Bankers are more frequently rejecting law enforcement requests to keep open accounts held for the targets of criminal probes despite assurances that the institutions won't be penalized for subsequent transactions, say sources.
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.
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.
American officials will begin field-testing prepaid card readers at U.S. border stops next month as part of the lead-up to the Treasury Department regulations governing their cross-border transport, say officials.
Critics of a U.S. Treasury Department plan to strengthen beneficial ownership reporting by financial institutions aired their concerns to Obama administration officials at a rare public hearing Tuesday.
American officials are investigating whether banks accepting cash declared by individuals entering the United States from Mexico are filing regulatory reports with the U.S. Treasury Department, say compliance professionals.
Finding themselves locked out of some large U.S. banks because of compliance concerns, third-party payment processors are increasingly turning to small- and mid-sized institutions for financial services, say consultants.
While the effects of the global recession on the fight against corruption remain unclear, international officials have begun to wonder whether the stimulus efforts meant to spur the economy will also drive financial crime, according to Joseph Myers.
A global watchdog group is rethinking how it evaluates 11 of its 49 recommendations on combating financial crime, including whether it should consider tax evasion as a predicate offense to money laundering.
The Qatari government has failed to comply with nearly a third of the international anti-money laundering and counter-terrorism financing regulatory controls recommended by an intergovernmental watchdog.
Greg Ruppert, a legal attaché for the Federal Bureau of Investigation in Berlin, spoke to Larissa Bernardes about the importance of getting the who, what, where, when and why of a customer's transactions.
Bank and credit unions have an additional six months to reformat how they process transactions as part of an effort to enforce government blacklists, the National Automated Clearinghouse Association
Wachovia Bank will pay up to $125 million to compensate victims of a telemarketing fraud conducted through accounts at the bank and a $10 million civil penalty under agreements reached with the Office of the Comptroller of the Currency.
An effective customer identification program is integral to Bank Secrecy Act and anti-money laundering compliance, but AML professionals say many financial institutions' CIP procedures are fraught with errors, including improper business identification procedures and expired data.
Financial institutions have been slow to adopt biometric technologies that identify people by physical characteristics, such as fingerprints, as part of their information security programs.
Banking employees can't always get standard photo IDs or signatures from clients, particularly if the person who wants to open an account or transact business is disabled or illiterate.
The bill, which has been the subject of weeks of Congressional wrangling, would allow law enforcement agencies to deport groups of five or more persons involved in money laundering or other criminal offenses. On Tuesday, the Senate voted 64 to 35 to advance the bill to a final vote.
Financial institutions will likely expand their services for immigrants--regardless of their legal statusdespite backlash from anti-immigrant groups and lawmakers, banking professionals say
The Bush Administration is seeking a 7 percent budget increase next year for the U.S. Immigration and Customs Enforcement that includes about $4 million for units that investigate bulk cash smuggling and trade finance-related money laundering.