EXCLUSIVE: Sentencing of Bashar Assad’s Uncle in France Exposes Bank’s AML Failure

Rifaat Assad, an exiled uncle of Syria’s President Bashar Assad, is photographed in Paris on Tuesday, Nov. 15, 2011. A sentencing document published Wednesday, June 17, 2020, outlines the compliance failures and decisions that allowed him to move embezzled funds into Europe. (AP Photo)


Legs & Regs


Enforcement Actions

The U.S. Securities and Exchange Commission issued an order requiring the Boston, MA-based pharmaceutical company to pay over $21 million to resolve Foreign Corrupt Practices Act charges.
The Kansas Office of the State Bank Commissioner and the Federal Deposit Insurance Corporation entered into a consent order with the Towanda, KS-based bank requiring it to develop a business and strategic plan.