Anti-Money Laundering

News & Analysis as of

Survey Finds Money Laundering Becoming a Top Priority for Management

Financial institutions are making significant adjustments in their approach to anti-money laundering (AML) compliance issues in the face of escalating global regulatory enforcement. According to KPMG’s 2014 AML Survey, 88% of...more

Compliance Matters: We interrupt our regularly scheduled programming…

While we strive to bring you the latest regulatory matters that we believe you will find important for compliance purposes, we would like to take a moment to bring you information that may be just as valuable....more

AML Enforcement And Sanctions

AML enforcement often includes sanctions violations. The Office of Foreign Asset Control (OFAC) is responsible for regulating and enforcing the sanctions regime....more

Sport, Media, and Entertainment Intelligence - April 2014

Spanish Supreme Court orders Le Monde to pay damages to Real Madrid and FC Barcelona - The Spanish Supreme Court has ordered French daily newspaper Le Monde to pay damages of €300,000 to Real Madrid and €15,000 to FC...more

AML Enforcement Jitters And Due Diligence

The Justice Department and the financial regulatory agencies have sent a strong message of enforcement, suggesting that financial institutions are not adequately implementing AML compliance controls....more

NFA Issues Notice to Members Regarding FATF Update

On April 2, the National Futures Association (NFA) issued a notice to its members informing them that the Financial Action Task Force (FATF) has updated its list of jurisdictions with strategic anti-money laundering and...more

State AGs, Mexico Agree To Form AML Working Group

On March 25, California Attorney General (AG) Kamala Harris announced that she and four other state AGs—Suthers (CO), Bondi (FL), Cortez Masto (NV), and King (NM)—signed a letter of intent with the President of the National...more

FinCEN Guidance Updates FATF AML/CFT Deficient Jurisdictions List

On March 25, FinCEN issued an advisory notice, FIN-2014-A003, in which it provided guidance to financial institutions for reviewing their obligations and risk-based approaches with respect to certain jurisdictions. The...more

FinCEN Issues Advisory Regarding the FATF’s Updated List of Jurisdictions with AML/CTF Strategic Deficiencies

FinCEN issued an advisory (the “Advisory”) regarding the issuance by the Financial Action Task Force (the “FATF”) of an updated list of jurisdictions that the FATF has identified as having strategic deficiencies in their...more

Comptroller Curry Addresses Senior Management’s AML Compliance Responsibilities, Criticizes “De-Risking”

On March 17, Comptroller of the Currency Thomas Curry reaffirmed his agency’s views with regard to BSA/AML compliance and the responsibilities of senior bank managers and boards of directors. Mr. Curry asserted that BSA...more

Comptroller Curry Discusses Banks’ Progress in Meeting BSA Compliance Obligations; States that Senior Executives and Boards Should...

In a speech presented to the Association of Certified Anti-Money Laundering Specialists on March 17, 2014, Comptroller of the Currency Thomas J. Curry said that the OCC is seeing progress in terms of the priority that senior...more

Russian Legislation Update - 3 – 23 March 2014

In This Issue: - Banking - Anti-Money Laundering - Electric Power/Renewables - Excerpt from Banking: On 5 December 2013 the Bank of Russia issued Instruction No. 147-I “On the Procedure for...more

FINRA Sanctions Firm And Compliance Officer For AML Violations

This past February, FINRA issued an acceptance, waiver and consent (“AWC”) against a firm and its global anti-money laundering (“AML”) Compliance Officer (“CO”) for failures in AML compliance regarding brokerage and custodial...more

N.Y. Banking and Insurance Superintendent Unveils Aggressive Agenda

Benjamin M. Lawsky, who heads the New York State Department of Financial Services (DFS), indicated that his agency is seriously considering more aggressive investigation and pursuit of individuals whose malfeasance has led...more

Harmonised Anti-Money Laundering Rules for Online Gambling

On 11 March 2014, the European Parliament adopted the Fourth Anti-Money Laundering Directive (Directive). The updated rules mean that all gambling services (both physical and electronic) will be subject to EU-wide regulation,...more

Financial Services Law - Mar 14, 2014

State and Federal Lawmakers, Chair of Fed Weigh in on Regulation of Virtual Currency - The New York Department of Financial Services issued an order on Wednesday that it will immediately start accepting applications...more

House Democrats Request Guidance On Banking Access For Marijuana Businesses

On March 5, a group of 16 Democratic U.S. House members sent letters to the leaders of the Federal Reserve Board, the OCC, the FDIC, and the NCUA requesting that the agencies issue guidance that would provide legitimate...more

Democratic Lawmakers Express Support For DOJ Payment Processor Investigations

On February 26, Senators Jeff Merkley (D-OR), Elizabeth Warren (D-MA), and other Democratic Senators, together with Representatives Elijah Cummings (D-MD), Maxine Waters (D-CA), and other Democratic House members, sent a...more

French Bank Sets Aside Over $1 Billion for US Sanctions Violations

French bank BNP Paribas (BNP) recently announced it has set aside $1.1 billion to cover the anticipated cost of violations of US economic sanctions and anti-money laundering rules. The bank's own internal investigation...more

Russian Legislation Update - 10 February – 2 March 2014

In This Issue: - Banking - Anti-Money Laundering - Concession Agreements - Public Procurement - Employment/Foreign Citizens - Court Practice: Bankruptcy - Excerpt from Banking - On 25...more

FINRA Fines Firm and Former Chief Compliance and AML Officer For Failing to Register Foreign Finders and Failure to Comply with...

On January 28, 2014, the Financial Industry Regulatory Authority, Inc. (“FINRA”) accepted a Letter of Acceptance, Waiver and Consent (the “AWC”) from a member firm, Banorte-Ixe Securities International, Ltd. (the “Firm”), and...more

FinCEN Finalizes AML Rules For Fannie Mae, Freddie Mac

On February 20, FinCEN finalized a rule that will require Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (the GSEs) to develop AML programs and to file SARs directly with FinCEN. Under the current system, the GSEs...more

FINRA Fines Firm and Former AML Compliance Officer For Failures to Comply with Anti-Money Laundering Obligations

On February 4, 2014, the Financial Industry Regulatory Authority, Inc. (“FINRA”) accepted a Letter of Acceptance, Waiver and Consent (the “AWC”) from a member firm (the “Firm”) and its former anti-money laundering (“AML”)...more

Gaming Legal News - February 2014 • Volume 7, Number 4: Digital Currency Identified As An “Emerging Risk” In The Canadian Federal...

On February 11, 2014, the Canadian Federal Government released its 2014 Budget. In the 2014 Budget, the Federal Government pledged to introduce legislative amendments to strengthen Canada’s anti-money laundering and terrorist...more

A Rose by any Other Name: DOJ’s FCPA Unit Brings Fraud and Money Laundering Charges Against Bechtel Executive

The variety of charges recently brought by the US Department of Justice’s (DOJ) Foreign Corrupt Practices Act (FCPA) Unit against former Bechtel executive Asem Elgawhary signals that the DOJ is not only pursuing improper...more

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