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Jan

EXCLUSIVE: Latvian Disciplinary Cases Reveal Internal Battles Over AML Supervision

Two former Latvian regulators whom were targeted with disciplinary proceedings after pushing for tougher AML enforcement and supervision recently discussed their cases with ACAMS moneylaundering.com.

Legs & Regs

FDIC Seeks Comments on Exemptions from SARs Requirements for Innovative Solutions Under BSA

The Federal Deposit Insurance Corporation issued a notice of proposed rulemaking inviting comments on modifications to the Suspicious Activity Reports requirements to allow exemptions for financial institutions that develop innovative solutions to meet Bank Secrecy Act requirements more effectively.

January 22, 2021

OCC Proposes Changes to Suspicious Activity Reporting Requirements

The Office of the Comptroller of the Currency issued a notice of proposed rulemaking on changes to allow exemptions to Suspicious Activity Reports requirements for financial institutions that develop innovative solutions to meet Bank Secrecy Act obligations more efficiently and effectively.

January 22, 2021

FCA: Convicted Insider Dealer Must Pay £3.89 Million Confiscation Order

The U.K. Financial Conduct Authority announced that Southwark Crown Court issued a confiscation order totaling £3,893,964.82 to be paid by Walid Choucair, who was convicted and sentenced in 2019 on five offenses of insider dealing.

January 22, 2021

PRA Issues Policy Statement on Senior Managers Regime Forms Updates

The United Kingdom’s Prudential Regulation Authority published Policy Statement 1/21 to make minor consequential amendments to the Notification Form and other updates to Senior Managers and Certification Regime Form L.

January 22, 2021

Financial Crime Matters: The ICIJ’s Mike Hudson, Spencer Woodman and the FinCEN Files

November 23, 2020

In this episode of Financial Crime Matters, Kieran Beer, editor in chief of ACAMS moneylaundering.com, Mike Hudson, senior editor for the International Consortium of Investigative Journalists, and ICIJ reporter Spencer Woodman discuss the FinCEN Files.

According to the Financial Crimes Enforcement Network, financial institutions reporting suspected criminal activity related to COVID-19 vaccines and their distribution should:

A. Reference "FIN-2020-NTC4" in field 2 of their suspicious activity reports (SARs).
B. Select SAR field 34(z) (Fraud - other) as the associated suspicious activity type.
C. Provide details about the reported activity in the narrative portion of the suspicious activity reports.
D. All of the above.

View all quizzes

More News

Julius Baer Executives Punished for FIFA, PDVSA Violations

By : Gabriel Vedrenne

Swiss regulators on Thursday reprimanded four ex-senior managers of Julius Baer for allowing hundreds of millions of dollars in suspicious funds from South America to flow into the private bank over several years, including bribes tied to FIFA, world soccer's primary governing agency.

January 22, 2021

Weekly Roundup: White House Orders Regulatory Freeze, PayPal Closes Capitol Rioter’s Account, and More

USPS filed incomplete SARs, former Latvian AML regulators criticize their country's AML enforcement, and more, in the weekly roundup.

January 22, 2021

Biden’s Freeze on New Regulations Impacts Several AML Proposals

By : Valentina Pasquali

The White House has instructed senior officials across the executive branch to abandon or postpone regulatory changes that former President Donald Trump initiated in the final weeks of his term, including a handful of proposals impacting anti-money laundering compliance.

January 21, 2021

FinCEN, Federal Agencies Clarify SAR Expectations

By : Valentina Pasquali

January 20, 2021

Midweek Roundup: Yellen Pledges Swift AML Reform, Blinken Plans Sanctions Review, and More

January 20, 2021

Enforcement Actions

Luxembourg CSSF Fines Universal-Investment-Luxembourg S.A. €45,000 for AML Failures

Luxembourg's Commission de Surveillance du Secteur Financier issued a €45,000 fine against the Grevenmacher, Luxembourg-based investment fund manager after an on-site inspection identified isolated anti-money laundering and counterterrorist financing compliance failures.

January 18, 2021

DOJ: PT Bukit Muria Jaya Agrees to Pay Over $1.5 Million to Resolve Bank Fraud Related to Sanctions Violations

The U.S. Justice Department entered into a deferred prosecution agreement with the Indonesia-based global supplier of cigarette paper products to resolve charges that the company conspired to commit bank fraud in connection with the shipment of products to North Korean customers.

January 17, 2021