In response to a spate of costly enforcement actions and increasingly probing questions from regulators, some U.S. financial institutions have implemented controls to better identify parties invested in omnibus accounts.
America's oldest private bank will pay $8 million to settle regulatory anti-money laundering violations, the largest such fine imposed by the Financial Industry Regulatory Authority.
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.
U.S. financial institutions are taking a closer look at accounts held for stock brokers managing money on behalf of multiple parties in the wake of governmental warnings and sanctions-related settlements.
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