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FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency

September 29, 2022ComplianceAidNews

September 29th, 2022, “U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the Beneficial Ownership Reporting requirement of the Corporate Transparency Act (CTA). “The rule will require most corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial...

The Financial Conduct Authority fines Ghana International Bank Plc £5.8m for deficiencies in its Anti-Money Laundering Program

June 23, 2022ComplianceAidNews

On June 23rd, 2022, “The Financial Conduct Authority (FCA) fined Ghana International Bank Plc (GIB) £5,829,900 for inadequate anti-money laundering and counter-terrorist financing controls over its correspondent banking activities. To Access full article: Click here

United Kingdom Financial Regulator (FCA) fines insurance broker JLT Specialty Limited £7.8m for financial crime control failings.

June 22, 2022ComplianceAidNews

On June 22nd, 2022, “The Financial Conduct Authority (FCA) has fined JLT Specialty Limited (JLTSL) £7,881,700 for financial crime control failings, which in one instance allowed bribery of over $3m to take place. The FCA found that JLTSL failed to manage their business and risks responsibly and effectively.” To Access full article: Click here

The Office of Foreign Assets Control (OFAC) fines Banco Popular de Puerto Rico $255,937.86 for Apparent Violations of the Venezuela Sanctions Regulations

May 27, 2022ComplianceAidNews

May 27th, 2022, The Office of Foreign Assets Control (OFAC), announced a settlement with Banco Popular de Puerto Rico for $255,937.86 related to apparent violations of the Venezuela Sanctions Regulations. To Access full article: Click here

The Office of Foreign Assets Control (OFAC) Settles with Toll Holdings Limited for $6.1 M Related to Apparent Violations of Multiple Sanctions Programs

April 25, 2022ComplianceAidNews

April 25th, 2022, “Toll Holdings Limited (“Toll”), an international freight forwarding and logistics company headquartered in Melbourne, Australia, has agreed to pay $6,131,855 to settle its potential civil liability for 2,958 apparent violations of multiple OFAC sanctions programs. The apparent violations occurred when Toll originated or received payments through the U.S. financial system involving sanctioned...

FinCEN Announce $140M Civil Money Penalty against USAA Federal Savings Bank for Violations of the Bank Secrecy Act

March 17, 2022ComplianceAidNews

On March 17th, 2022, The Financial Crimes Enforcement Network (FinCEN) announced it has assessed a $140 Million Civil Money Penalty against USAA Federal Savings Bank (USAA FSB) for willful violations of the Anti-Money Laundering/Bank Secrecy Act (BSA) and its implementing regulations. To Access full article: Click here

FinCEN Announces Actions to Support REPO Multilateral Task Force and Ongoing U.S. Government Efforts to Combat Foreign Government Corruption

March 16, 2022ComplianceAidNews

On March 16th, 2022, Financial Crimes Enforcement Network (FinCEN) announced its efforts to support the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force, announced earlier March 16, 2022, by the U.S. Department of the Treasury and the U.S. Department of Justice. To Access full article: Click here

The Financial Crimes Enforcement Network Provides Financial Institutions with Red Flags on Potential Russian Sanctions Evasion Attempts

March 7, 2022ComplianceAidNews

March 7th, 2022, The Financial Crimes Enforcement Network (FinCEN), issued a FinCEN Alert, advising financial institutions to be vigilant against potential efforts to evade the expansive sanctions and other United States (US) imposed restrictions implemented in connection with the Russian Federation’s further invasion of Ukraine. The alert provides examples of red flags to assist in...

United Kingdom Financial Regulator (FCA) exploring using criminal powers in two additional AML Investigations

January 16, 2022ComplianceAidNews

On January 16th, 2022, “The Financial Conduct Authority told the Financial Times there were two criminal probes in about 40 active cases where regulators were investigating financial services companies or individuals for failing to check where customers’ money came from.” To Access full article: Click here

The Office of Foreign Assets Control (OFAC) fines Sojitz (Hong Kong) Limited $5,228,29 8 for Apparent Violations of the Iranian Transactions and Sanctions Regulations

January 11, 2022ComplianceAidNews

On January 11th, 2022, The U.S. Treasury Department, The Office of Foreign Assets Control (OFAC), announced that Sojitz (Hong Kong) Limited (“Sojitz HK”), a Hong Kong, China-based company that engages in offshore trading and cross-border trade financing, agreed to pay $5,228,298 to settle potential civil liability for apparent violations of the Iranian Transactions and Sanctions...

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