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Industry News

January 14, 2021

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

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...
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January 4, 2021

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

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...
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January 1, 2021

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

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...
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December 28, 2020

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

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...
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October 19, 2020

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

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...
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October 15, 2020

Largest Tax Fraud Case in the United States

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,...
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September 21, 2020

FinCEN Files Leaked Globally

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...
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May 4, 2020

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

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...
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March 4, 2020

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

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...
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