The Bank of England reportedly exerts "strong pressure" on Russia's second largest bank, an arrested Zetas leader's sons tweet incriminating photographs, and more, in this week's news roundup.
Large banks need to clearly delineate which senior executives are responsible for Bank Secrecy Act compliance violations, the U.S. Comptroller of the Currency said in a speech Monday.
An influential Senate subcommittee will hear testimony on tax evasion through offshore banks, Switzerland agrees to follow automatic data exchange standards and more, in this week's news roundup.
Last year, I told you not to believe any of that "best of years, worst of years" stuff à la Charles Dickens with regard to 2012. But if 2013 was less eventful than the prior year, every indication is that 2014 will be "challenging" for financial institutions and regulators.
The U.S. Justice Department seizes digital funds tied to an Internet black market, Republicans line up behind effort to fight FATCA and more, in this week's news roundup.
Ahead of expected anti-money laundering regulations for investment advisers, some private equity firms may find themselves subject to such oversight for a reason few would have guessed: their fee structures.
Lawmakers should expand financial safe harbor protections to allow banks to better share their suspicions about money laundering and its predicate crimes, a top U.S. regulatory official said Sunday.
Dozens of would-be informants from banks have contacted attorneys following the disclosure Tuesday that a former UBS AG banker received $104 million for reporting his institution's role in a tax evasion scheme.
Allegations that the nation's securities regulator has destroyed records detailing evidence in 18,000 investigations could deter would-be whistleblowers from turning to the agency, say lawmakers and compliance professionals.
The effect of a planned whistleblower program expected to have an impact on anti-money laundering compliance departments will likely be mitigated by low funding and other issues, say consultants.
U.S. and Canadian banks are among the over 260 companies asking the Securities and Exchange Commission to reconsider a new federal whistleblower program they say will undermine internal reporting controls.
Internal clashes at Wachovia Bank over whether a corporate client or its customers were likely laundering money preceded the tip-off that contributed to the United States' decision to levy the largest-ever anti-money laundering fine, according to a former bank compliance officer.
The U.S. Senate passed a massive financial reform package Thursday that will change the federal regulator of some depository institutions and create new whistleblower protections for bank employees.
U.S. tax authorities and a Senate investigatory team are looking into reports that the Cayman Islands branch of Bank Julius Baer helped American accountholders hide taxable revenue, according to the former chief of the bank's Caribbean operations.
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.
The former chief executive officer of a Miami-based bank has filed a lawsuit against his former employers claiming that they fired him for refusing to violate anti-money laundering and corruption laws.
Former Bank COO Rudolph Elmer, who has been sued by Julius Baer for allegedly leaking hundreds of the bank's documents suggesting a systemic laxity toward tax evasion and money laundering, said the Swiss laws allow institutions to hide their criminal support for white collar criminals.
Bank Julius Baers sued Wikileaks.org, claiming the organizations violated bank privacy laws by publishing hundreds of documents online that detail the private accounts of bank clients. The documents purportedly show evidence of money laundering and fraud through an offshore branch of the bank.
For a whistleblower program to be effective, employees have to believe that any action they take will produce results and that they will be protected from retaliation, experts say.