Record Settlements, Russian Tanks and Legal Weed: AML’s Year-in-Review

By Colby Adams, Kira Zalan and Irene Madongo

This time last December, one might reasonably have expected that 2014 would be a year of modest changes for the anti-money laundering and sanctions compliance sector. Then came JPMorgan Chase, BNP Paribas and a convoy of Russian tanks to quash that notion. That the year would unfold differently than 2013, which saw a sharp drop in compliance outlays paid by banks, was signaled as early as Jan. 7, when the U.S. Justice Department and Office of the Comptroller of the Currency (OCC) disclosed a $2.05 billion settlement with JPMorgan Chase for its failure to report suspicious transactions linked to Bernard...