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.
A recent regulatory penalty citing a Brown Brothers Harriman executive made a compliance director at Bank of America wonder about his future personal liability, attendees of a business forum heard Tuesday.
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.
The nation's largest nongovernmental regulator of securities is signaling it wants executing brokers to know their customers better, even when the clients come from larger firms.
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.
Amid all of the political rhetoric and bombast that accompanied television coverage of the 16-day government shutdown last month, one question never seemed to get any airtime: what did it all mean for the financial compliance industry?
Internet portals that facilitate crowd-sourced fundraising will need to spend tens of thousands of dollars to comply with anti-money laundering rules proposed by the U.S. regulator of broker-dealers, say industry consultants.
JPMorgan Chase launches AML SWAT team as the bank's legal costs mount, Turkey blacklists over 350 entities in an effort to comply with United Nations sanctions, and more, in this week's news roundup.
The United States has done little to address gaps identified in 2006 by an international anti-money laundering watchdog, despite a follow-up national review expected within the next two years, say consultants.
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.
As the compliance expectations of European regulators grow, banks should proactively move to adopt future changes outlined in proposals for the EU's Fourth Money Laundering Directive, according to the former global head of compliance at ABN Amro.
In violation of federal law, the confidentiality of suspicious activity reports is being breached regularly by some securities firms, a securities markets regulator said Friday.
U.S. broker-dealers are bracing for the July enforcement deadlines of two sets of federal rules that will broadly expand their know-your-customer duties, at times ambiguously, say analysts.
The largest nongovernmental regulator of U.S. securities firms has expelled a Westlake Village, CA-based company for failing to implement anti-money laundering controls, the organization said Monday.
Some firms under the purview of the nation's largest independent securities regulator are failing to meet anti-money laundering compliance standards despite spending enough money to do so, according to an agency regulator.
Penalties issued by the Financial Industry Regulatory Agency for anti-money laundering violations are on course to outnumber similar fines levied by the self-regulatory organization in 2008, according to agency data.
E*Trade has been fined $1 million by the Financial Industry Regulatory Authority for inadequate anti-money laundering policies and procedures. The action follows on a $1 million penalty levied by the Securities and Exchange Commission six months ago against the on-line brokerage.