The U.S. Treasury Department's financial intelligence unit fined a now-defunct New Jersey money transmitter $125,000 for repeatedly and willfully violating Bank Secrecy Act requirements.
The U.S. Securities and Exchange Commission is taking a deeper look at suspicious activity reports following an overhaul of the federal database of Bank Secrecy Act regulatory filings, according to an agency official.
Mexican officials will extend until February an upcoming deadline for nonbank companies to implement anti-money laundering controls, according to sources with knowledge of the matter.
Lawmakers should expand financial safe harbor protections to allow banks to better share their suspicions about money laundering and its predicate crimes, a top U.S. regulatory official said Sunday.
As a deadline for the implementation of electronic Bank Secrecy Act reporting approached earlier this month, hundreds of financial institutions questioned whether they had too little time to comply with the requirements.
The New York County District Attorney's Office is creating a financial intelligence unit in an effort to expand its use of Bank Secrecy Act reports, the agency's highest official said Monday.
The U.S. Treasury Department and Federal Reserve Board disclosed long-awaited enforcement actions against JPMorgan Chase for Bank Secrecy Act failures Monday - the same day the regulators punished the company for trading violations.
Six financial lobbying groups are asking the U.S. Supreme Court to shield banks from lawsuits targeting them for reporting suspicions about their clients that turn out to be false.
The Manhattan District Attorney's Office has opened dozens of financial crime investigations since the 2010 formation an internal team that reviews suspicious activity reports, a New York official said Monday.
It's a message that has been hammered home repeatedly by the U.S. Treasury Department: the confidentiality of data included in suspicious activity reports is sacrosanct.
Divergences in international lists of predicate offenses to money laundering have hampered the fight against financial criminals, according to a report by the Australian government.
The chief self-regulatory organization examining broker-dealers for anti-money laundering compliance is again allowed to have direct access to suspicious activity reports, the U.S. Securities and Exchange Commission confirmed Thursday.
Once confined to large banks, the practice of forming teams to review suspicious activity reports ahead of regulatory filing deadlines is increasingly being adopted by midsize financial institutions, say compliance professionals.
U.S. Treasury Department efforts to ease the compliance burden of financial institutions have led to a seven percent drop in Bank Secrecy Act filings, the department's financial intelligence unit said Thursday.
The United States' financial intelligence unit should better inform law enforcement agencies about when and how it can help financial crime investigators, a federal watchdog organization said Monday.
The U.S. Treasury needs to improve its collaboration with law enforcement and other stakeholders as it tries again to revise its process for reporting suspicious financial transactions, according to a U.S. Government Accountability Office released Monday.
Less than two percent of the individuals and companies suspected by banks of mortgage fraud are identified by other financial institutions for separate crimes, according to the U.S. Treasury Department.
Lawmakers are likely to scrutinize the frequency of suspicious activity reporting by financial institutions that have reduced their anti-money laundering staff, a former Congressional counsel said Wednesday.
After waiting seven years to issue a SAR form for money services businesses, the U.S. Treasury's Financial Crimes Enforcement Network now expresses impatience that the huge diverse industry is still using the old bank SAR form.
When the Office of the Inspector General of the U.S. Treasury Department set out several months ago to research fraudulent activities affecting the nations financial institutions, it found another problem altogether.