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Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Bill Steinman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

Posts Tagged: AML

U.S. probes two French banks for possible sanctions, AML violations

French banks Societe Generale and Credit Agricole are being investigated by U.S. authorities for alleged money laundering and economic sanction breaches involving Iran, Cuba and Sudan.

The U.S. Treasury and Justice Departments, the Manhattan district attorney’s office and the New York Department of Financial Services are conducting the investigations, the Wall Street Journal reported on Friday.… Continue Reading

Top U.S. prosecutor, Mythili Raman, leaving Justice Department

Acting Assistant Attorney General Mythili Raman of the Department of Justice’s Criminal Division announced on Wednesday that she is leaving the agency, effective March 21, 2014.

Under her leadership for the past year, the Criminal Division charged or convicted more than a dozen individuals for FCPA-related violations, and secured three of the ten of the biggest corporate FCPA resolutions ever involving a unit of Alcoa, France’s Total SA, and Weatherford International.… Continue Reading

Board committees and the culture of compliance

Boards of directors in global companies are showing an increased interest in establishing financial crime committees and hiring notable experts to advise them.

Several well-publicized enforcement actions have provided the impetus by requiring companies to establish such board-level committees and add to their financial crime expertise.… Continue Reading

FINRA fines Banorte-Ixe Securities for inadequate AML program

The Financial Industry Regulatory Authority (FINRA) said Wednesday it has fined Banorte-Ixe Securities International, Ltd. $475,00 for not having adequate anti-money laundering procedures in place.

Because of the firm’s AML compliance failures, it opened an account for a corporate customer owned by an individual with reported ties to a drug cartel.… Continue Reading

FINRA releases 2014 regulatory and exam priorities

On Thursday, the Financial Industry Regulatory Authority (FINRA) released its 2014 Regulatory and Examination Priorities letter to help firms review and enhance their compliance programs. FINRA emphasized that it will be examining for strong controls and compliance efforts in the areas covered in the letter, since they were deemed to pose significant risk to the investing public and the integrity of the markets.… Continue Reading

Guilty plea in $19 million check-cashing scheme

The DOJ announced a guilty plea Tuesday by a check-cashing company and its owner for processing $19 million in transactions that were used to set up sham businesses.

Books and records relating to a firm’s anti-money laundering (AML) program — much like those used to comply with the FCPA’s recordkeeping requirements as mandated by the SEC — can be reviewed by the SEC, DOJ or state examiners in regulatory investigations.… Continue Reading

Fed faults Commerzbank foreign account controls

The U.S. Federal Reserve said last week it was requiring Commerzbank AG in Germany and its New York branch to improve compliance with federal and state anti-money laundering (AML) laws.

The Fed action didn’t involve allegations of corruption or specific charges.… Continue Reading