At the same time that the nation's financial intelligence unit is readying unprecedented fines against compliance officers, the agency is facing stark questions about its enforcement efforts, including its hiring practices.
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.
U.S. lawmakers called on regulators Thursday to review potential conflicts of interest involving third-party companies hired to evaluate banks' compliance with lending, capitalization and anti-money laundering rules.
The U.S. government's landmark case against HSBC Holdings Plc for knowingly turning a blind eye to financial crime is seemingly fated to end much as it began: complex and messy.
Poor anti-money laundering controls on affiliates and problematic oversight allowed a global bank to process tens of trillions of dollars with little to no compliance checks, according to a U.S. Senate subcommittee.
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