The federal regulator of national banks is set to crack down on financial institutions that fail to address anti-money laundering shortcomings outlined in non-public regulatory reports, a U.S. official said Monday.
The U.S. Treasury Department Friday revised compliance expectations and examination procedures for banking units that conduct limited operations from the United States on behalf of their foreign parent companies.
The number of enforcement actions issued annually by the top regulator of large U.S. banks declined in 2013, according to a semiannual report on risk published Wednesday by the agency.
The U.S. Treasury Department can expedite civil monetary penalties against financial institutions that violate the Bank Secrecy Act and other rules tied to safety and soundness, under guidelines proposed Thursday.
If you haven't been watching carefully, you may not know that the banks are going to get whole lot of guidance about using independent consultants just in time for the holiday season.
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.
As investment firms look toward new markets to turn a profit, the individuals charged with auditing their compliance program should take note. Bad audits remain a common thread of costly regulatory penalties.
New U.S. regulations and a reported sanctions probe by New York officials are increasing pressure on the reinsurance sector, an industry where knowing your customer can prove difficult, say consultants.
U.S. lawmakers called on regulators Thursday to review potential conflicts of interest involving third-party companies hired to evaluate banks' compliance with lending, capitalization and anti-money laundering rules.
Intended to ensure strong Bank Secrecy Act programs, compliance audits can nonetheless have an unintended consequence: they can get banks in trouble, say consultants.
Two recent evaluations of third-party audits conducted on behalf of banks highlights an unresolved question in the compliance world: can you sometimes get what you pay for?
When Robert Frimet arrived last summer at a small check cashing business in California to audit its compliance with financial crime and sanctions rules, one problem immediately stood out: the business had never heard of the U.S. Treasury Department's Office of Foreign Assets Control.
A New York court convicted a former executive of a prominent management consultancy of helping transfer $3.4 million into Iran through the informal exchange system known as hawala.
Federal investigators Thursday arrested a former consultant of a prominent New York management company for allegedly violating U.S. sanctions against Iran through the operation of an unlicensed money transmitting business.
Banks looking to curb costs by outsourcing their anti-money laundering duties should be cautious before signing on the dotted line with third-party vendors, say compliance experts.