- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The Office of the Comptroller of the Currency assessed a $70 million civil penalty against Citibank for failing to comply with the agency’s 2012 consent order related to Bank Secrecy Act and anti-money laundering deficiencies.
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Speculation that anti-money laundering fines might shrink in the current political climate were proven very wrong in recent days.
Big data may revolutionize anti-money laundering efforts, but privacy concerns and preserving a human element to compliance programs may get in the way.
Eight business executives, including the billionaire owner of Indian energy company Adani Group, were charged with fraud for their alleged roles in a multi-million bribery scheme to win a solar energy contract in India.
