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.
Mexican officials will extend until February an upcoming deadline for nonbank companies to implement anti-money laundering controls, according to sources with knowledge of the matter.
Border banks are accepting potentially fraudulent copies of cash declaration forms to justify bulk cash deposits by individuals traveling from Mexico into the United States, say law enforcement officials.
Critics of a U.S. Treasury Department plan to strengthen beneficial ownership reporting by financial institutions aired their concerns to Obama administration officials at a rare public hearing Tuesday.
While the effects of the global recession on the fight against corruption remain unclear, international officials have begun to wonder whether the stimulus efforts meant to spur the economy will also drive financial crime, according to Joseph Myers.
A global watchdog group is rethinking how it evaluates 11 of its 49 recommendations on combating financial crime, including whether it should consider tax evasion as a predicate offense to money laundering.
The Qatari government has failed to comply with nearly a third of the international anti-money laundering and counter-terrorism financing regulatory controls recommended by an intergovernmental watchdog.
Greg Ruppert, a legal attaché for the Federal Bureau of Investigation in Berlin, spoke to Larissa Bernardes about the importance of getting the who, what, where, when and why of a customer's transactions.
Wachovia Bank will pay up to $125 million to compensate victims of a telemarketing fraud conducted through accounts at the bank and a $10 million civil penalty under agreements reached with the Office of the Comptroller of the Currency.
Financial institutions have been slow to adopt biometric technologies that identify people by physical characteristics, such as fingerprints, as part of their information security programs.
Banking employees can't always get standard photo IDs or signatures from clients, particularly if the person who wants to open an account or transact business is disabled or illiterate.
The reduce the threat of shell companies, banks must ask questions to understand the nature of any business opening an account and should seek proof that the business produces something, says David Caruso, an AML compliance expert.