent and cease-and-desist order that Citibank N.A. must grant its anti-money laundering compliance department a greater say in business decisions.