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.
For the second time this year, a U.S. judge has granted federal investigators broad authority to review a global bank's anti-money laundering records as part of an offshore tax evasion probe.
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.
Poor regulatory oversight noted in a congressional report this week extends beyond safety and soundness issues to lax Bank Secrecy Act enforcement, according to individuals who have worked with the thrift supervisor.
A U.S. District Court judge Wednesday signed an order ending Wachovia Bank's deferred prosecution agreement with the U.S. Justice Department for failing to identify transactions potentially tied to drug cartels.
Federal bank examiners have added a new criterion to their evaluations: how well banks coordinate their anti-money laundering, anti-fraud and data security efforts, according to compliance professionals.
The U.S. Treasury Department is reportedly investigating the role of Wachovia Bank compliance staff in the financial institution's failure to sufficiently scrutinize more than $420 billion in transactions tied to Mexican currency exchange businesses.
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.
Two U.S. companies paid a total of $200 million dollars this week for anti-money laundering (AML) and sanctions violations. On Wednesday, Wells Fargo Co. agreed to pay the United States $160 million and the next day a Delaware corporation paid $40 million.
Wells Fargo & Co., the parent company of Wachovia Bank, will pay $160 million to settle anti-money laundering compliance problems tied to accounts with Mexican currency exchange companies, the company said Wednesday.
An expected settlement between the U.S. Justice Department and Wachovia Bank over lax anti-money laundering policies is highlighting the compliance risks of doing business with Mexican currency exchange companies.
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.
The mergers of some of the nation's largest banks, brokerages and mortgage lenders will mean turmoil in compliance departments due to employee redundancy and culture clashes, say bank officials.
Wachovia Bank will pay up to $125 million to compensate victims of a telemarketing fraud conducted through accounts at the bank and a $10 million civil penalty under agreements reached with the Office of the Comptroller of the Currency.
Wachovia Bank, which U.S. authorities have connected to a Mexican exchange house allegedly involved in a money laundering operation, is terminating its correspondent relationships with all money services businesses based outside the United States.
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.
The U.S. Justice Department is seeking the forfeiture of $110 million in proceeds from an allegedly corrupt Italian bankruptcy case.