U.S. authorities will clarify in pending guidance that not all remittance companies are susceptible to illicit financial activity, a government official said Wednesday.
Growing economic and political ties between Argentina and Iran are prompting some bank compliance officers to look more closely at their clients in the South American nation, say industry professionals.
A plan approved Wednesday by Argentine lawmakers to entice tax dodgers to repatriate their assets will also motivate international bankers to ask questions of their counterparts in the country.
The alleged money laundering of $6 billion through bank accounts controlled by a virtual currency operator and its accomplices reflects widespread and serious anti-money laundering vulnerabilities, say industry experts.
The Reserve Bank of India confirmed that it is investigating three banks for potential money laundering violations, a forthcoming industry survey points to rising compliance salaries, and more, in this midweek news roundup.
The Central Bank of Ireland fined Community Credit Union Limited nearly $28,000 for AML violations, Nigerian cross-border cash couriers are using China and Dubai to launder funds, and more, in the weekly roundup.
Money services businesses in Quebec are struggling to deal with the impact of unprecedented provincial registration and anti-money laundering requirements that took effect this year, say analysts.
As many as a half dozen banks have severed relationships with foreign money services businesses for failing to register with the U.S. Treasury Department under rules that took effect earlier this year, say compliance professionals.
A 2008 investigation of Colombian cash couriers by customs officials and the U.S. Justice Department that made headlines for its ties to European cocaine sales had a lesser known result: Bank Secrecy Act regulations.
A U.S. Treasury Department rule finalized in 2011 has prompted foreign money services businesses to incorporate affiliates in the United States in an effort to retain access to American banks.
Thousands of small money services businesses have lost some federal anti-money laundering oversight and guidance due to budget cuts involving two U.S. Treasury agencies, according to current and former government officials.
Hundreds of money services businesses and other small financial institutions will miss the U.S. Treasury Department's June 30 deadline to file all of their anti-money laundering reports electronically, say sources.
When training agents working through money services businesses, compliance officials should take a creative, multimedia approach, said Anthony Rodriguez, global compliance officer at the Los Angeles-based Associated Foreign Exchange, Inc (AFEX).
Legislation approved Thursday by Argentina's congress will bring the South American nation in line with international counterterrorism financing standards, say current and former officials of the country's financial intelligence unit.
The Office of the Comptroller of the Currency penalizes a BSA officer $5,000 for failing to file CTRs, Singapore moves to boost enforcement against money laundering, and more, in this week's roundup.
Argentina Monday became the first ever Group of 20 nation to be added to the Financial Action Task Force's latest iteration of a list of countries with troubled anti-money laundering regimes.
Argentina's Senate approves new anti-money laundering legislation, New Jersey rabbi receives probation for money laundering conviction, and more, in this week's roundup.
An expected decision on whether to include Argentina on an intergovernmental list of jurisdictions with poor compliance controls will depend on the country's willingness to enforce its new laws, say analysts.
Argentina to release AML action plan to avoid FATF blacklisting, the OCC issues two AML-related enforcement actions, and more, in this week's roundup.
The passage of an Argentine bill intended to entice Argentineans to bank domestically will make it easier for criminals to launder money undetected, say consultants.