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The U.S. regulator of national banks is reviewing how it will penalize so-called "pillar violations" of anti-money laundering laws after the agency revamped its enforcement policies ahead of congressional criticism.
The Internal Revenue Service's anti-money laundering division is in the process of revamping how it examines tens of thousands of money services businesses, according to a former U.S. Treasury Department official.
U.S. regulators Thursday released the latest Bank Secrecy Act examination manual for financial institutions, clarifying regulatory requirements on bulk currency shipments, suspicious activity reporting and compliance department structures.
Federal regulators that uncover anti-money laundering lapses at banks could face an unusual challenge this year: how to penalize an institution that has been propped up with government money.
Federal banking regulators, besieged by a surge in bank closings, are resorting to re-hiring retired examiners to speed up receiverships and resolve billions in toxic assets, the flotsam of a still unsettled mortgage meltdown.
The FDIC, the chief regulator of more than half of U.S. financial institutions, failed to identify violations involving customer identification programs in at least three of 24 financial institutions reviewed, the Office of the Inspector General said in a report Friday.
A GAO report that evaluated the staff management practices of the FDIC, Office of the Comptroller of the Currency, and eight other financial regulators, found that all had generally improved the way they linked pay to performance, but noted that evaluation criteria were often unclear.
In its 2007 business plan, the FDICs Office of Inspector General said it will increase efforts to investigate fraud at institutions supervised by the agency, develop educational outreach programs and create a database to better track suspicious activity reports.
Account history reviews are often expensive but their lengths can be negotiated, according to KPMG Forensic principal Darren Donovan.
Four experts in the legal, regulatory, and finance fields offer advice for detecting regulatory trouble with common AML issues.
The IRS will use these first exams, which target 14 insurers of various sizes, to gather information and fine-tune procedures for future audits.
