All AML articles – Page 30
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ArticleBill demands ownership reveals for shell companies
The newly proposed ILLICIT CASH Act would, for the first time, require shell companies to disclose their true owners to the U.S. Department of Treasury.
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ResourceWhite paper: US in Focus: AML/KYC & Sanctions Fines 2008-2018
Over the past ten years, US regulators have increasingly prioritized the importance of strict AML law enforcement to effectively deter money laundering and terrorist financing activity, with over $24bn in AML, KYC and sanctions penalties levied.
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ArticleNordic and Baltic regulators join to combat money laundering
Regulators in eight Nordic and Baltic countries are developing a joint effort to exchange information with regard to fighting money laundering.
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ArticleFinCEN to financial institutions: Beware of Venezuelan money laundering
FinCEN recently alerted financial institutions of continued widespread public corruption in Venezuela and the methods Venezuelan senior political figures and their associates may use to move and hide proceeds of their corruption.
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ResourceArtificial intelligence joins the AML crusade
Artificial intelligence is transforming the way that companies and regulators alike tackle money-laundering and terrorist financing risk in remarkable and significant ways.
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ArticleStandard Chartered Bank to pay $1.1B for sanctions violations
Standard Chartered Bank, a U.K.-based financial institution, will pay a total of $1.1 billion in a global settlement for sanctions violations.
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ArticleTroika Laundromat reveals the gaps in AML compliance
A recent report from several investigative journalists details the AML scandal behind Troika Dialog, once Russia’s largest private investment bank, and is just one small look into the much bigger problem of corruption across the globe.
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Article
What Swedbank is saying about its multiple investigations
It has been a tumultuous few weeks for Swedbank as it fends off several investigations, including for money laundering and insider trading, resulting in the dismissal of its chief executive officer.
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Article
Swedbank faces scrutiny over money laundering allegations
Legal pressure against Stockholm-based Swedbank, one of several banks at the center of a massive money laundering scandal, continues to escalate.
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Article
New Fenergo solution to streamline AML screening
Client lifecycle management solutions provider Fenergo launched Fenergo Hierarchy Manager. The hierarchical modeling and visualization tool is designed to streamline anti-money laundering (AML) screening.
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Article
1MDB scandal could result in pay cut for Goldman Sachs’ executives
Goldman Sachs disclosed in a recent quarterly filing that 2018 equity-based pay awards could be subject to clawbacks depending on the results of governmental and regulatory investigations relating to 1MDB.
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Article
Danske Bank under investigation in France over money-laundering saga
For a second time, Danske Bank is under investigation in France for suspected money-laundering transactions worth €21.6 million (U.S. $24.4 million) committed between 2007 and 2014.
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ArticleEU expands controversial AML country blacklist
The European Commission adopted its proposed new blacklist of countries that it has identified as having significant deficiencies in their anti-money laundering and counter-terrorist financing regimes.
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Blog
Danske Bank provides update on AML probe in France
Danske Bank said it might again become subject to a formal investigation in France, instead of being an assisted witness, in connection with an ongoing investigation into organised money laundering of tax evasion proceeds.
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Blog
Will the EU improve its monitoring of money-laundering threats?
EU ambassadors on 19 December 2018 agreed to give the European Banking Authority (EBA) more power over anti-money-laundering supervision for financial institutions, but some doubt the effectiveness of these measures.
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Blog
SEC plans focus on internal controls at year-end
Given big changes companies are undertaking in their accounting processes, staff at the SEC plan to pay special attention to internal controls.
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Blog
Arachnys launches CRI cloud-native platform
Customer Risk Intelligence (CRI) solutions provider Arachnys announced the launch of its CRI cloud-native platform designed to address Know Your Customer (KYC) and Anti-Money Laundering (AML) challenges.
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ArticleRegulators give nod to AI, emerging tech for AML programs
Federal bank regulators are encouraging banks to use artificial intelligence and other emerging technologies to bolster their AML compliance programs. In doing so, new guidance addresses an evolving liability and enforcement posture.
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ResourceInnovative ways to reduce money laundering risk
From Big Data to cryptocurrencies, money laundering and terrorism financing is an ever-evolving risk.
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ArticleAML programs continue to vex banks in cost, complexity
Forget all that talk of deregulation. Compliance officers at financial institutions are still knee-deep in risk and spending nearly $26 billion a year on anti-money laundering programs and other demands of the Bank Secrecy Act.