News - ComplianceAid Website

FinCEN Announces $390,000,000 Enforcement Action Against Capital One, National Association for Violations of the Bank Secrecy Act

January 15, 2021ComplianceAidNews

January 15, 2021, the Financial Crimes Enforcement Network (FinCEN), announced Capital One, National Association has been assessed a $390,000,000 civil money penalty for engaging in willful and negligent violations of the Bank Secrecy Act (BSA) and implementing its regulations. To Access full article: Click here

The Office of Foreign Assets Control (OFAC) fines Indonesian Manufacturer $1 million for Violations of the North Korea Sanctions Program Regulations

January 14, 2021ComplianceAidNews

On January 14, 2021, The U.S. Treasury Department, The Office of Foreign Assets Control (OFAC), announced that an Indonesian company agreed to pay over $1 million to settle potential civil liability for twenty-eight (28) apparent violations of the North Korea sanctions Program Regulations. To Access full article: Click here

The Office of Foreign Assets Control (OFAC) fines Union de Banques Arabes et Françaises $8.5 million for Violations of Syria-Related Sanctions Program Regulations

January 4, 2021ComplianceAidNews

On January 4th, 2021, The U.S. Treasury Department, The Office of Foreign Assets Control (OFAC), announced that an Union de Banques Arabes et Françaises agreed to pay $8,572,500 to settle potential civil liability for 127 apparent violations of Syria-Related Sanctions Program Regulations. To Access full article: Click here

US Anti-Money Laundering Act of 2020 (AMLA 2020)

January 1, 2021ComplianceAidNews

On January 1st, 2021, Congress passed the 2021 National Defense Authorization Act (NDAA), which includes significant reforms to the United States Anti-Money Laundering (AML) regime. The NDAA includes the Anti-Money Laundering Act of 2020 (AMLA) and within the AMLA, the Corporate Transparency Act (CTA). To Access full article: Click here

United States to receive $150 Million related to Ponzi Scheme from Switzerland

December 28, 2020Michelle N. MartinNews

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 here

FinCEN fines Bitcoin “Mixer” $60 Million for Violating AML/BSA Laws

October 19, 2020ComplianceAidNews

On October 19th, 2020, The Financial Crimes Enforcement Network (FinCEN) assessed first civil money penalty of $60 Million against Bitcoin "Mixer" for multiple Anti-Money Laundering (AML)/Bank Secrecy Act (BSA) laws violations. To Access full article: Click here

Largest Tax Fraud Case in the United States

October 15, 2020Michelle N. MartinNews

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 here

FinCEN Files Leaked Globally

September 21, 2020Michelle N. MartinNews, Uncategorized

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 here

FATF issued a paper COVID-19-Related ML/TF Risks and Policy Responses

May 4, 2020Michelle N. MartinNews

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 here

FinCEN fines Bank Executive for Bank Secrecy Act (BSA)/ Anti-Money Laundering Failures

March 4, 2020Michelle N. MartinNews

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 here

1 … 3 4 5 6 7 … 12