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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.
PricewaterhouseCoopers will pay $25 million and revise its consulting practices after removing incriminating findings from a 2008 report drafted for Japan's largest bank, a New York State regulator said.
Bank of America, N.A. will pay a $16.5 million penalty for failing to freeze assets and reject transactions linked to sanctioned global drug traffickers, the U.S. Treasury Department said Wednesday.
The House Committee on Foreign Affairs Thursday unanimously approved a measure that would penalize foreign banks that offer financial services to Hezbollah, an Iran-backed, Lebanon-based Shiite militant group.
U.S. officials Tuesday charged a blacklisted Chinese national with using shell companies to maintain accounts at American banks and offered five million dollars for information on his whereabouts.
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.
As early as Monday, banks will be able to do what has become seemingly unthinkable in the sanctions compliance field during recent years: ramp up their ties to Iran.
The chairman of a Senate committee vowed Thursday to block additional sanctions against Iran in an effort to protect last month's multilateral accord to suspend portions of the country's nuclear program.
Recent regulatory guidance on banks use of consultants for anti-money laundering remediation work places a renewed focus on the personal connections that can affect the independence of consultants, according to compliance professionals.
Western financial institutions won't radically amend their sanctions controls in response to an agreement to limit Iran's nuclear program in exchange for a relaxation of banking restrictions, say former officials.
Despite tightened controls on interbank messaging, some bankers looking to hide the role of their blacklisted clients in international wires need only type a single key on their keyboard, according to experts.
A federal court ruling reversing convictions against a former financial adviser for running an unlicensed money remitter that accepted money from Iran highlights little known exceptions to prohibitions on accepting Iranian money.
A U.S. official's threat last month of economic sanctions against four Chinese banks is likely to be toothless given economic and enforcement hurdles, say sanctions analysts.
Three weeks before he attempted to detonate a car bomb in Times Square on May 1, Faisal Shazhad, a naturalized U.S. citizen living in Connecticut, was in New York picking up $7,000 in cash sent by a suspected member of a Pakistani terrorist group using an age-old informal transmission network.
Federal prosecutors indicted three New York men Wednesday for allegedly helping send approximately $300,000 to Iran and other countries through unregistered hawalas, a type of informal money exchange network.
The U.S. Senate won't consider an Iran sanctions bill overwhelmingly approved by the U.S. House of Representatives Tuesday until a negotiation deadline set by the Obama administration expires, say analysts.
Federal prosecutors said Thursday that they were seeking forfeitures from three New York banks as part of the prosecution of two companies allegedly operating under the control of a sanctioned Iranian bank.
The United Kingdom banned British financial institutions Monday from transacting business with an Iranian shipping company and one of Iran's five state-owned banks.
If talks between Iran and global powers founder, the United States will likely lobby the United Nations to blacklist at least one of two Iranian government-owned banks, say sanctions analysts.
U.S. banks are still confused about how to know terrorist financing when they see it, according to a former U.S. Treasury official.
