For compliance professionals and the programs they run, politically exposed persons are a big deal. PEPs trigger money laundering and corruption concerns and therefore attract enhanced due diligence. So, I always assumed PEPs are easy to identify.… Continue Reading
The Treasury Department’s Financial Crimes Enforcement Network or FinCEN released new guidance this month that sets out its approach to enforcement practices and reassures financial institutions about the agency’s “clarity and transparency.”… Continue Reading
Four federal agencies and state bank regulators said Tuesday that banks are no longer required to file suspicious activity reports for customers solely because they’re growing and cultivating hemp.… Continue Reading
Regulators are constantly telling compliance officers to take a “risk-based” approach to due diligence processes and procedures. In some cases, regulations go so far as to require third parties to be profiled appropriately based on their level of risk.… Continue Reading
The Treasury Department’s Financial Crimes Enforcement Network fined one of California’s biggest and oldest card clubs $8 million for willfully violating U.S. anti-money laundering laws.
FinCEN imposed the civil penalty on Artichoke Joe’s.… Continue Reading
The Financial Crimes Enforcement Network (FinCEN) Monday fined Merchants Bank of California $7 million for impeding compliance staff and threatening to fire staffers who wouldn’t process suspicious transactions.
The Carson-based bank allowed billions of dollars to flow through the U.S.… Continue Reading
A gambling firm financed by Cantor Fitzgerald that became one of the biggest sports books in the United States entered into a non-prosecution agreement with the DOJ Monday and agreed to pay $16.5 million in criminal penalties and forfeiture.… Continue Reading
A strange thing occurred this month in the American political universe when a business organization wrote a letter to several key Congressmen advocating on behalf of a bill that would increase government oversight over companies.… Continue Reading
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Tuesday fined the Sparks Nugget $1 million after the casino admitted that it willfully violated the anti-money laundering (AML) provisions of the Bank Secrecy Act.… Continue Reading
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has the power to punish compliance officers and other individuals for their company’s anti-money laundering control failures under the Bank Secrecy Act, a U.S.… Continue Reading
The Treasury Department’s Financial Crimes Enforcement Network announced its first enforcement action against a “card club” gaming business.
Oaks Card Club of Emeryville, California admitted last week that it violated the program and reporting requirements of the Bank Secrecy Act (BSA). … Continue Reading
The Federal Deposit Insurance Corporation Wednesday imposed a civil penalty of $140 million against Banamex USA of Century City, California for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws and regulations.… Continue Reading