Industry News

October 11, 2022

FinCEN Announces $29 Million Enforcement Action Against Virtual Asset Service Provider Bittrex for Bank Secrecy Act (BSA) violations

On October 11th, 2022, The Financial Crimes Enforcement Network (FinCEN) assessed a civil money penalty in the amount of $29,280,829.20 against Bittrex, for violations of the Bank Secrecy Act (BSA)...

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October 11, 2022

The Office of Foreign Assets Control (OFAC) fines Bittrex, Inc. $24 Million for Apparent Violations of Multiple Sanctions Programs

On October 11th, 2022, The U.S. Treasury Department, The Office of Foreign Assets Control (OFAC), announced that Bittrex, Inc. (“Bittrex”), a private company based in Bellevue, Washington, that provides an...

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September 29, 2022

FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency

September 29th, 2022, “U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the Beneficial Ownership Reporting requirement of the Corporate Transparency Act (CTA). “The rule will require...

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June 23, 2022

The Financial Conduct Authority fines Ghana International Bank Plc £5.8m for deficiencies in its Anti-Money Laundering Program

On June 23rd, 2022, “The Financial Conduct Authority (FCA) fined Ghana International Bank Plc (GIB) £5,829,900 for inadequate anti-money laundering and counter-terrorist financing controls over its correspondent banking activities. To...

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June 22, 2022

United Kingdom Financial Regulator (FCA) fines insurance broker JLT Specialty Limited £7.8m for financial crime control failings.

On June 22nd, 2022, “The Financial Conduct Authority (FCA) has fined JLT Specialty Limited (JLTSL) £7,881,700 for financial crime control failings, which in one instance allowed bribery of over $3m...

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May 27, 2022

The Office of Foreign Assets Control (OFAC) fines Banco Popular de Puerto Rico $255,937.86 for Apparent Violations of the Venezuela Sanctions Regulations

May 27th, 2022, The Office of Foreign Assets Control (OFAC), announced a settlement with Banco Popular de Puerto Rico for $255,937.86 related to apparent violations of the Venezuela Sanctions Regulations....

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April 25, 2022

The Office of Foreign Assets Control (OFAC) Settles with Toll Holdings Limited for $6.1 M Related to Apparent Violations of Multiple Sanctions Programs

April 25th, 2022, “Toll Holdings Limited (“Toll”), an international freight forwarding and logistics company headquartered in Melbourne, Australia, has agreed to pay $6,131,855 to settle its potential civil liability for...

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March 17, 2022

FinCEN Announce $140M Civil Money Penalty against USAA Federal Savings Bank for Violations of the Bank Secrecy Act

On March 17th, 2022, The Financial Crimes Enforcement Network (FinCEN) announced it has assessed a $140 Million Civil Money Penalty against USAA Federal Savings Bank (USAA FSB) for willful violations...

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March 16, 2022

FinCEN Announces Actions to Support REPO Multilateral Task Force and Ongoing U.S. Government Efforts to Combat Foreign Government Corruption

On March 16th, 2022, Financial Crimes Enforcement Network (FinCEN) announced its efforts to support the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force, announced earlier March 16, 2022, by...

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