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By

Michelle Martin

FinCEN Largest Record Penalty 1.3 Billion Against TD Bank

October 10, 2024
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...
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OFAC fines State Street Bank and Trust Company and its subsidiary, Charles River Systems, Inc. $7.4 Million

July 26, 2024
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...
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European Commission fines International Flavors & Fragrances €15.9 million for deleting WhatsApp messages

June 24, 2024
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...
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New European Union (EU) AML and CFT legislation

June 19, 2024
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
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U.S. The Federal Reserve Board (FRB) fines Evolve Bancorp, Inc & Evolve Bank & Trust

June 14, 2024
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
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