Hot on the heels of the of the HKMA’s actions against Shanghai’s Commercial Bank in mid-August as well as Hong Kong’s ML/TF Risk Assessment in April The Securities and Futures Commission (“SFC”) issued a robust circular on 31 August 2018 about the adequacy of LICENSED CORPORATIONS’ (“LCS”) Anti-Money Laundering, and Counter Financing of Terrorism (“AML/CFT”) […]
Read MoreCitibank fined US$70 million for AML failings
A U.S. bank regulator has fined Citibank (C.N) $70 million for failing to address shortcomings in its anti-money laundering policies. The Office of the Comptroller of the Currency fined the bank in late December and announced it on Thursday. The regulator assessed the civil penalty because the bank had failed to address concerns it had […]
Read MoreThe Governor and Company of the Bank of Ireland agrees monetary penalty of €3,150,000 for AML/CFT compliance failures
The Governor and Company of the Bank of Ireland agrees monetary penalty of €3,150,000 for AML/CFT compliance failures Peter Oakes | 30 May 2017 https://www.linkedin.com/pulse/governor-company-bank-ireland-agrees-monetary-penalty-peter-oakes Read more…
Read MoreMAY 2017 FINES FOR AML FAILURES – BNP10 million euros (8.75 million pounds) + fines Deutsche Bank $41 million + Bank of Ireland €3,150,000
May has been a busy time for AML FININING (56 million euros) as noted here The Governor and Company of the Bank of Ireland Agrees on Monetary Penalty of €3,150,000 for AML/CFT Compliance Failures https://archive.comsuregroup.com/governor-company-bank-ireland-agrees-monetary-penalty-e3150000-amlcft-compliance-failures/ BNP Paribas Fined 10 million EUROS Over Weaknesses in Anti-Money Laundering Controls French bank watchdog ACPR said it had fined […]
Read MoreAML & Naughty solicitors – January 2017
The following cases show solicitors whose conduct falls significantly below expected standards. The Solicitors Disciplinary Tribunal (SDT) cases where AML compliance failings or involvement in mortgage fraud have been identified and contribute to the sanction imposed. All cases are on the SDT website. SRA v Melvin Douglas Goldberg Decision number: 11464-2016 /Decision date: 25-27 October […]
Read More“Panama Papers” linked bank FINED $180 million for AML violations.
New York’s top financial regulator slapped a “Panama Papers”-linked bank with a $180 million fine for anti-money laundering violations. Mega Bank, a $103 billion Taiwanese bank with one New York office, ignored the risks associated with transactions involving Panama, a high-risk area for money laundering, the state Department of Financial Services said in a statement […]
Read MoreFINRA fines Raymond James a record $17 million for failures in anti-money laundering program
The Financial Industry Regulatory Authority Inc. slapped two units of Raymond James Financial Inc. with a record $17 million in fines for widespread compliance failures in the brokerage firm’s anti-money laundering programs. Raymond James & Associates and Raymond James Financial Services failed to set up systems to properly prevent, detect and investigate suspicious activity for […]
Read MoreIndividuals can be held liable under US Bank Secrecy Act for AML failures
Individuals can be held liable for anti-money laundering (AML) control failures under the Bank Secrecy Act (BSA), a United States District Court in Minnesota has ruled. More specifically, the Court noted that BSA civil penalties provision section 5321(a)(1), by its plain language, and absent specific exceptions, subjects individual corporate officers and employees to the imposition […]
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