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.
In internal reviews and an ongoing criminal and regulatory investigation, Citigroup employees and Mexican officials have privately voiced concerns that drug traffickers may have infiltrated Banamex's anti-money laundering department, say sources.
In response to Mexico's restrictions on U.S. dollar deposits, drug traffickers have turned to funneling dirty money through accounts opened for seemingly legitimate businesses, American officials warned Wednesday.
Latin America's economic growth has outpaced its development of institutions tasked with fighting financial crime, according to Monica Arruda de Almeida, an adjunct assistant professor for the Center for Latin American Studies at Georgetown University who researches transnational regulation.
A U.S. program supplementing Mexico’s efforts to clamp down on drug trafficking and money laundering should be extended for years to come, American investigators say.
A recent regulatory penalty citing a Brown Brothers Harriman executive made a compliance director at Bank of America wonder about his future personal liability, attendees of a business forum heard Tuesday.
Armed resistance by militia groups to Mexico's violent drug cartels will complicate the efforts of bankers charged with following anti-money laundering laws, whatever their sympathies, say industry consultants.
An agreement formalizing cooperation between a Mexican financial regulator and a U.S. overseer of money services businesses and banks is likely to result in more enforcement actions in both countries.
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.
Bank compliance staff should better scrutinize clients tied to Central America and Mexico's cattle industry following a spate of related U.S. sanctions, say current and former officials.
Recent investigations indicate that a number of Mexican brokerage firms are converting drug profits into pesos and using a network of couriers to layer the money in American bank accounts.
A list of alleged Mexican drug traffickers could aid anti-money laundering departments in identifying suspicious transactions, say compliance officers.
U.S. lawmakers may need to earmark more money for Mexico's financial intelligence unit as part of a $1.9 billion aid package intended to help fight drug trafficking, a federal official said Thursday.
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.
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.
Changes to the final version of Mexico's new anti-money laundering law leave important gaps in the nation's compliance regime, and may elicit criticism from an intergovernmental policymaker, say analysts.
When the DOJ accused 14 in June of washing Mexican cartel money via a horse racing operation, it signified a rare feat in the drug war: a prosecution built solely on money laundering charges. Despite years of trying to choke the cash networks of Mexicans drug gangs, such cases remain the exception.
Mexican cartel members are exploiting mirror accounts in the United States and Mexico to launder money and evade U.S. dollar deposit restrictions, financial regulators said Thursday.
Key features of an anti-money laundering strategy to combat drug trafficking organizations pitched last year by Mexican officials may ultimately be dropped by lawmakers, say industry advisors.