News
Weekly Roundup: OCC Dings Two Banks for AML Lapses, FinCEN Calls for BSAAG Nominations, and More
printThe U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) disclosed a pair of enforcement actions Monday over deficient Bank Secrecy Act (BSA) programs. The agency ordered Los Angeles-based National Bank of California to include better account opening due diligence procedures in its BSA written policy, and ensure that all suspicious activity and large currency transactions are documented and reported. More New Jersey-based Saddle River Valley Bank was dinged by the OCC for poor monitoring of its international wire transfers and inadequate controls on its remote deposit capture services. The regulator ordered the bank to hire an independent...
TO READ THE FULL STORY
Related News
Bankers are asking the U.S. Treasury Department's financial intelligence unit to allow for batch filings of currency reports and relax the dollar threshold at which they must identify suspected frauds.
U.S. lawmakers threaten to impose sanctions on Russia for harboring Edward Snowden, Switzerland transfers $962 million for backdated taxes, and more, in this week's news roundup.
A group of investigative journalists reveal the identities of thousands of suspected tax evaders, U.S. prosecutors increasingly turn to a civil fraud statute to prosecute money launderers, and more, in this week's news roundup.
JPMorgan Chase drops a Milan account for the Holy See, Beijing police freeze nearly $800 million tied to at least six "underground" banks, and more.
The OCC dings three banks for AML problems, Argentina publishes new rules related to corruption in soccer clubs, and more in this week's news roundup.
Iran said it is considering a preemptive embargo of oil exports to the European Union, Bangladesh is tightening up its AML controls, and more, in the week's roundup.
Iran's central bank prepares to sue to win back $2 billion in frozen assets, the U.S. Treasury Department blacklists the heads of a money laundering ring based in Panama and Colombia, and more, in this week's news roundup.
Mexican drug cartels are turning to trade-based laundering involving common goods to transfer narcotics proceeds, while the Financial Crimes Enforcement Network told banks Tuesday that it was postponing the deadline for new currency transaction and suspicious activity reports.
China, Mexico and Russia topped the latest Global Financial Integrity list of countries with the greatest outflows of illicit fund and the Financial Crimes Enforcement Network fined a former bank loss-mitigation specialist $25,000 Thursday for disclosing a SAR to the subject of the report.
The Manhattan D.A. reasserted plans to wind up more settlements with financial institutions accused of removing interbank wire data showing Iran sanctions violations, Senate leaders voiced support for an amendment to a bill that would blacklist Iran's central bank, and more, in this week's roundup.
Turkey announces plans to impose sanctions against Syria due to violence against government protestors, FinCEN asks for comments on proposed revised MSB registration form, and more, in this week's roundup.
The U.S. Treasury Department blacklists four Venezuelan government officials, authorities in Nepal finalizing a five-year national anti-money laundering strategy, and more, in this week's roundup.
India proposes new anti-money laundering measures, two brothers are indicted in Miami over alleged laundering of drug proceeds, and more, in this week's roundup.
The Financial Crimes Enforcement Network warns about the risks involving Syrian PEP transactions, New Zealand issues new AML regulations, and more, in this week's roundup.
Switzerland freezes former Egyptian President's funds, IRS grants tax evaders another opportunity to come clean, and more, in this week's roundup.
The European Commission sets a two month deadline for Germany to fully comply with the Third Money Laundering Directive, a secret report is leaked connecting an Islamic political group and al-Qaida, and more, in this week's roundup.
The Bank of Israel is set to fine two Israeli banks for AML problems, FinCEN and the SEC penalize a brokerage $50,000 and Japan introduces new sanctions against Iran, in this week's news roundup.
The European Union and the United States move ahead with negotiations over Swift interbank data and a New York court sentences an alleged terrorist financier to ten years in prison, in this week's news roundup.
U.S. efforts to stifle al-Qaida's finances are paying off and Swiss financial institutions filed a record number of SARs in 2009, in this week's news roundup.
The Credit Suisse saga isn't over yet, at least not for Manhattan District Attorney Robert Morgenthau. His office announced Wednesday that the bank handed over $268 million to his office. Half of the sum will be turned over to the city of New York and the rest to New York State.