The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) defined the concept of a “culture of compliance” in a six-page advisory Monday that was aimed at senior management, leadership and owners of financial institutions subject to FinCEN’s regulations.… Continue Reading
Posts Tagged: anti-money laundering
The chief of U.S. Treasury’s anti-money laundering unit said casinos must use all information at their disposal to uncover suspicious customer transactions, including information about their source of funds.
In her keynote address at a conference Thursday in Las Vegas, Jennifer Shasky Calvery, director of Treasury’s Financial Crimes Enforcement Network (FinCEN), said regulations require casinos to use “all of the information available to them in investigating suspicious transactions.”… Continue Reading
The Securities and Exchange Commission announced charges Friday against Wedbush Securities Inc., a Los Angeles-based market access provider and two of its officials.
The SEC said poor risk controls resulted in Wedbush granting market access to overseas traders without prea-approval and without ensuring they complied with U.S.… Continue Reading
The threat of a possible Phase 3bis evaluation, leading to a public statement of non-compliance, is a sure sign that the Organisation for Economic Co-operation and Development (OECD) Working Group has encountered a brick wall.… Continue Reading
Citigroup and its Mexican affiliate, Banamex, disclosed on Monday the receipt of grand jury subpoenas concerning the bank’s compliance with the Bank Secrecy Act and federal anti-money laundering requirements.
Citigroup said the bank and Banamex received subpoenas from the U.S.… Continue Reading
Three men pleaded guilty in federal court in New York City Monday for a check-cashing scheme designed to evade anti-money laundering reporting requirements.
Robert Petrosyants and his twin brother Zhan, both of Fort Lee, New Jersey, admitted to conspiring to violate the Bank Secrecy Act for filing false Currency Transaction Reports (CTRs) for cash transactions of more than $10,000.… Continue Reading