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.
The Internal Revenue Service disclosed final rules set for publication next week that will clarify how and when informants can collect rewards for identifying tax cheats, but not money launderers.
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.
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?
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.
Canada's primary financial regulator is looking into whether Bank of Montreal violated anti-money laundering rules following the issuance of two enforcement actions Friday by federal U.S. agencies, a spokesperson confirmed.
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.
A U.S. lawmaker is questioning an IRS decision not to reward whistleblowers who disclose potential violations of Bank Secrecy Act reporting requirements tied to accounts held at foreign financial institutions.
The U.S. Treasury Department's financial intelligence unit will reintroduce a plan to subject investment advisers to Bank Secrecy Act compliance duties three years after abandoning a similar proposal, an official said Tuesday.
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.
Regulatory pressure grew on financial institutions in 2010 though few compliance departments saw an increase in budgets or resources in the wake of an 18-month recession, say industry professionals.
Bank closings and enforcement actions for capital requirement and credit risk violations didn't preclude law enforcement and regulatory officials from pursuing banks for violating U.S. and international sanctions in 2009 or from leaning on financial institutions to catch tax cheats.