Industry News

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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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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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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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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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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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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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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The Eastern Caribbean Central Bank (ECCB) approves Republic Financial Holding Limited’s application to acquire Bank of Nova Scotia operations in a number of ECCB member countries

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...
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OFAC Issues Framework for Sanctions Compliance Programs (SCPs)

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...
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