A recent regulatory penalty citing a Brown Brothers Harriman executive made a compliance director at Bank of America wonder about his future personal liability, attendees of a business forum heard Tuesday.
The Royal Bank of Scotland Plc will pay federal and state regulators $100 million to settle charges that it knowingly violated U.S. economic sanctions against Cuba, Myanmar, Sudan and Iran.
China prohibits the trading of bitcoins by financial institutions over money laundering concerns, the U.K. closes 100 suspicious Bank of Cyprus accounts, and more, in this week's news roundup.
Internet portals that facilitate crowd-sourced fundraising will need to spend tens of thousands of dollars to comply with anti-money laundering rules proposed by the U.S. regulator of broker-dealers, say industry consultants.
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.
The terms of an ongoing audit of Cyprus' financial sector and a recent exodus of funds will significantly hinder attempts to identify dirty money with ties to the island-nation, say compliance experts.
New York's importance as both a financial center and a target for terrorists not only justifies but demands tough prosecutions from Manhattan prosecutors, New York's District Attorney said Friday.
A federal judge's questioning of the recent DPA between the U.S. Department of Justice and Barclays Bank, could signal that future agreements will be more expensive for financial institutions and more perilous for their top executives, according to legal analysts.
The Royal Bank of Scotland will pay the United States $500 million over Bank Secrecy Act and sanctions violations committed by the now defunct ABN Amro, U.S. officials said Monday.
Credit Suisse AG will pay $536 million as part of an agreement to settle charges that it provided banking services to entities that were the subject of U.S. economic sanctions, according to a statement released by the bank today.
Investigations against at least nine foreign banks accused of violating U.S. sanctions will soon result in deferred prosecution agreements with some of the financial institutions, Manhattan's district attorney said Tuesday.
The U.S. Justice Department is planning to appeal a judge's ruling that it does not have the jurisdiction to sue two European banks it believes helped launder nearly $300 million tied to a massive securities fraud.
A federal court ruling dismissing a $300 million U.S. lawsuit against two European banks may limit how the United States enforces its anti-money laundering laws abroad, say former investigators.
Lloyds TSB Bank Plc. has agreed to pay the United States $350 million to settle charges that it hid wire transfers with blacklisted companies, the largest sanctions-related penalty to date.
The Southern District of New York collected over 52 percent less in asset forfeitures in fiscal year 2008 than it did in the previous year, the agency said Thursday.
Misconceptions have often fueled the debate on how to stop terrorist financiers since the attacks of September 11, 2001, according to Ibrahim Warde, a professor at Tufts University in Boston. Warde talked with reporter Brian Orsak about what misinformation has cost financial services .
Lloyds and the Bank of Cyprus are subject to U.S. jurisdiction because Title 18 USC 1956 (b) grants such extraterritorial reach to U.S. courts and because both signed "Consent of Jurisdiction" letters in order to do business in the U.S., according to the Justice Department.
The bank returned its banking license on Jan. 18, three months after the U.S. Justice Department sued the Bank of Cyprus over claims that it aided a Cypriot fugitive launder proceeds from an insider trading scheme.
The cases, seeking nearly $300 million in fines, should be dismissed because they constitute an "unprecedented attempt to apply the U.S. money laundering statute beyond its explicit, but limited" extraterritorial reach, Bank of Cyprus and Lloyds TSB Bank argued in court documents released today.
The fallout from the securities fraud and anti-money laundering case involving the two institutions may continue, suggest compliance consultants, who say financial institutions involved in correspondent transactions with the defendants may face pressure from regulators and law enforcement.