The SEC Wednesday charged a chief compliance officer and two broker dealers with failing to file Suspicious Activity Reports after red flags came up for the sale of 12.5 billion shares of penny stocks.… Continue Reading
Posts Tagged: AML
The SEC alleged Wednesday that two former anti-money laundering compliance officers for a New York broker dealer aided and abetted their firm’s AML violations.
One of the compliance officers settled the SEC charges.… Continue Reading
When consulting services are related to the FCPA, AML, ATF or KYC compliance, the potential for litigation is amplified. And while many compliance consultants purchase professional liability (errors & omissions) insurance, securing a properly structured policy is challenging.… Continue Reading
Boards of directors at financial institutions play a crucial role in the adoption and implementation of effective enterprise-wide Anti-Money Laundering (AML) and sanctions compliance programs.
It’s up to them and senior management to set the strategy, ensure there are adequate resources, and empower leaders to promote an effective AML compliance program and monitor the organization’s risk profile.… Continue Reading
The former Chief Compliance Officer of MoneyGram International, Inc. reached a settlement Thursday with FinCEN and the DOJ after he was held personally responsible for his company’s anti-money laundering failures.
Thomas E.… Continue Reading
It comes as no surprise that the authorities appear to have caught up with Mossack Fonseca’s founders, Jürgen Mossack and Ramon Fonseca, in Panama City and the firm’s offices raided.… Continue Reading
The Securities and Exchange Commission filed an administrative complaint against New York-based brokerage firm Windsor Street Capital and its former anti-money laundering officer John D. Telfer.
The Financial Industry Regulatory Authority said Monday it fined Credit Suisse Securities (USA) LLC $16.5 million for anti-money laundering and supervision violations.
Credit Suisse’s suspicious activity monitoring program was deficient, FINRA said.… Continue Reading
The UK Financial Conduct Authority Wednesday sanctioned Sonali Bank (UK) Limited and its former compliance officer after years of serious anti-money laundering system failures.
The FCA fined Sonali UK £3.25 million (nearly $4 million) and banned it from accepting deposits from new customers for 24 weeks.… Continue Reading
Singapore demonstrates a strong anti-money laundering and counter financing of terrorism (AML/CFT) legislative framework but despite this, it shows significant weaknesses in its effective implementation, according to a recent review by the Financial Action Task Force. … Continue Reading
The Financial Crimes Enforcement Network announced a settlement Friday with $2.8 million in penalties against Hawaiian Gardens Casino, Inc. d/b/a The Gardens Casino, of Hawaiian Gardens, California.… Continue Reading
The Financial Industry Regulatory Authority (FINRA) fined a former AML compliance officer and suspended her for failing to conduct required due diligence and periodic risk reviews of foreign financial institutions.
Linda L.… Continue Reading