Second Post in a Two-Post Series -
On March 19, 2020, Swedbank received its first sanction at the conclusion of parallel investigations by Swedish and Estonian authorities for its role in the seemingly non-stop Anti-Money...more
Danske Bank: “If we’re going down, you’re coming with us.” -
First Post in a Two-Post Series -
On March 19, 2020, Swedbank received the first of what will likely be multiple sanctions regarding alleged deficiencies in...more
On October 1st, the Office of the Comptroller of the Currency (OCC) published the Fiscal Year 2020 Bank Supervision Operating Plan (“FY 2020 Plan”). ...more
10/10/2019
/ Anti-Money Laundering ,
BSA/AML ,
Customer Due Diligence (CDD) ,
Cybersecurity ,
Innovative Technology ,
Interest Rate Adjustments ,
Libor ,
Money Laundering ,
OCC ,
Supervision ,
Supervisory Guidance ,
Underwriting
Second Post in a Two-Post Series on the ILLICIT CASH Act -
A discussion draft of legislation recently introduced in the Senate, the Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal...more
6/28/2019
/ AML/CFT ,
Anti-Money Laundering ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Legislative Agendas ,
Money Laundering ,
No-Action Letters ,
Proposed Legislation ,
Safe Harbors ,
Suspicious Activity Reports (SARs) ,
Terrorism Funding ,
Terrorist Financing Regulations
The Danske Bank money laundering scandal continues to reveal its many permutations and confirm its status as the largest money laundering case in history....more
Former Bankers Allegedly Concealed “Master of Kickbacks” from Internal Compliance Department -
A detailed indictment unsealed on January 3 in the Eastern District of New York alleges that former Credit Suisse bankers, a...more
NYDFS Action Highlights the Need for Good Monitoring – and Good Consultants -
In part one of this two-part post, we provided some practical tips for financial institutions to increase the chances that their Anti-Money...more
11/8/2018
/ Anti-Money Laundering ,
BSA/AML ,
Enforcement Actions ,
Failure to Comply ,
Financial Institutions ,
Financial Services Industry ,
Financial Transactions ,
Foreign Financial Institutions (FFI) ,
Money Laundering ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Violations
According to the Financial Flow from Human Trafficking report recently published by the Financial Action Task Force (“FATF”) and the Asia/Pacific Group on Money Laundering, human trafficking is estimated to generate $150.2...more