Canadian officials Monday previewed pending anti-money laundering rules for domestic officials and advised financial institutions to review customer accounts and prior transactions for links to world soccer's top governing body.
Looking for entrée into a financial market that has been reluctant to bank them, multiple Argentine money services businesses have applied for American accounts under false pretenses, say industry advisors.
As many as a half dozen banks have severed relationships with foreign money services businesses for failing to register with the U.S. Treasury Department under rules that took effect earlier this year, say compliance professionals.
The terms of a $100 million settlement disclosed Friday by MoneyGram for anti-money laundering lapses will cost the Dallas-based money remitter nearly $200 million once completed, regulatory documents show.
A 2008 investigation of Colombian cash couriers by customs officials and the U.S. Justice Department that made headlines for its ties to European cocaine sales had a lesser known result: Bank Secrecy Act regulations.
A U.S. Treasury Department rule finalized in 2011 has prompted foreign money services businesses to incorporate affiliates in the United States in an effort to retain access to American banks.
An agreement by one the nation's largest money transmitters to better share transactional data with investigators has resulted in greater scrutiny, both for the business and its chief competitor.
When training agents working through money services businesses, compliance officials should take a creative, multimedia approach, said Anthony Rodriguez, global compliance officer at the Los Angeles-based Associated Foreign Exchange, Inc (AFEX).
Financial institutions in Canada will be required to strengthen their due diligence controls and report all cross-border transactions, under draft rules proposed by the country's Department of Finance Wednesday.
The U.S. Justice Department is investigating possible anti-money laundering compliance infractions related to how MoneyGram oversees agents working near Mexico's border, say current and former government sources.
The U.S. Treasury Department Monday imposed new compliance duties on foreign money remitters and other businesses that serve U.S. clients as part of broader efforts to track global illicit finance.
Western Union will pay $94 million to resolve claims by the Arizona Attorney General's office that the company wasn't doing enough to combat Mexican money launderers and human traffickers.