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FCPA Blog Daily News

Entries in anti-money laundering (19)


Resource Alert: Ranking AML/CFT risks around the world

Just because a country has a law -- or a company has a compliance system, for that matter -- it doesn't automatically mean it works or is put to work. And so it is with countries’ anti-money laundering and counter financing of terrorism (AML/CFT) systems, in which this year’s Basel AML Index has recorded a spectacular lack of progress.

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When it comes to AML, doing better means seeing better

Once again, AML failures are shaking up the headlines. If the Danske Bank scandal wasn’t enough, at the beginning of March, the Organized Crime and Corruption Reporting Project showed how a series of offshore shell companies were used to move billions of dollars of private wealth from Russia to the West. Named the Troika Laundromat, after the Russian investment bank it was allegedly operated by, the scandal rocked the banking world.

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Brazil unleashes AML agency with broad new powers

Last month Brazilian president Jair Bolsonaro and Ministry of Justice Sérgio Moro published the Decree No. 9.663/2019, changing the status of the Financial Activities Control Council (COAF), the Brazilian AML Agency. In addition to integrating it with the Ministry of Justice and Public Security (previously the agency was linked to the Ministry of Finance), the new rule also reformed its structure and gave it greater powers.


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U.S. Bank pays $613 million penalties for defective money laundering program

The parent company of U.S. Bank agreed Thursday to pay criminal and civil penalties of $613 million to resolve charges that it willfully ran a defective anti-money laundering program and hid the defects from federal regulators.

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FinCEN fines California bank $7 million for impeding compliance staff

The Financial Crimes Enforcement Network (FinCEN) Monday fined Merchants Bank of California $7 million for impeding compliance staff and threatening to fire staffers who wouldn't process suspicious transactions.

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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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AML push: FinCEN targets anonymous, cash real estate buys in NYC, Miami

The Treasury Department's Financial Crimes Enforcement Network issued new rules Wednesday to force U.S. title insurance companies to identify the natural persons behind companies used to pay all cash for high-end residential real estate in the Borough of Manhattan in New York City and in Miami-Dade County, Florida.

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FinCEN fines ‘card club’ $650,000 for BSA offenses

The Treasury Department's Financial Crimes Enforcement Network announced its first enforcement action against a “card club” gaming business.  

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Caesars Palace pays $8 million penalty for compliance 'blind spot'

The Treasury Department's Financial Crimes Enforcement Network said Tuesday that the owner of Caesars Palace casino in Las Vegas will pay an $8 million civil penalty for "willful and repeated violations" of the anti money-laundering provisions of the Bank Secrecy Act.

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TI critiques UK anti-money laundering enforcement

This month, Transparency International published its survey of the UK’s AML enforcement and confiscation systems, particularly in relation to Financial Action Task Force (FATF) defined “grand corruption” (bribe-taking or kickbacks, extortion, self-dealing, conflicts of interest, and embezzlement from the national treasuries).

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Transaction Monitoring: The next ‘must have’ anti-corruption tool

Transaction monitoring -- the use of contemporaneous compliance analytics to proactively and reactively identify suspicious business arrangements and payments -- is the most important development in anti-corruption programs since third-party due diligence. Beware though: Transaction monitoring can also inadvertently increase legal risk.

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FDIC orders compliance makeover at Burke & Herbert Bank

CEO Hunt Burke (Image courtesy of Burke & Herbert Bank)Burke & Herbert Bank & Trust must develop a new top-to-bottom compliance program and hire people to run it under the terms of an order issued by the Federal Deposit Insurance Corporation.

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