Citigroup has agreed to pay the U.S. Treasury Department $218,000 for processing export bill collection applications linked to Iran and failing to identify suspicious parties with its sanctions software system.
Bank of America is asking clients from four blacklisted nations to submit additional identification documents and prove that they permanently reside outside of their home countries, ACAMS moneylaundering.com has learned.
A recent regulatory penalty citing a Brown Brothers Harriman executive made a compliance director at Bank of America wonder about his future personal liability, attendees of a business forum heard Tuesday.
The financial clearing subsidiary of Deutsche Börse AG will pay the U.S. Treasury Department's sanctions enforcer $152 million for holding money in New York-based accounts on behalf of Iran's central bank.
Deutsche Borse AG will pay $151,902,000 to resolve an investigation by the US Treasury Department's Office of Foreign Assets Control (OFAC), according to a press release the German exchange issued Thursday.
The U.S. Treasury Department's sanctions enforcement agency fined a Japanese bank nearly $8.6 million Wednesday for violating sanctions against Iran, Sudan, Myanmar, Cuba and weapons proliferators.
The U.S. Treasury Department Tuesday disclosed an $111,359 fine against the New York branch of Société Générale for violating American sanctions against Iran in late 2006 and early 2007.
Wells Fargo paid the U.S. government $67,500 for performing financial services in the United States at the behest of an individual in Iran that officials had previously voiced concerns about.
Several large U.S. banks have closed embassy accounts potentially linked to corruption, a Russian official accuses a U.S. charity of terrorist ties and more, in this week's news roundup.
Bank of America failed to investigate $160 billion in suspicious transactions used to perpetrate an alleged $20 billion fraud by a wealthy Saudi Arabian businessman, a congressional witness said Tuesday.
A federal judge's questioning of the recent DPA between the U.S. Department of Justice and Barclays Bank, could signal that future agreements will be more expensive for financial institutions and more perilous for their top executives, according to legal analysts.
Bank of America has cut its ties to North Korea after the nation topped an intergovernmental blacklist of countries with poor anti-money laundering regimes, according to a bank compliance official.
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.
More than 100 medical marijuana clinics have seen their accounts closed in the last 18 months by at least three U.S. banks concerned about regulatory repercussions, say cannabis advocacy groups.
A former U.S. Treasury Department official who oversaw the nation's sanctions program and financial intelligence unit only to take a senior position at Merrill Lynch is returning to government service.
The mergers of some of the nation's largest banks, brokerages and mortgage lenders will mean turmoil in compliance departments due to employee redundancy and culture clashes, say bank officials.
John Byrne, a fixture at anti-money laundering conferences, is no longer with Bank of America as of Thursday, according to a bank spokeswoman.
Mexican authorities took Mario Villanueva Madrid into custody June 21 as he left prison after completing a six-year sentence on a money laundering conviction. Villanueva, the former mayor of Mexicos Quintana Roo state, is wanted in New York on drug trafficking and money laundering charges.
The NASD cited Banc of America Investment Services for failing to document the beneficial owners of 34 "high-risk" domestic brokerage accounts maintained by private companies in the Isle of Man.
Bank of America acknowledged Wednesday that its lax policies allowed South American money transmitters to funnel $3 billion through a Manhattan branch and agreed to pay $7.5 million in a settlement with the Manhattan District Attorney's Office.