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Dozens of U.S. enforcement actions initiated in recent years in response to AML and sanctions-related violations are all at least partially predicated on the same mistake: banks deciding to onboard lucrative, but unacceptably high-risk clients over the objections of their compliance departments.
A recent bevy of civil complaints brought against financial institutions by victims of Ponzi schemes raises questions over the extent to which financial institutions can detect and prevent large scale fraud perpetrated by their own customers, say sources.
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.
JPMorgan Chase's expected $2 billion outlay to settle charges that it failed to stop the largest-known Ponzi scheme will be pored over by at least one group not inside the financial sector: Bernie Madoff's victims.
The U.S. Treasury Department added over 15 entities to its Iranian sanctions list, Finra fined Hambrecht+Co. $75,000 for inadequate anti-money laundering procedures, and more, in this week's roundup.
Bank secrecy standards in Austria are being put under the microscope, the U.S. Justice Department is seeking information from Liechtenstein on foundations allegedly tied to American tax evasion, and more, in the midweek roundup.
JPMorgan Chase is likely to lose its legal fight with the U.S. Treasury Department over whether it must turn over documents related to convicted Ponzi schemer Bernard Madoff, say former government officials.
Mexican drug cartels are turning to trade-based laundering involving common goods to transfer narcotics proceeds, while the Financial Crimes Enforcement Network told banks Tuesday that it was postponing the deadline for new currency transaction and suspicious activity reports.
Switzerland freezes former Egyptian President's funds, IRS grants tax evaders another opportunity to come clean, and more, in this week's roundup.
Several large U.S. banks have closed embassy accounts potentially linked to corruption, a Russian official accuses a U.S. charity of terrorist ties and more, in this week's news roundup.
A lawsuit against JPMorgan Chase by a Florida investment firm that lost $12.8 million to convicted hedge fund manager Bernard Madoff could mean more regulatory scrutiny for the bank.
Hedge fund manager Bernard Madoff pleaded guilty Thursday to bilking investors out of $65 billion and laundering the money as part of a Ponzi scheme that dwarfed similar swindles.
The investigation into a $50 billion securities fraud by a former chairman of the Nasdaq stock market may mean more scrutiny for banks that took him as a client, according to a financial investigator.
