Industry News

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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The European Commission Fines Google $1.7 Billion in Antitrust Case

On March 20, 2019 the EU fined Google for breaching antitrust rules. To Access full article: Click here
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FinCEN & Manhattan U.S. Attorney Announce Settlement with Former MoneyGram Executive Thomas E. Haider

The Financial Crimes Enforcement Network (FinCEN) and the U.S. Attorney’s Office for the Southern District of New York announced on May 4th, 2017 the settlement of claims under the Bank...
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Odebrecht and Braskem the Largest Foreign Bribery case to date

On December 21, 2016 Odebrecht & Braskem Plead Guilty and agree to pay at least $3.5 Billion in penalties to resolve Largest Foreign Bribery Case in History. To Access full...
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FinCEN Customer Due Diligence Rule

On May 5th, 2016, the Financial Crimes Enforcement Network (FinCEN) released the final rule on Customer Due Diligence Requirements and Beneficial Ownership aimed at strengthening the Anti-Money Laundering requirements. This...
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Basel Committee on Banking Supervision expands its guidelines on AML and CFT

On February 4th, 2016, the Basel Committee on Banking Supervision expanded its guidelines on Anti-Money Laundering and Countering Terrorist Financing with a "General Guide to Account Opening". To Access the...
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