All AML articles – Page 4
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Blog
A new chapter in anti-corruption enforcement?
Jorge Luis Arzuaga, a former managing director at the Swiss bank Julius Baer, pled guilty to having arranged the transfers of more than $25 million in bribes for corrupt FIFA officials. This is the first guilty plea in the plethora of service provides who facilitated the massive corruption scandal engaged ...
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Blog
SEC slams CCO for anti-money laundering violations
The SEC has once again punished a CCO for neglecting their duties and ignoring red flags at a firm under investigation for suspect activities. Failing to file suspicious activity reports was at the root of the problem.
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Blog
SEC charges brokerage firm with AML failures
The SEC has charged a Utah-based brokerage because it "routinely and systematically failed to file Suspicious Activity reports for stock transactions that it flagged as suspicious."
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Blog
CCO Checkup helps financial firms test AML program effectiveness
QuantaVerse recently announced the launch of CCO Checkup, a free service financial institutions can use to test the effectiveness of their AML programs, empowered by QuantaVerse’s AI solution that analyzes transaction data to detect “false negatives” or anomalous behaviors that may have been missed by an institution’s existing transaction ...
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Blog
Banamex USA combined penalties reach $237.4M for Bank Secrecy Act violations
Total combined penalties paid by Banamex USA following criminal and regulatory investigations for violations of the Bank Secrecy Act and anti-money laundering laws and regulations reached $237.4 million this month.
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Article
How compliance, data sharing empower FinCEN’s war on terror and crime
Addressing Congress, FinCEN Acting Director Jamal El-Hindi discussed how his agency prevents bad actors from infiltrating the financial system.
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Blog
Corporations and the financing of terrorism
The recent case of LafargeHolcim’s involvement in keeping a cement facility in Syria safe and operational during civil war has raised questions regarding a company’s responsibilities for ensuring monies it pays out do not go to fund terrorism.
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Blog
Acquisitions, data privacy, and national security concerns
The attempted takeover of the U.S. company MoneyGram International Inc. by China-based Ant Financial Services raises regulatory concerns and questions.
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Article
European Union updates AML rules
The European Union is proposing some updates to anti-money laundering rules in an attempt to streamline coordination among member states in fighting terrorism financing and money laundering.
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Blog
Sen. Brown asks Treasury to probe President’s business ties
U.S. Sen. Sherrod Brown (D-Ohio) has asked the Treasury Department to review President Trump’s investment partners and business associates to assess whether there are violations of anti-terrorist financing, sanctions, or money laundering laws.
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Blog
Western Union settlement is a stern warning about AML compliance
If you need further proof of how costly failed AML and BSA compliance can be, writes Joe Mont, look no further than a the $586 million settlement Wester Union was just hit with.
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Blog
Podcast: Oh, Canada...and compliance resources
In this edition of the Compliance Week podcast, we talk to Ellen Zimiles, a managing director at Navigant Consulting, about governance enhancements in Canada that allow CCOs to report their companies for not giving them enough budget to be effective.
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Blog
Banks and bankers on front line of AML fight
The first foreigner, Jens Sturzenegger, a former branch manager at Falcon Private Bank in Singapore, was recently convicted in the 1MDB scandal. Tom Fox reports.
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Blog
FinCEN gives guidance on sharing SARs
The Financial Crimes Enforcement Network has clarified when a casino can share Suspicious Activity Reports and to whom it can provide the information. Joe Mont reports.
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Article
U.S., like much of the world, still struggles with AML crackdowns
There was good news and bad news to be found in a recent review of the United States’ anti-money laundering efforts. Its failings add perspective to what are global challenges, says Joe Mont.
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ArticleTalking to ‘The Infiltrator’ about AML
Joe Mont talks to Robert Mazur, the undercover agent portrayed in the movie The Infiltrator, and Bill Sweeney, financial services evangelist at BAE Systems Applied Intelligence, about the shadowy underworld of money laundering.
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Blog
Self-certified due diligence is fraught with danger
Tom Fox looks at further reverberations from the Malaysian sovereign wealth fund 1MDB scandal concerning one giant red flag: a reference provided by a third party to vouch for that third party.
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ArticleAML strategies keep evolving, and so do the risks
New and evolving technology may help institutions avoid AML and KYC compliance risks, or restore a damaged reputation, says Joe Mont, but not without the right strategy and training in place.
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Blog
FinCEN wants cyber-attack data in SARs
New guidance from the Financial Crimes Enforcement Network addresses the inclusion of information about both attempted and successful cyber-attacks in Suspicious Activity Reports.
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Blog
1MDB-a truly international fight against corruption
Tom Fox looks at the alleged looting of Malaysian sovereign wealth fund 1MDB and the implications it has for fighting global corruption.