TOP STORY

Apr

19

US Sanctions Law Comes With Unprecedented Tripwire for Foreign Banks

St. Petersburg, Russia’s second-largest city, is pictured in this photo by Shutterstock. U.S. sanctions targeting Russian oligarchs and other entities may have a more significant impact on foreign banks than previously thought, sources told ACAMS moneylaundering.com.

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ADDITIONAL STORIES

April 20 2018

Weekly Roundup: US Regulator Accuses Taiwanese Bank of AML Violations, Swiss Lenders May Combine Compliance Functions, and More

U.K. government accused of hindering French money-laundering investigation, Spanish compliance officer allegedly enabled €100 million money-laundering scheme, and more, in this week’s roundup.

April 19 2018

After Backpage Demise, Banks Must Rethink Strategy Against Human Traffickers

By : Daniel Bethencourt

Financial institutions face new challenges in identifying human trafficking payments following the federal government’s dismantlement of Backpage.com, the most widely used high-profile website for advertising prostitution, say sources.

April 18 2018

Midweek Roundup: White House Halts Russia Sanctions, British Youth Increasingly Act as Money Mules, and More

British man charged with falsely naming U.K. government officials as beneficial owners of legal entities, New York prosecutors to investigate anti-money laundering controls of cryptocurrency firms, and more, in the midweek roundup.

April 17 2018

EU Plan Would Grant National Authorities Direct Access to Banking Data

By : Koos Couvée

Financial institutions in the European Union could see fewer “blanket requests” from national authorities for data on suspected money launderers and other criminals under new proposals to streamline access to EU citizens’ bank-account information, an EU official said Tuesday.

From the Editor: Banks in Europe Can Expect More, Larger Enforcement Actions in 2018

January 26 2018

The European Parliament in Strasbourg is pictured in this Shutterstock photo. Recent investigations in Europe and the United Kingdom indicate that enforcement and prosecution against financial crime will increase in 2018, a panel of attorneys said during an ACAMS webinar.

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Legs & Regs

HM Treasury Publishes Updated Version of Asset Freeze Sanctions List

HM Treasury modified its Consolidated List of Financial Sanctions Targets in the United Kingdom, which contains the names of designated individuals and entities subject to international asset freezing and domestic sanctions under the Terrorist Asset-Freezing etc. Act 2010.
April 20 2018

EU Adds Four to North Korea Sanctions List Related to Nuclear Financing

The European Union issued Council Implementing Regulation (EU) 2017/1509 regarding the designation of four persons associated with North Korea's financing of its nuclear program.
April 20 2018

HM Treasury Adds Four Individuals to North Korea Sanctions List

April 20 2018

DOJ: Former Financial Advisor Charged with Money Laundering, Fraud

April 20 2018

NCA Director General: Partnership with Spain Vital for Combating Organized Crime

April 20 2018
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Enforcement Actions

OCC: Wells Fargo Bank, N.A. Fined $500 Million for Compliance Risk Management Deficiencies

The Office of the Comptroller of the Currency issued a consent order for a $500 million civil money penalty against the Sioux Falls, SD-based financial institution for failing to maintain a sufficient compliance risk management program, among other unsound practices.
April 20 2018

OCC Orders Wells Fargo Bank to Revise Enterprise-Wide Compliance Risk Management Program

The Office of the Comptroller of the Currency issued a consent order against the Sioux Falls, SD-based financial institution that requires the bank to appoint an active compliance committee, develop a compliance risk management plan and revise its enterprise-wide compliance risk management program.
April 20 2018

CFPB: Wells Fargo Bank N.A. Fined $1 Billion for Auto-Loan Administration, Mortgage Practices

April 20 2018

Fed: Hua Nan Commercial Bank Limited, Related Agency Ordered to Develop BSA/AML Compliance Program

April 19 2018

US Commerce Department Issues Denial Order to ZTE Corporation

April 15 2018