The Financial Industry Regulatory Authority issued a $75,000 fine against a Boston-based securities firm that failed to comply with its own anti-money laundering policies, enabling one of its brokers to bring in questionable business through dubious penny-stock sales practices.
Federal investigators increasingly suspect that criminals are funneling illicit assets into the legal economy through hedge funds, one of only a few categories of financial services left that still fall outside the scope of U.S. anti-money laundering rules.
A former supervisor of Deutsche Bank's now-defunct trading unit in Moscow "appears" to have accepted bribes to help launder billions of dollars for Russian clients through the lender's branches in London and New York, the state's financial regulator said Monday.
The embezzlement of more than $3 billion from 1Malaysia Development Bhd. has drawn new attention to the risk of banking sovereign wealth funds, leaving financial institutions that manage their accounts increasingly exposed to enforcement at home and overseas.
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