A European Parliamentary committee Thursday approved far-reaching changes to the EU's rules combating money laundering and terrorist financing, including an amendment that would require nations to publicize corporate owners.
British asset management firms are failing to adequately address their vulnerabilities to money laundering, bribery and corruption, the United Kingdom's chief financial regulator said Thursday.
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.
A slew of recent enforcement actions issued by federal regulators contain stern warnings for senior bank managers that they are responsible for their institution's compliance with U.S. anti-money laundering rules, say analysts.
The Federal Deposit Insurance Corp. fined a Pennsylvania bank $1.5 million for anti-money laundering violations related to 2009 and 2010 exam findings, the institution disclosed in a regulatory filing Tuesday.
Calls for a survey of how U.S. banks monitor high-risk accounts are likely to be ignored even if such a review would expose anti-money laundering compliance gaps, say industry experts.
A Miami bank will pay nearly $11 million for maintaining accounts for over a decade for high-risk Mexican currency exchange houses linked to drug traffickers, the U.S. Justice Department said Monday.
Court documents show that a wrongful termination lawsuit at a Miami bank will partly hinge on whether the institution should have separately monitored the accounts of its wealthy Venezuelan clients.
An ousted Tunisian leader's transfer of suspect funds into Western bank accounts highlights the pitfalls financial institutions face when they maintain relationships for foreign political leaders, say analysts.
After 11 days of testimony and three days of deliberations, a Texas jury found former House Majority Leader Tom DeLay guilty on Wednesday of laundering nearly $200,000 in illicit corporate donations.
A judges decision Tuesday to allow discussion of alleged suspicious activity at a Miami bank is likely to draw the attention of financial regulators, according to current and former examiners.
A Florida judge will rule Tuesday whether attorneys can discuss the possible filing of a suspicious activity report that allegedly triggered a wrongful termination lawsuit against a Miami community bank.
The trial of former U.S. lawmaker Tom DeLay for allegedly laundering campaign funds will likely hinge on whether Texas state prosecutors can prove he attempted to cover up corporate donors, say lawyers.
An intergovernmental group said Wednesday that it was considering asking countries to make tax evasion a predicate crime of money laundering and to issue tougher AML standards on political figures.
Two initiatives to recover assets embezzled by corrupt political leaders will result in banks receiving more subpoenas and data requests from law enforcement, say analysts.
Few small financial firms in the U.K. have adequate anti-money laundering and sanctions compliance programs, including enhanced due diligence controls for high-risk clients, Britain's top financial regulator said Monday.
A U.S. Senate subcommittee called for reforms Thursday to better detect when corrupt foreign politicians hide dirty money in the United States, including the implementation of federal beneficial ownership rules.
The United States has asked Guatemala to extradite former Guatemalan president Alfonso Portillo for allegedly laundering embezzled funds through at least three U.S. bank branches, according to court documents.
We never said compliance professionals had it easy, and 2010 doesn't look to be a year when things will be any better for the anti-money laundering and counterterrorism financing industry.
The Federal Deposit Insurance Corp., in a cease-and-desist order signed Friday, ordered Ocean Bank of Miami to provide job-specific training for compliance staff, the bank said today in a statement. The FDIC confirmed the enforcement action but declined to say when it would be released.