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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) Issued a Penalty Notice to an Individual

November 19, 2024ComplianceAid proNews

November 19, 2024, The United States Treasury Department, The Office of Foreign Assets Control (OFAC), announced the issuance of a $1,104,408 penalty against an individual for 75 violations of OFAC sanctions on Iran. The violations related to the individual's use of an informal value transfer system to remit funds between the United States and Iran...

Foreign National Pleaded Guilty to Laundering $73 Million in Proceeds from Cryptocurrency Investment Scams

November 12, 2024ComplianceAid proNews

Tuesday, November 12, 2024, The United States Department of Justice (DOJ) announced a dual citizen of China and St. Kitts and Nevis, and a resident of China, Cambodia, and the United Arab Emirates, pleaded guilty today to one count of conspiracy to commit money laundering for his role in a scheme to launder millions of...

FATF Issued Guidance of Money Laundering National Risk Assessment

November 6, 2024ComplianceAid proNews

On November 6th, 2024, FATF (The Financial Action Task Force), published the Money Laundering National Risk Assessment (NRA) Guidance. The guidance is intended to support countries in conducting an NRA focused on the assessment of money laundering risks. To Access full article: Click here

FATF Changes Grey Listing Criteria to Focus on Countries Posing Greater Risk

October 17, 2024ComplianceAid proNews

October 17th, 2024, The Financial Action Task Force (FATF) announced that it has made major changes to the criteria for putting countries on its lists to relieve pressures on least developed countries and focus on those countries posing greater risks to the international financial system. The changes made by the FATF will ensure the listing...

TD Bank Pleaded Guilty to Bank Secrecy Act (BSA) and Money Laundering (ML) Conspiracy Violations $1.8 Billion Resolution

October 10, 2024ComplianceAid proNews

October 10, 2024, The 10th Largest Bank in the United States TD Bank N.A. (TDBNA), and its parent company TD Bank US Holding Company (TDBUSH) (together with TDBNA, TD Bank) pleaded guilty and agreed to pay over $1.8 billion in penalties to resolve the U.S. Justice Department’s investigation into violations of the Bank Secrecy Act...

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

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