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FinCEN Largest Record Penalty 1.3 Billion Against TD Bank

October 10, 2024ComplianceAid proNews

On October 10, 2024, “The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a record $1.3 billion penalty against TD Bank, N.A. and TD Bank USA, N.A. (collectively, TD Bank, or the Bank) for violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering (AML) law that safeguards the financial...

OFAC fines State Street Bank and Trust Company and its subsidiary, Charles River Systems, Inc. $7.4 Million

July 26, 2024ComplianceAid proNews

July 26th, 2024, The U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) announced a $7,452,501 settlement with State Street Bank and Trust Company (State Street), a Massachusetts-based financial institution, on behalf of itself and its subsidiary, Charles River Systems, Inc. (Charles River). State Street agreed to settle its potential civil liability for...

European Commission fines International Flavors & Fragrances €15.9 million for deleting WhatsApp messages

June 24, 2024ComplianceAid proNews

On June 24, 2024, “The European Commission has fined International Flavors & Fragrances Inc. and International Flavors & Fragrances IFF France SAS (together ‘IFF') €15.9 million for obstructing a Commission inspection in 2023. The Commission found that during the inspection, a senior employee of IFF intentionally deleted WhatsApp messages exchanged with a competitor.” To...

New European Union (EU) AML and CFT legislation

June 19, 2024ComplianceAid proNews

On June 19, 2024, The European Union (EU) approved a New Anti-Money Laundering and Counter Financing of Terrorism Legislative Package. The package harmonizes AML/CFT rules across the EU. To Access full article: Click here

U.S. The Federal Reserve Board (FRB) fines Evolve Bancorp, Inc & Evolve Bank & Trust

June 14, 2024ComplianceAid proNews

June 14, 2024, The Federal Reserve Board issues an enforcement action against Evolve Bancorp, Inc. and Evolve Bank & Trust for deficiencies in the Bank’s Anti-Money Laundering, Risk Management & Consumer Compliance Programs. To Access full article: Click here

FinCEN Issues 2023 Year in Review

June 7, 2024ComplianceAid proNews

On June 7th, 2024, the Financial Crimes Enforcement Network (FinCEN) issued its Year in Review for Fiscal Year 2023. To Access full article: Click here

FCA Fines Citigroup Global Markets Limited £27 Million

May 22, 2024ComplianceAid proNews

The United Kingdom (UK), Financial Conduct Authority (FCA) fined Citigroup Global Markets (Citi) £27,766,200 for failures in the institutions’ systems and controls. To Access full article: Click here

SEC and FinCEN Proposed CIP New Rule

May 13, 2024ComplianceAid proNews

On May 13, 2024, “the Securities and Exchange Commission (SEC) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs).” To Access full article: Click here

U.S. Department of the Treasury OFAC fines SCG Plastics Co. $20 Million

April 19, 2024ComplianceAid proNews

April 19, 2024, The U.S. Office of Foreign Assets Control (OFAC), announced a $20,000,000 settlement with SCG Plastics Co., Ltd. ("SCG Plastics"), for its potential civil liability for 467 apparent violations of OFAC sanctions on Iran. To Access full article: Click here

Federal Reserve Board fines JPMorgan Chase & Co. $98.2 Million

March 14, 2024ComplianceAid proNews

The Federal Reserve Board (FRB) issued an enforcement action against JPMorgan Chase & Co. and fined the firm approximately $98.2 million for an inadequate program to monitor firm and client trading activities for market misconduct. To Access full article: Click here

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