The Federal Reserve Board and a Florida financial regulator ordered a Miami branch of Israel's largest bank earlier this month to overhaul its anti-money laundering program within 60 days. The bank, a branch of Israel-based Hapoalim Bank, must implement a risk-based customer due diligence program as part of the written agreement with the Fed and Florida's Office of Financial Regulation. The regulators disclosed the July 8 enforcement action on Tuesday. Additionally, the bank must also develop enhanced customer due diligence procedures that include periodic reviews of identification documents, and ensure "appropriate" participation by senior management in reviewing suspicious activity, according...
Two lobbying groups are asking the U.S. Treasury Department to amend proposals that would require banks to close accounts and maintain additional records for three companies accused of aiding terrorists and money launderers.
Israeli banking authorities imposed a record $2.1 million fine for AML violations on Bank Hapoalim, Ltd., citing the bank's failure to report suspicious activity, collect or maintain beneficial ownership information and freeze accounts with incomplete customer identification data.
Few small financial firms in the U.K. have adequate anti-money laundering and sanctions compliance programs, including enhanced due diligence controls for high-risk clients, Britain's top financial regulator said Monday.
Banks that use third parties to manage and distribute their stored-value, or prepaid, cards must make sure Bank Secrecy Act compliance responsibilities are clearly designated, anti-money laundering compliance consultants say.