News
U.S. Regulators Order Bank of Tokyo to Strengthen PEP policies
By Selina Román
printThe Federal Deposit Insurance Corporation (FDIC) and the New York State Banking Department reprimanded the Bank of Tokyo's Mitsubishi UFJ Trust Company on Monday for "unsafe and unsound" practices in its New York branch. The state and federal regulators cited the world's fourth-largest bank for operating a deficient anti-money laundering program that failed to train employees about Bank Secrecy Act (BSA) requirements, including identifying political figures and their associates, often referred to as politically exposed persons or PEPs, according to moneylaundering.com, a sister news service, in a report on the cease-and-desist order and a separate written agreement. The bank agreed...
TO READ THE FULL STORY
Related News
Reports that Benjamin Lawsky will step down early next year as superintendent of the New York State Department of Financial Services highlight how time can paradoxically seem to pass both quickly and slowly, almost simultaneously.
New York State's financial regulator fined Japan's largest bank for the second time in two years Tuesday for sanctions-related infractions, bringing the institution's total outlay to more than half of a billion dollars.
A European Parliamentary committee Thursday approved far-reaching changes to the EU's rules combating money laundering and terrorist financing, including an amendment that would require nations to publicize corporate owners.
British asset management firms are failing to adequately address their vulnerabilities to money laundering, bribery and corruption, the United Kingdom's chief financial regulator said Thursday.
In the wake of two state-issued fines that totaled over $500 million dollars, several foreign banks with chartered branches in New York are considering moving elsewhere, say sources with knowledge of the matter.
New York's financial regulator Thursday said a Japanese bank must pay $250 million for breaking a state recordkeeping law-the second time the agency has used the rule against sanctions violators.
The U.S. Treasury Department's sanctions enforcement agency fined a Japanese bank nearly $8.6 million Wednesday for violating sanctions against Iran, Sudan, Myanmar, Cuba and weapons proliferators.
Calls for a survey of how U.S. banks monitor high-risk accounts are likely to be ignored even if such a review would expose anti-money laundering compliance gaps, say industry experts.
A Miami-based bank is expected to agree to pay between $10 million and $15 million to the U.S. government in the next month for Bank Secrecy Act violations, according to individuals familiar with the matter.
An ousted Tunisian leader's transfer of suspect funds into Western bank accounts highlights the pitfalls financial institutions face when they maintain relationships for foreign political leaders, say analysts.
After 11 days of testimony and three days of deliberations, a Texas jury found former House Majority Leader Tom DeLay guilty on Wednesday of laundering nearly $200,000 in illicit corporate donations.
The trial of former U.S. lawmaker Tom DeLay for allegedly laundering campaign funds will likely hinge on whether Texas state prosecutors can prove he attempted to cover up corporate donors, say lawyers.
An intergovernmental group said Wednesday that it was considering asking countries to make tax evasion a predicate crime of money laundering and to issue tougher AML standards on political figures.
Two initiatives to recover assets embezzled by corrupt political leaders will result in banks receiving more subpoenas and data requests from law enforcement, say analysts.
Few small financial firms in the U.K. have adequate anti-money laundering and sanctions compliance programs, including enhanced due diligence controls for high-risk clients, Britain's top financial regulator said Monday.
A U.S. Senate subcommittee called for reforms Thursday to better detect when corrupt foreign politicians hide dirty money in the United States, including the implementation of federal beneficial ownership rules.
The United States has asked Guatemala to extradite former Guatemalan president Alfonso Portillo for allegedly laundering embezzled funds through at least three U.S. bank branches, according to court documents.
We never said compliance professionals had it easy, and 2010 doesn't look to be a year when things will be any better for the anti-money laundering and counterterrorism financing industry.
The bank, a subsidiary of Tokyo-Mitsubishi UFJ, said it set aside $10 million after the OCC disclosed that it plans to issue a civil money penalty and cease and desist order against the institution.
The Financial Services Agency ordered Bank of Tokyo to improve its New York branchs policies for identifying politically exposed persons, correspondent accountholders and other high-risk customers, including those who conduct frequent wire transactions.