Deutsche Bank AG, its New York branch, and other U.S. affiliates have been fined $186 million by the Board of Governors of the Federal Reserve System because the German banking giant moved too slowly to resolve allegedly inadequate sanctions compliance and anti-money laundering (AML) controls, officials say. The Fed’s fine, consent order, and written agreement… Read More >>
FTX Insider Faces SEC & CFTC Charges Too
Attention, screenwriters: Sharpen your pencils. We’ve reached a key moment in the FTX saga! The US Securities & Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Feds have turned their enforcement lasers on Nishad Singh, “the former co-lead engineer of FTX Trading Ltd. … for his role in a multiyear scheme to… Read More >>
ABN AMRO Pays $575M to Settle AML Case
ABN AMRO Bank NV is paying approximately $575 million, which includes a fine and disgorgement, to the Netherlands government to resolve charges that the Dutch banking giant violated anti-money laundering (AML) and counter terrorism financing laws. The bank has accepted an offer from the Netherlands Public Prosecution Service (NPPS) in a case that encompasses violations… Read More >>
FinCEN Moves to Overhaul AML Practices
Changes are coming to banks’ the anti-money laundering practices and procedures. The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has unveiled an early look at those proposed prospective changes in its Advance Notice of Proposed Rulemaking (ANPRM), soliciting public comment on pending regulatory amendments under the Bank Secrecy Act (BSA). The FinCEN’s proposal is likely… Read More >>
Global Markets Losing the AML War: Report
Anti-money-laundering (AML) processes and procedures dominate the global regulatory environment. That is the generally accepted view, of course, which is cogently expressed in a new report, “Global Regulatory Outlook 2019: Are We There Yet?” from Duff & Phelps, a consultancy for financial services firms. And yet, the consultancy continues, the battle to curb money-laundering (and… Read More >>
U.S. Leads U.K. in Regulating Financial Crime: Report
The United States is far tougher than the United Kingdom when it comes to imposing penalties for “serious economic crime such as financial fraud or money laundering.” That is the view of Corruption Watch, a London-based anti-corruption non-governmental organization, or NGO, founded in 2009. Most recently, Corruption Watch “conducted an in-depth analysis of the enforcement… Read More >>
Are Most G20 Nations Too Weak on Financial Crime?
Most major nations have not made significant advances toward their stated goals of creating strong frameworks to stop financial crimes, particularly financial crimes committed by companies with anonymous or otherwise hidden ownership. That is the contention of a new study, entitled “G20 Leaders or Laggards? Reviewing G20 Promises on Ending Anonymous Companies,” issued by the… Read More >>
