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Federal Judges’ Scrutiny of Settlements Could Result in More Costly DPAs, Individual Penalties
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Citigroup subsidiary Banamex USA will pay federal and state agencies $140 million for unresolved anti-money laundering violations ahead of the shutdown of its U.S. operations, the bank and regulators said Wednesday.
Although headline-grabbing settlements north of $1 billion have become the new normal for depository institutions operating in the United States, how those deals are impacting bank behavior is still unclear, at least for now, according to Brandon Garrett.
Bank of America is asking clients from four blacklisted nations to submit additional identification documents and prove that they permanently reside outside of their home countries, ACAMS moneylaundering.com has learned.
Bank of America, N.A. will pay a $16.5 million penalty for failing to freeze assets and reject transactions linked to sanctioned global drug traffickers, the U.S. Treasury Department said Wednesday.
In internal reviews and an ongoing criminal and regulatory investigation, Citigroup employees and Mexican officials have privately voiced concerns that drug traffickers may have infiltrated Banamex's anti-money laundering department, say sources.
U.S. lawmakers threaten to impose sanctions on Russia for harboring Edward Snowden, Switzerland transfers $962 million for backdated taxes, and more, in this week's news roundup.
The United Kingdom Thursday detailed a plan to settle alleged corporate violations of criminal laws without pursuing prosecutions -a strategy used by U.S. officials to exact billions from financial institutions.
Citigroup, Inc. must improve its anti-money laundering compliance risk management across business lines and subsidiaries, under a consent order disclosed Tuesday by the Federal Reserve Board.
Citigroup's top anti-money laundering and sanctions compliance officer has resigned to take a position at JPMorgan Chase, according to an e-mail obtained by ACAMS MoneyLaundering.com and an individual familiar with bank discussions.
The National Futures Association fined NCMFX, Inc. $12,500 for anti-money laundering deficiencies, Turkey's parliament began deliberations on a bill aimed at curbing terrorist financing, and more, in this week's roundup.
SEC warns broker-dealers on the money laundering risks of master/sub-account trading arrangements, a Swiss official calls on the UN to blacklist a former Tunisian president and his aides, and more, in this week's roundup.
Credit Suisse Group AG's $205 million settlement with Germany over allegations that it aided tax evaders is likely to speed up its negotiations with U.S. officials looking into similar violations.
The Department of Justice enters into a settlement agreement with two payment processors over their alleged involvement with illegal online gambling funds, a New York broker dealer gets fined for AML violations, in this week's roundup.
One of the United Kingdom's largest banks has agreed to pay nearly $300 million to settle charges with U.S. and New York authorities that it stripped payment information from wire transactions to do business with countries on U.S. sanctions lists, according to court documents released Monday.
An expected fine for Barclays Plc totaling at least $300 million is tied to the bank's removal of data on wires involving Iran, according to a person with knowledge of the matter.
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.
Credit Suisse AG will pay $536 million as part of an agreement to settle charges that it provided banking services to entities that were the subject of U.S. economic sanctions, according to a statement released by the bank today.
Lloyds TSB Bank Plc. has agreed to pay the United States $350 million to settle charges that it hid wire transfers with blacklisted companies, the largest sanctions-related penalty to date.
A London-based bank has forced the closure of accounts for an Islamic charity it believes has ties to Hamas, a Palestinian organization sanctioned internationally for terrorism, the charity disclosed this week.
Prosecutors are seeking nearly $300 million in penalties, charging that the two foreign-based banks helped to launder the proceeds of a massive securities fraud involving shares of software maker AremisSoft.
