U.S. authorities are seeking more than $3.5 billion from BNP Paribas SA to resolve federal and state investigations into the bank’s dealings with sanctioned countries, including Sudan, Iran and Cuba.… Continue Reading
Posts Tagged: Bank Secrecy Act
The Financial Crimes Enforcement Network penalized a money services business and its owner for anti-money laundering program failures and violations of the reporting and recordkeeping requirements of the Bank Secrecy Act.… 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
A money service business agreed to cease its operations and surrender its registration to the Financial Crimes Enforcement Network (FinCEN) for making more than 8,000 transfers to Yemen without doing any anti-money laundering reviews.… Continue Reading
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
The Department of Justice is focused on deterring and prosecuting criminals who use virtual currency to hide money connected to criminal or terrorist acts, said acting assistant attorney general, Mythili Raman on Monday.… Continue Reading
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