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FCPA Blog Daily News

Entries in AML (31)

Tuesday
Mar072017

Martin Kenney: Mossack Fonseca arrests reignite Panama Papers scandal

It comes as no surprise that the authorities appear to have caught up with Mossack Fonseca’s founders, Jürgen Mossack and Ramon Fonseca, who were arrested last month in Panama City and the firm’s offices raided.

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Tuesday
Jan312017

SEC charges brokerage firm and former compliance officer with gate-keeper failures

The Securities and Exchange Commission filed an administrative complaint against New York-based brokerage firm Windsor Street Capital and its former anti-money laundering officer John D. Telfer. 

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Monday
Dec052016

FINRA fines Credit Suisse securities unit $16.5 million for ‘significant AML deficiencies’ 

The Financial Industry Regulatory Authority said Monday it fined Credit Suisse Securities (USA) LLC $16.5 million for anti-money laundering and supervision violations.

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Thursday
Oct132016

UK punishes Sonali Bank and its ‘unsupported and overworked’ ex-compliance officer

The UK Financial Conduct Authority Wednesday sanctioned Sonali Bank (UK) Limited and its former compliance officer after years of serious anti-money laundering system failures.

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Wednesday
Sep282016

Singapore: Strong AML laws, weak enforcement

Singapore demonstrates a strong anti-money laundering and counter financing of terrorism (AML/CFT) legislative framework but despite this, it shows significant weaknesses in its effective implementation, according to a recent review by the Financial Action Task Force

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Monday
Jul182016

California's Hawaiian Gardens Casino fined $2.8 million for years of compliance failures

Image courtesy of the The Gardens CasinoThe Financial Crimes Enforcement Network announced a settlement Friday with $2.8 million in penalties against Hawaiian Gardens Casino, Inc. d/b/a The Gardens Casino, of Hawaiian Gardens, California.

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Tuesday
May242016

Former compliance officer sanctioned, Raymond James & Associates fined $17 million for AML failures

The Financial Industry Regulatory Authority (FINRA) fined a former AML compliance officer and suspended her for failing to conduct required due diligence and periodic risk reviews of foreign financial institutions.

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Wednesday
Mar232016

AML Alert: New York rule would require certification by compliance chiefs, impose criminal liability

In an effort to stop terrorism financing at its source, the New York Department of Financial Services proposed new requirements for economic sanctions and anti-money laundering programs maintained by financial firms.  

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Thursday
Feb252016

Martin Kenney: Why are UK fraud victims neglected and forgotten?

According to Transparency International UK, "billions of pounds of dirty money" are passing through the UK monetary system, due to what TI describes as a "woefully inadequate” and fragmented anti-money laundering approach.

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Tuesday
Oct062015

Let's close the American real estate money-laundering gap

This summer, the TV documentary From Russia with Cash frayed political nerves, exposing London real estate agents keen to accept cash from “Boris,” an undercover journalist masquerading as a corrupt Russian health minister.

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Wednesday
Jul222015

Citigroup Banamex USA unit fined $140 million, will close this year

The Federal Deposit Insurance Corporation Wednesday imposed a civil penalty of $140 million against Banamex USA of Century City, California for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws and regulations.

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Wednesday
Jul222015

U.S. regulators knock compliance at China Construction Bank

The U.S. Federal Reserve and the New York Department of Financial Services said China's second biggest bank has to improve its anti money-laundering practices and do more due diligence on customers.

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