Last week, the House Financial Services Committee released three proposed bills to codify many of the reform ideas that have arisen in an ongoing conversation among financial agencies, law enforcement, financial institutions,...more
3/15/2019
/ AML/CFT ,
BSA/AML ,
Financial Crimes ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
FinCEN ,
Legislative Agendas ,
Money Laundering ,
Proposed Legislation ,
Rulemaking Process ,
Suspicious Activity Reports (SARs) ,
Terrorist Financing Regulations ,
Whistleblowers
This week Danske Bank released a report detailing the results of its much anticipated internal investigation into allegations of money laundering perpetrated in its Estonian branch. ...more
9/21/2018
/ Banking Sector ,
Corruption ,
Estonia ,
EU ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Internal Controls ,
Money Laundering ,
Popular ,
Suspicious Activity Reports (SARs) ,
White Collar Crimes
The Financial Crimes Enforcement Network (“FinCEN”) recently advised that a financial institution is not required to file a Suspicious Activity Report (“SAR”) based solely upon a customer’s inquiry into or participation in a...more
FinCEN recentlty announced entry of a $2 million assessment against Lone Star National Bank, a private bank operating out of Texas, for the bank’s allegedly willful violations of the Bank Secrecy Act (“BSA”) and inadequate...more
11/8/2017
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Due Diligence ,
Enforcement Actions ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Foreign Correspondent Banking ,
Mexico ,
Patriot Act ,
Regulatory Oversight ,
Suspicious Activity Reports (SARs)
This post discusses individual liability in AML/BSA enforcement, which is an area of increasing attention. Indeed, according to public statements by the government, individual liability is the focus of enhanced scrutiny...more
5/19/2017
/ Banking Sector ,
Broker-Dealer ,
BSA/AML ,
Department of Justice (DOJ) ,
Derivative Suit ,
FinCEN ,
Fraud ,
Individual Accountability ,
Money Laundering ,
Money Transmitter ,
Moneygram ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Suspicious Activity Reports (SARs) ,
Western Union ,
White Collar Crimes ,
Yates Memorandum