TOP STORY

Aug

8

Legalized Hemp Production Challenges Bank Secrecy Act Staff

Joanne Sherwood, head of Citywide Banks, second left, testifies on cannabis-related banking in Washington, D.C., on Tuesday, July 23, 2019. Legalized hemp has complicated compliance with federal rules against handling marijuana proceeds, sources told ACAMS moneylaundering.com. (Getty Images)

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Legs & Regs

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U.S. officials on Wednesday blacklisted four Chinese individuals and entities accused of smuggling fentanyl, its precursors and analogues into the United States and flagged several channels through which traffickers of the highly addictive opioid move funds.
Norway criticizes DNB's compliance program, Rabobank de-risks professional soccer, and more, in the midweek roundup.
Italian authorities have grown increasingly concerned over the involvement of Nigerian criminal groups in the country's illicit sex- and drug-trafficking markets, sources told ACAMS moneylaundering.com.
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Enforcement Actions

The Office of Foreign Assets Control of the U.S. Treasury Department settled its potential civil liability with the Hunt Valley, MD-based trade credit insurer for two apparent violations of the Foreign Narcotics Kingpin Sanctions Regulations.
The Office of Foreign Assets Control issued a finding of violation against the McLean, VA-based shipping company for a violation of the Reporting, Procedures and Penalties Regulations connected to the provision of contradictory, false, materially incomplete and misleading statements.