An expected rise in mergers between financial institutions in the near future promises to test the ability of anti-money laundering compliance departments to ensure the integrity of their datasets, sources told ACAMS moneylaundering.com.
Bank of America is asking clients from four blacklisted nations to submit additional identification documents and prove that they permanently reside outside of their home countries, ACAMS moneylaundering.com has learned.
Bank of America, N.A. will pay a $16.5 million penalty for failing to freeze assets and reject transactions linked to sanctioned global drug traffickers, the U.S. Treasury Department said Wednesday.
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.
Federal officials will weigh whether financial institutions can bank medical marijuana shops, New York's financial regulators asks two financial consultancies for data and more, in this week's news roundup.
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.
Citigroup's top anti-money laundering and sanctions compliance officer has resigned to take a position at JPMorgan Chase, according to an e-mail obtained by ACAMS MoneyLaundering.com and an individual familiar with bank discussions.
U.S. banking regulators have initiated talks with JPMorgan Chase that could result in an anti-money laundering enforcement action related to insufficient staffing and other issues, say sources.
The U.S. Treasury Department's sanctions arm disclosed Thursday that it had fined JPMorgan Chase Bank N.A. over $88 million, the largest fine independently levied by the agency under 2007 penalty powers.
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.
Bank of America failed to investigate $160 billion in suspicious transactions used to perpetrate an alleged $20 billion fraud by a wealthy Saudi Arabian businessman, a congressional witness said Tuesday.
A federal judge's questioning of the recent DPA between the U.S. Department of Justice and Barclays Bank, could signal that future agreements will be more expensive for financial institutions and more perilous for their top executives, according to legal analysts.
If March's record penalty against Wells Fargo & Co. has reminded compliance departments of the bite of anti-money laundering regulatory fines, it has also been a reminder of something else. With acquisitions come problems.
Bank of America has cut its ties to North Korea after the nation topped an intergovernmental blacklist of countries with poor anti-money laundering regimes, according to a bank compliance official.
Federal investigators Thursday arrested a former consultant of a prominent New York management company for allegedly violating U.S. sanctions against Iran through the operation of an unlicensed money transmitting business.
More than 100 medical marijuana clinics have seen their accounts closed in the last 18 months by at least three U.S. banks concerned about regulatory repercussions, say cannabis advocacy groups.
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.
A former U.S. Treasury Department official who oversaw the nation's sanctions program and financial intelligence unit only to take a senior position at Merrill Lynch is returning to government service.
Banks that merge or consolidate risk regulatory reprimands if they choose to scale back their anti-money laundering protections in the process, say consultants.
Banks seeking to acquire other financial institutions must carefully absorb, analyze and monitor the customer information and transaction history of its target not only to ensure it is paying a fair price but also to protect itself against possible regulatory trouble down the road.