Should suspicions that drug traffickers infiltrated the compliance department of a U.S.-owned bank in Mexico prove valid, it won't be the first example of such a scheme, or the last.
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.
A decision by the U.S. Treasury to reshape the nation's financial intelligence unit has spurred serious concerns about the direction of the agency.
The U.S. Treasury Department's financial intelligence unit is hiring three top-ranking officials as part of a restructuring announced in June.
U.S. law enforcement officials and regulators have queried the nation's financial intelligence unit about securities settlements that use the world's top financial messaging platform, according to the agency's director.
Mandatory budget cuts scheduled to take effect in eight days would hinder the U.S. Treasury Department's efforts to crack down on money laundering and terrorist financing, say top federal officials.
Planned budget cuts that would limit cooperation between regional investigators and the U.S. Treasury Department's financial intelligence unit would be nixed under the latest congressional appropriations bill.
Record anti-money laundering penalties in 2010 and sounder financial footing at most financial institutions following an economic downturn is prompting dozens of banks and consulting firms to add more than a thousand compliance positions, say recruiting companies.
Venezuela announces plans to create a public bond market, 14 individuals charged with providing material support to a terrorist organization, in this week's roundup.
After more than a year of shrinking, the anti-money laundering job market is showing signs of growth again, with large financial institutions looking to refill top slots in compliance departments.
A proposal by the nation's largest bank lobbyist to overhaul the role of the U.S. Treasury Department's Financial Crimes Enforcement Network is getting a cool reception from government officials.
The country's largest banking association proposed a sweeping overhaul of U.S. anti-money laundering enforcement that would create a governmental entity responsible for overseeing Bank Secrecy Act compliance.
The proposed $91.3 million budget, a fraction of the total Treasury Department budget released Monday, includes $82.2 million for BSA administration and analysis and $9.2 million for regulatory support programs, including coordinating with the Internal Revenue Services to ensure BSA compliance.
The write off-for equipment, software and labor related to BSA Direct-accounted for more than half of a 24 percent drop in FinCEN's total assets in the year ended September 30, 2007, according to a government audit.
The system, expected to be in operation next month, will help banks streamline the process of providing examiners with proof of compliance with law enforcement requests, FinCEN Director James Freis said.
Individuals can use the new tool to search more than 220 file types, including forms and regulations, on FinCEN's Web sites.
The agency is seeking feedback from financial institutions on the usefulness of SAR Activity Review-Trends, Tips & Issues and SAR Activity Review- By the Numbers, both published twice a year.
Leaders of the U.S. House Financial Services Committee have requested a study of the effectiveness of anti-money laundering and anti-terrorist financing reporting requirements and the Financial Crimes Enforcement Network's efficiency in administering them.
The addition is part of a U.S. Treasury Department initiative announced June 22 by Secretary Henry Paulson to reduce the BSA-related burden on financial institutions.
Treasury Secretary Henry Paulson, speaking Friday at the Financial Crimes Enforcement Networks headquarters, announced initiatives that include a more risk-based examination process and a narrower definition of the money services businesses industry.