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.
In the wake of two state-issued fines that totaled over $500 million dollars, several foreign banks with chartered branches in New York are considering moving elsewhere, say sources with knowledge of the matter.
Federal prosecutors indicted three New York men Wednesday for allegedly helping send approximately $300,000 to Iran and other countries through unregistered hawalas, a type of informal money exchange network.
The U.S. Attorney's Office for the Southern District of New York is merging its counterterrorism and anti-narcotics divisions, a move expected to streamline related investigations.
The Credit Suisse saga isn't over yet, at least not for Manhattan District Attorney Robert Morgenthau. His office announced Wednesday that the bank handed over $268 million to his office. Half of the sum will be turned over to the city of New York and the rest to New York State.
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.
Departing Manhattan District Attorney Robert Morgenthau will leave behind a legacy of tackling complex money laundering cases, at times through the use of unusual legal strategies, say legal experts.