News
Compliance Professionals Likely to Face Prosecutions for SAR Failings: Consultant
printA growing number of compliance professionals expect that someone at a bank, even a compliance officer, will be prosecuted for violating the Bank Secrecy Act in the not-too-distant future. The expectation follows public outcry that banks in a handful of highly visible cases were not sufficiently punished for lax anti-money laundering (AML) and sanctions controls. In congressional hearings and editorials, critics of the government's Bank Secrecy Act (BSA) oversight have cited violations by HSBC Bank USA and Wachovia, among others. David Caruso, chief executive officer of the Dominion Advisory Group, not only thinks a prosecution is imminent, he is pretty...
TO READ THE FULL STORY
Related News
U.S. investigators are increasingly querying the nation's database of bank secrecy information for suspicious activity reports that include mentions of unusual Internet Protocol addresses, a federal official recently told bankers.
The annual number of suspicious activity reports filed by money services businesses fell by 14 percent in 2012 compared with the previous year, the U.S. Treasury Department said in a report Wednesday.
Global financial institutions are facing tougher anti-money laundering compliance exams from regulators in nations that have recently bolstered their laws, Bank Secrecy Act officers said Thursday.
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.
Criticisms of the U.S. Justice Department's apparent decision to forego indictments of HSBC and its employees misses a larger point: the department probably couldn't have won convictions if it tried, say prosecutors.
The U.S. government's landmark case against HSBC Holdings Plc for knowingly turning a blind eye to financial crime is seemingly fated to end much as it began: complex and messy.
U.S. sanctions against an international gang with thousands of American members will challenge compliance officers of small and midsize banks, say attorneys and former government officials.
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.
Costs associated with the 2010 U.S. financial regulatory overhaul have prompted some large banks to repurpose their anti-money laundering compliance staff and delay transaction monitoring upgrades, say industry professionals.
Bank Secrecy Act compliance officers should proactively shield themselves from both budget cuts and potential retaliation for disclosing regulatory violations, according to a former OCC attorney.
The ongoing U.S. financial regulatory overhaul and recent compliance penalties have sharply increased the demand for seasoned anti-money laundering professionals at federal agencies and banks, say sources.
A U.S. District Court judge Wednesday signed an order ending Wachovia Bank's deferred prosecution agreement with the U.S. Justice Department for failing to identify transactions potentially tied to drug cartels.
A former loss mitigation specialist at Chase Bank accepted $10,000 in bribes and illegally disclosed a suspicious activity report to the client it was filed on, a California jury said Monday.
The new year won't be any easier on compliance officials at banks and money services businesses, and could get much harder depending on how U.S. officials implement new and proposed regulations, according to industry leaders.
The rise in U.S. prosecutions of companies that bribe foreign officials won't likely plateau for another four or five years, when European countries are expected to further clamp down on the crime, according to the former assistant chief for the Fraud Section of the Justice Department.
Federal bank examiners failed for at least four years to identify widespread signs of money laundering at Wachovia Bank, frustrating officials who helped levy a $160 million penalty against the institution last week.
Wells Fargo & Co., the parent company of Wachovia Bank, will pay $160 million to settle anti-money laundering compliance problems tied to accounts with Mexican currency exchange companies, the company said Wednesday.
Online securities and futures firms should speak regularly with regulatory examiners about the sorts of financial crimes that are raising concerns, according to E*Trade's top AML officer.
Facing layoffs and market turmoil, some former and current anti-money laundering officers are turning to the one place they believe will offer them stable income and job security: the United States government.