HSBC Bank USA will seek a new chief compliance officer after the departure of the executive who filled the role for over two years.
In every longstanding relationship, there comes a point when both parties begin to question something they once thought they had agreed on. Talk to a Bank Secrecy Act officer at a conference, over dinner or in a bar and one point of friction with federal regulators inevitably becomes clear.
A list of alleged Mexican drug traffickers could aid anti-money laundering departments in identifying suspicious transactions, say compliance officers.
As the compliance expectations of European regulators grow, banks should proactively move to adopt future changes outlined in proposals for the EU's Fourth Money Laundering Directive, according to the former global head of compliance at ABN Amro.
With its next presidential election less than a week away, Venezuela has more than an unplanned transition in leadership to sort out. It has, once again, a growing problem with capital flight.
Global financial institutions are facing tougher anti-money laundering compliance exams from regulators in nations that have recently bolstered their laws, Bank Secrecy Act officers said Thursday.
U.S. sanctions against an international gang with thousands of American members will challenge compliance officers of small and midsize banks, say attorneys and former government officials.
Time constraints and poor communication have hindered federal bank examiners in identifying broad compliance lapses, and prompted them to give unnecessarily challenging mandates to the financial institutions they oversee.
Citigroup's top anti-money laundering and sanctions compliance officer has resigned to take a position at JPMorgan Chase, according to an e-mail obtained by ACAMS MoneyLaundering.com and an individual familiar with bank discussions.
The United Kingdom's banking regulator Tuesday penalized a Zurich-based financial institution and its former anti-money laundering officer a combined 540,000 pounds for broad failures in risk-ranking and enhanced due diligence procedures.
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).
Bank Secrecy Act compliance officers should proactively shield themselves from both budget cuts and potential retaliation for disclosing regulatory violations, according to a former OCC attorney.
Dramatic changes to the Arab world's political landscape will mean broad reassessments by U.S. financial institutions of compliance risks in the region, according to bank officials.
U.S. banks are still fine tuning policies on when to report suspicious activity and reject transactions tied to online gambling after the passing of a June 1 enforcement deadline.
U.S. investigators arrested the former chief executive officer of a Manhattan-based bank Monday for allegedly embezzling money from a fraudulent loan and attempting to cheat the government out of federal bailout funds.
Online securities and futures firms should speak regularly with regulatory examiners about the sorts of financial crimes that are raising concerns, according to E*Trade's top AML officer.
The New York District Attorney's Office has hired a prominent U.S. Justice Department official to head a new bureau established to investigate financial fraud, bribery, terrorist financing and money laundering.
Whether AML officers should directly contact customers when questions arise is an issue cash-strapped financial institutions have increasingly had to contend with, say consultants.
In the world of financial compliance, Canada "talks a good game" but does little to enforce counter-terrorism financing and anti-money laundering regulations, according to Chris Mathers, a Toronto-based consultant.
For the seasoned anti-money laundering compliance officer, experience and good luck can mean a higher salary and a foray, via promotion, into the larger world of general financial compliance, say consultants. The caveat: the same skills that opened doors can hinder performance, they say.