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. Carl Wolf sued Pacific National Bank, N.A. (PNB) on Monday, alleging that the institution's "most powerful board member," Andres Baquerizo, ordered him to break U.S. laws, including secretly paying Baquerizo $8,000 per month through a third-party contractor. PNB's owner, Banco del Pacifico, is fully owned by the Ecuadorian government. Baquerizo also ordered Wolf to reopen some or all of approximately 4,600 accounts with Ecuadorians that Wolf had closed beginning...
I've always found it offensive when tabloids use terms like "rat" or "squealer" to describe the actions of those who report or testify about criminal behavior. It's no less offensive when one of the terms is used in defense of attorney-client privilege.
Federal examiners are reasserting pressure on banks that have relaxed the parameters they've set on transaction monitoring software due to recent budget cuts, according to U.S. Treasury Department officials.
A provision in the Senate's proposed financial overhaul bill could incentivize more anti-money laundering compliance officers to blow the whistle on any illegal activities of their employers in exchange for large payouts.
Moneylaundering.com has learned that corrupt public officials in Ecuador, Guatemala, Honduras and Peru have been targeted by the "pilot" Task Force of the Bureau of Immigration and Customs Enforcement.