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FCPA Blog Daily News

Entries in anti-money laundering (15)

Tuesday
Feb282017

FinCEN fines California bank $7 million for impeding compliance staff

The Financial Crimes Enforcement Network (FinCEN) Monday fined Merchants Bank of California $7 million for impeding compliance staff and threatening to fire staffers who wouldn't process suspicious transactions.

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Thursday
Oct132016

UK punishes Sonali Bank and its ‘unsupported and overworked’ ex-compliance officer

The UK Financial Conduct Authority Wednesday sanctioned Sonali Bank (UK) Limited and its former compliance officer after years of serious anti-money laundering system failures.

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Thursday
Jan142016

AML push: FinCEN targets anonymous, cash real estate buys in NYC, Miami

The Treasury Department's Financial Crimes Enforcement Network issued new rules Wednesday to force U.S. title insurance companies to identify the natural persons behind companies used to pay all cash for high-end residential real estate in the Borough of Manhattan in New York City and in Miami-Dade County, Florida.

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Tuesday
Dec222015

FinCEN fines ‘card club’ $650,000 for BSA offenses

The Treasury Department's Financial Crimes Enforcement Network announced its first enforcement action against a “card club” gaming business.  

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Tuesday
Sep082015

Caesars Palace pays $8 million penalty for compliance 'blind spot'

The Treasury Department's Financial Crimes Enforcement Network said Tuesday that the owner of Caesars Palace casino in Las Vegas will pay an $8 million civil penalty for "willful and repeated violations" of the anti money-laundering provisions of the Bank Secrecy Act.

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Thursday
Jun252015

TI critiques UK anti-money laundering enforcement

This month, Transparency International published its survey of the UK’s AML enforcement and confiscation systems, particularly in relation to Financial Action Task Force (FATF) defined “grand corruption” (bribe-taking or kickbacks, extortion, self-dealing, conflicts of interest, and embezzlement from the national treasuries).

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Tuesday
Feb032015

Transaction Monitoring: The next ‘must have’ anti-corruption tool

Transaction monitoring -- the use of contemporaneous compliance analytics to proactively and reactively identify suspicious business arrangements and payments -- is the most important development in anti-corruption programs since third-party due diligence. Beware though: Transaction monitoring can also inadvertently increase legal risk.

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Monday
Sep292014

FDIC orders compliance makeover at Burke & Herbert Bank

CEO Hunt Burke (Image courtesy of Burke & Herbert Bank)Burke & Herbert Bank & Trust must develop a new top-to-bottom compliance program and hire people to run it under the terms of an order issued by the Federal Deposit Insurance Corporation.

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Wednesday
Aug132014

FinCEN advisory defines ‘culture of compliance’

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) defined the concept of a "culture of compliance" in a six-page advisory  Monday that was aimed at senior management, leadership and owners of financial institutions subject to FinCEN's regulations.

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Monday
Jun162014

Casinos warned to monitor customers' fund sources

The chief of U.S. Treasury's anti-money laundering unit said casinos must use all information at their disposal to uncover suspicious customer transactions, including information about their source of funds.

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Monday
Jun092014

Wedbush accused of inadequate market access risk controls

The Securities and Exchange Commission announced charges Friday against Wedbush Securities Inc., a Los Angeles-based market access provider and two of its officials.

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Monday
Mar242014

OECD criticizes South Africa for zero foreign bribery prosecutions

The threat of a possible Phase 3bis evaluation, leading to a public statement of non-compliance, is a sure sign that the Organisation for Economic Co-operation and Development (OECD) Working Group has encountered a brick wall.

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