The U.S. Treasury Department's financial intelligence unit fined a Florida credit union $300,000 Tuesday for providing banking services to high-risk money services businesses with few anti-money laundering controls.
U.S. authorities will clarify in pending guidance that not all remittance companies are susceptible to illicit financial activity, a government official said Wednesday.
With plenty of convincing reasons, representatives of the law enforcement and compliance industry say the coming year is fraught with serious challenges.
Relative to the year before, the anti-money laundering (AML) compliance industry drew few headlines over the past 12 months, and yet no one would tell you their job got any easier.
A growing number of compliance professionals expect that someone at a bank, even a compliance officer, will be prosecuted for violating the Bank Secrecy Act in the not-too-distant future.
Changes to how and how often securities firms report suspicious activity are helping to clarify the scope of a long-familiar financial crime: microcap fraud.
Upgrades to the U.S. Treasury Department's Bank Secrecy Act database will allow the nation's financial intelligence unit to better identify criminal activity indicated in regulatory reports, a governmental auditor said.
A New York brokerage firm violated the Bank Secrecy Act by failing to report suspicious activity related to a scheme to bilk third-party investors, securities regulators said Tuesday.
Federal examiners have asked at least a dozen banks along the U.S.-Mexico border to file suspicious activity reports even for relatively small transactions deemed only to be "unusual," say compliance professionals.
In violation of federal law, the confidentiality of suspicious activity reports is being breached regularly by some securities firms, a securities markets regulator said Friday.