Recent enforcement actions and national assessments of anti-money laundering efforts point to persistent concerns about potential over-reliance on an old compliance mainstay: third-party audits
In the sometimes complex arrangements between financial institutions and their hired compliance advisors, one ambiguity consistently eludes the legalese of contracts: what can be said in e-mails without landing the firms in hot water?
Promontory Financial Group, LLC won't be able to enter into new contractual relationships with troubled New York-regulated banks until further notice, the state's financial regulator said Monday.
Reports that Benjamin Lawsky will step down early next year as superintendent of the New York State Department of Financial Services highlight how time can paradoxically seem to pass both quickly and slowly, almost simultaneously.
U.S. and EU officials are considering asset freezes and travel bans on the leaders of rebel groups in Libya, India's Reserve Bank issued simplified due diligence rules for low-risk customers, and more, in the midweek roundup.
Standard Chartered Bank will pay New York $300 million for anti-money laundering violations, a sum nearly 90 percent of a separate fine paid by the institution to the state in 2012 for related sanctions troubles.
PricewaterhouseCoopers will pay $25 million and revise its consulting practices after removing incriminating findings from a 2008 report drafted for Japan's largest bank, a New York State regulator said.
New York State's financial regulator will take a more aggressive tack against bankers and consultants who violate anti-money laundering rules, the agency's superintendent said Monday.
Financial consultants are weighing ways to shield their auditors from undue influence by clients in the wake of a monetary settlement by New York State and congressional testimony by federal regulators.
Despite tightened controls on interbank messaging, some bankers looking to hide the role of their blacklisted clients in international wires need only type a single key on their keyboard, according to experts.
In the wake of two state-issued fines that totaled over $500 million dollars, several foreign banks with chartered branches in New York are considering moving elsewhere, say sources with knowledge of the matter.
A nearly $330 million deferred prosecution agreement with a London-based bank reinforces the peril financial institutions face when engaging in look-backs for possible sanctions or anti-money laundering violations.
Standard Chartered Bank's pending settlement with U.S. authorities for violating sanctions against Iran demonstrates the high-stakes compliance challenge inherent in holding U.S. dollar clearing accounts, say analysts.
Intended to ensure strong Bank Secrecy Act programs, compliance audits can nonetheless have an unintended consequence: they can get banks in trouble, say consultants.
New York's $340 million sanctions settlement with Standard Chartered Plc will likely serve as a model for similar compliance-related agreements, even as it deters some banks from obtaining state licenses.
A New York agency's threat to revoke Standard Chartered Bank's state license for alleged sanctions violations is based on a flawed understanding of U.S. Treasury regulations, say former U.S. officials.
U.S. investigators looking into potential sanctions violations by Standard Chartered Bank will likely expedite their case following allegations by New York officials that the bank's executives permitted compliance violations, say sources.
A London bank in talks with the United States for potential violations over its economic sanctions compliance program spent $150 million in 2010 on related transaction reviews and upgrades.
The U.S. Treasury Department is challenging a federal judge's recommendation to drop civil charges against a former attorney accused of helping a Miami bank hide over $20 million in losses.
A UBS spokesman acknowledged Thursday that the Indian regulator scotched the deal because of concerns about UBS's compliance program.