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FCPA Blog Daily News

Entries in anti-money laundering (16)


U.S. Bank pays $613 million penalties for defective money laundering program

The parent company of U.S. Bank agreed Thursday to pay criminal and civil penalties of $613 million to resolve charges that it willfully ran a defective anti-money laundering program and hid the defects from federal regulators.

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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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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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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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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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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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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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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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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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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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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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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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