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.
A recent spate of compliance fines and U.S. investigations has imposed renewed pressure on British banks to improve their anti-money laundering and sanctions programs, say industry sources.
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.
The U.S. Treasury Department and the Federal Reserve issued separate enforcement actions Thursday against HSBC North America Holdings Inc. for systemic Bank Secrecy Act compliance violations.
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.
The Federal Depositors Insurance Corp. issued cease-and-desist orders against two banks in November over lax due diligence in their anti-money laundering programs, the agency said Monday.
The new rules require financial institutions to obtain "reasonably available" information about the anti-money laundering records of certain foreign correspondent banks.
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.