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Bank compliance departments continue to underreport Internet Protocol and e-mail addresses in their regulatory filings to the U.S. Treasury Department despite repeated requests for such disclosures from federal officials.
In an ideal world for compliance officers, the finances of individuals plotting mass casualty attacks would exhibit enough anomalies to draw attention to their plans before they could carry them out, assuming such plans were made at all.
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.
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.
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.
U.S. lawmakers will introduce sanctions legislation targeting North Korea's use of criminal proceeds and third-country banks that finance its nuclear program, members of the House Foreign Affairs Committee said Tuesday.
Although American financial institutions and the North Korean government rarely cross paths, U.S. officials have numerous avenues to sanction the Asian country for its latest nuclear weapons test, say attorneys.
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 first and to-date only Under Secretary for Terrorism and Financial Intelligence at the U.S. Treasury Department, Stuart Levey, has resigned, Treasury Secretary Timothy Geithner confirmed in a prepared statement.
The number of suspicious activity reports filed by insurance companies and financial institutions jumped in 2008 and 2009, according to data released Friday by the U.S. Treasury Department's financial intelligence unit.
Account activity related to efforts to evade paying child support, hide assets from a spouse or dodge a tax lien could warrant a suspicious activity report, even if the funds involved are ostensibly of legal origin, say former and current compliance officers.
The federal agency charged with collecting and analyzing the reports of suspicious transactions and customers filed by financial institutions only looks at about 20 percent of the more than one million submitted every year, say former FinCEN insiders.
Claiming that he was fired for trying to file a suspicious activity report on a customer and two employees, a former compliance officer for an East Brunswick, New Jersey-based bank has filed a lawsuit seeking an unspecified amount of lost pay, attorney's fees and punitive damages.
Last year, depository institutions filed 687 suspicious activity reports citing possible terrorist financing, according to Financial Crimes Enforcement Network data. That represents a 7 percent decline from 2006.
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) has revised its suspicious activity reporting forms with the aim of reducing duplicate filings for individual suspicious transactions.
