This time last December, one might reasonably have expected that 2014 would be a year of modest changes for the anti-money laundering and sanctions compliance sector. Then came JPMorgan Chase, BNP Paribas and a convoy of Russian tanks to quash that notion.
The U.S. Treasury Department's financial intelligence unit fined a now-defunct New Jersey money transmitter $125,000 for repeatedly and willfully violating Bank Secrecy Act requirements.
Mexican officials will extend until February an upcoming deadline for nonbank companies to implement anti-money laundering controls, according to sources with knowledge of the matter.
JPMorgan Chase will pay $2.05 billion for failing to share its suspicions that the performance of Bernard Madoff's hedge fund was too good to be true, prosecutors and the bank disclosed Tuesday.
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.
A hiring spate by some of the largest banks facing a variety of regulatory pressures has resulted in more than just a glut of compliance officers. It's been a training headache too.
Facing mounting regulatory pressure in the past year, several multinational banks are weighing whether to scale back their cash letter processing and other services for some of their foreign counterparts, say compliance professionals.
As a deadline for the implementation of electronic Bank Secrecy Act reporting approached earlier this month, hundreds of financial institutions questioned whether they had too little time to comply with the requirements.
A growing number of compliance professionals expect that someone at a bank, even a compliance officer, will be prosecuted for violating the Bank Secrecy Act in the not-too-distant future.
The New York County District Attorney's Office is creating a financial intelligence unit in an effort to expand its use of Bank Secrecy Act reports, the agency's highest official said Monday.
The U.S. Treasury Department and Federal Reserve Board disclosed long-awaited enforcement actions against JPMorgan Chase for Bank Secrecy Act failures Monday - the same day the regulators punished the company for trading violations.
The Manhattan District Attorney's Office has opened dozens of financial crime investigations since the 2010 formation an internal team that reviews suspicious activity reports, a New York official said Monday.
It's a message that has been hammered home repeatedly by the U.S. Treasury Department: the confidentiality of data included in suspicious activity reports is sacrosanct.
Divergences in international lists of predicate offenses to money laundering have hampered the fight against financial criminals, according to a report by the Australian government.
The chief self-regulatory organization examining broker-dealers for anti-money laundering compliance is again allowed to have direct access to suspicious activity reports, the U.S. Securities and Exchange Commission confirmed Thursday.
Hundreds of banks and credit unions are likely to miss a June deadline to comply with federal rules mandating that they file all anti-money laundering regulatory reports electronically.
A Miami bank already on the hook with federal regulators for a lax compliance program was fined $7 million Thursday for failing to address multiple Bank Secrecy Act violations.
Countries should ease their privacy restrictions that hinder cross-border data-sharing on suspicious transactions, according to a Toronto-based intergovernmental group of financial intelligence units.
Financial institutions must keep a tight lid on investigations of suspicious account activity, even when transactional alerts don't merit federal regulatory reporting, the U.S. Treasury Department said Tuesday.
A Florida judge will rule Tuesday whether attorneys can discuss the possible filing of a suspicious activity report that allegedly triggered a wrongful termination lawsuit against a Miami community bank.