Untimely suspicious activity report filings by banks and the temporary storage of IP addresses by service providers are among the factors that hamper federal investigations of financial fraud against the elderly, U.S. officials and industry representatives said Tuesday. In addition to including basic account identifying information, compliance staff should note in their suspicious activity reports (SARs) the existence of any IP addresses linked to the questionable transaction, said Fred Busch, a U.S. Postal Inspection Service investigator, during an online conference hosted by the Association of Certified Anti-Money Laundering Specialists (ACAMS). Compliance staff should also call law enforcement immediately about any...
Federal law enforcement agencies will ask multiple financial institutions next week to take part in a pilot program intended to improve how banks identify suspicious clients and communicate with investigators.
The terms of a $100 million settlement disclosed Friday by MoneyGram for anti-money laundering lapses will cost the Dallas-based money remitter nearly $200 million once completed, regulatory documents show.
The U.S. Justice Department is investigating possible anti-money laundering compliance infractions related to how MoneyGram oversees agents working near Mexico's border, say current and former government sources.
Financial crimes against the elderly in the United States cost the victims at least $2.6 billion annually and that number is rising, says Elizabeth Loewy, the attorney in charge of the Elder Abuse Unit under Manhattan District Attorney Cyrus R. Vance, Jr.