News – ComplianceAid Website

FinCEN Assesses $125 Million Penalty Against UBS Financial Services Inc

August 3, 2026Sandhya SahooNews

August 3rd, 2026, “the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a $125,000,000 civil money penalty against UBS Financial Services Inc. (UBSFS) for willful violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering and countering the financing of terrorism law that safeguards the financial system from illicit use. This...

Securities and Exchange Commission (SEC) fines Merrill Lynch $7.5 Million

July 29, 2026Sandhya SahooNews

On June 29th, 2026,” The Securities and Exchange Commission today announced settled charges against registered broker-dealer Merrill Lynch, Pierce, Fenner & Smith Incorporated for failing to file numerous Suspicious Activity Reports (SARs) from April 2020 through September 2024 in violation of broker-dealer reporting and recordkeeping requirements. Merrill agreed to pay a $7.5 million civil penalty...

United Kingdom (UK) Financial Regulators Oversee Critical Third Parties

July 10, 2026Sandhya SahooNews

On July 10th, 2026, it was announced, “The Bank of England (the Bank), the Prudential Regulation Authority (PRA) and the FCA will start overseeing the first critical third parties (CTPs) on Monday 13 July 2026, following designation by the Treasury. CTPs are technology and other service providers whose services underpin the UK financial system. Today,...

FinCEN, Agencies Propose Rule to Implement GENIUS Act Customer Identification Program Requirement

June 18, 2026Sandhya SahooNews

On June 18th, 2026, “the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), together with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration issued a joint proposed rule to implement provisions of the...

European Union (EU) New Anti-Money Laundering (AML) Framework -Complete Guide

June 9, 2026Sandhya SahooNews

June 9th, 2026, “The finalised package consists of four key legislative instruments: a new Anti-Money Laundering Directive (AMLD6), which strengthens the powers and responsibilities of national supervisory authorities and Financial Intelligence Units; a directly applicable Regulation setting out detailed requirements for obliged entities; the creation of a new EU Authority for Anti-Money Laundering and Countering...

The Office of Foreign Assets Control (OFAC) fines Adani Enterprises $275 Million

May 18, 2026Michelle MartinNews

On May 18th, 2026, “The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a $275,000,000 settlement with Adani Enterprises Limited (AEL), an Ahmedabad, India-based company.” To Access full article: Click here

FINTRAC Fines Canada Inc.- Necosmart $693,742 for AML/CFT Program Deficiencies

May 14, 2026Michelle MartinNews

On May 14th, 2026, “Canada Inc., also operating as Necosmart, a money services business in Edmonton, Alberta, was imposed an administrative monetary penalty of $693,742.50 on March 27, 2026, for committing 5 violations.” To Access full article: Click here

FINTRAC imposed a monetary penalty of $51,562 on Birks Group Inc

May 5, 2026Michelle MartinNews

On May 5th, 2026, “Birks Group Inc., also operating as Birks, a dealer in precious metals and precious stones with retail locations across Canada, was imposed an administrative monetary penalty of $51,562.50 on March 11, 2026, for committing 3 violations.” To Access full article: Click here

FINTRAC imposes a $42,075 monetary penalty on VersaBank

May 5, 2026Michelle MartinNews

May 5th, 2026, VersaBank, headquartered in Ontario was imposed an administrative monetary penalty of $42,075 on February 23, 2026, for committing 2 AML/CFT Compliance violations. To Access full article: Click here

FinCEN and OFAC Proposed AML/CFT Sanctions Compliance Program Requirements

April 8, 2026Michelle MartinNews

April 8th, 2026, the “U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control issued a joint proposed rule to implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).” To Access full article: Click here

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