On December 28, 2020, Switzerland’s Federal Ministry of Justice announced that the United States (U.S) will receive $150 million from previously blocked bank accounts by the end of 2020 to go to victims of Ponzi Scheme artist Robert Allen Stanford. To Access full article: Click hereRead More
On October 15, 2020, “A federal grand jury in San Francisco, California, indicted Robert T. Brockman, the Chief Executive Officer of an Ohio-based software company, with tax evasion, wire fraud, money laundering, and other offenses”. To Access full article: Click hereRead More
On September 20, 2020, the FinCEN Leaked Files were globally publicized. “Leaked documents involving about $2tn of transactions revealed how some of the world's biggest banks have allowed criminals to move dirty money around the world”. To Access full article: Click hereRead More
May 4, 2020, the Financial Action Task Force (FATF) issued a paper on "COVID-19 related Money Laundering and Terrorist Financing Risks and Policy Responses. This paper identifies challenges and new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis". To Access full publication: Click hereRead More
On March 4, 2020, the Financial Crimes Enforcement Network (FinCEN) fined Michael LaFontaine, former Chief Operational Risk Officer at U.S. Bank National Association (U.S. Bank), for his failure to prevent violations of Anti-Money Laundering /Bank Secrecy Act (BSA). To Access full article: Click hereRead More
On September 7 2019, ECCB, in consultation with the ECCB Monetary Council, approved the application for the transfer of assets and liabilities of the Bank of Nova Scotia (BNS) to the Republic Financial Holding Limited (RFHL) in Anguilla, the Commonwealth of Dominica, Grenada, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines,...Read More
On May 2, 2019, the US Department of the Treasury, Office of Foreign Assets Control (OFAC) published "A Framework for OFAC Compliance Commitments”. This document addresses the requirements of an effective risk-based and on-going sanctions compliance programs (SCPs). In addition, the Framework outlines the five (5) essential components of a risk-based SCP: management commitment; risk...Read More
The Financial Crimes Enforcement Network (FinCEN) and the U.S. Attorney’s Office for the Southern District of New York announced on May 4th, 2017 the settlement of claims under the Bank Secrecy Act (BSA) against Thomas E. Haider, the former Chief Compliance Officer of MoneyGram International, Inc. Mr. Haider has agreed to a three-year injunction barring...Read More
On December 21, 2016 Odebrecht & Braskem Plead Guilty and agree to pay at least $3.5 Billion in penalties to resolve Largest Foreign Bribery Case in History. To Access full article: Click hereRead More
