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FCPA Blog Daily News

Entries in AML (36)

Wednesday
May162018

U.S. regulators fine CCO and brokerage firms for AML offenses

The SEC Wednesday charged a chief compliance officer and two broker dealers with failing to file Suspicious Activity Reports after red flags came up for the sale of 12.5 billion shares of penny stocks.

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Thursday
Mar292018

Two Wall Street compliance officers charged for ignoring red flags

The SEC alleged Wednesday that two former anti-money laundering compliance officers for a New York broker dealer aided and abetted their firm's AML violations.

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Monday
Mar192018

Evan Bundschuh: What every FCPA and AML consultant should know about E&O insurance

When consulting services are related to the FCPA, AML, ATF or KYC compliance, the potential for litigation is amplified. And while many compliance consultants purchase professional liability (errors & omissions) insurance, securing a properly structured policy is challenging.

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Tuesday
Jan232018

Sven Stumbauer: AML and sanctions compliance still not high priority for boards

Boards of directors at financial institutions play a crucial role in the adoption and implementation of effective enterprise-wide Anti-Money Laundering (AML) and sanctions compliance programs.

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Friday
May052017

Former Moneygram compliance chief pays $250,000 penalty for AML failures

The former Chief Compliance Officer of MoneyGram International, Inc. reached a settlement Thursday with FinCEN and the DOJ after he was held personally responsible for his company's anti-money laundering failures.

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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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