News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-10-14T20:21:00
London-based Gatehouse Bank was fined 1.58 million pounds (U.S. $1.77 million) by the U.K. Financial Conduct Authority (FCA) for failing to address “significant weakness” in anti-money laundering (AML) checks the bank conducted on customers who posed a higher risk of committing financial crime.
From 2014-17, Gatehouse failed to conduct proper due diligence on customers located in countries known to have a higher risk of money laundering and terrorist financing, as well as on customers classified as politically exposed persons (PEPs), the FCA said Friday in a press release.
The bank violated provisions of the U.K.’s Money Laundering Regulations 2007 by not conducting adequate due diligence to verify the identity of its customers or scrutinize the source of their funds or wealth; not conducting enhanced due diligence on customers who lived in high-risk countries or were PEPs; not adequately monitoring customers to ensure due diligence information was updated; and having inadequate internal controls to rectify the situation and inadequate compliance staff to do the work, the FCA said.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T19:43:00Z By Aaron Nicodemus
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
2024-07-01T21:14:00Z By Adrianne Appel
A Minnesota dermatology practice, its owner, and chief executive agreed to pay $1.6 million to settle allegations, first brought by two whistleblowers, that the company violated the Anti-Kickback Statue by making false claims to Medicare.
2024-06-27T16:56:00Z By Jeff Dale
Italy-based Mondo TV agreed to pay $538,000 to settle charges with the Treasury Department’s Office of Foreign Assets Control over 18 apparent violations of North Korea sanctions regulations.
Site powered by Webvision Cloud