The U.S. Treasury Department’s Financial Crimes Enforcement Network sets risk-based compliance obligations of U.S. financial institutions. FinCEN directs counter-measures against the countries with the highest risk and enhanced due diligence against others.… Continue Reading
Posts Tagged: Iran
Commerzbank AG agreed to pay $1.45 billion for doing business with Iran and other sanctioned countries and its failure to have adequate money laundering controls, the DOJ and New York financial regulator said Thursday.… Continue Reading
Prosecutors in Moscow warned the Russian branch of Transparency International to register as a foreign agent, TI-Russia said in a statement posted on its website Friday.
Prosecutors told the anti-corruption NGO that its “actual activity includes interfering with the government’s policy in the fight against corruption by lobbying its own proposals to change it,” TI’s statement said.… Continue Reading
A federal judge Thursday refused to approve a settlement of sanctions violations by a subsidiary of Dutch aerospace firm Fokker Technologies Holding.
Federal judge Richard J. Leon of the District of Columbia said the proposed $21 million penalty was “grossly disproportionate to the gravity of Fokker Sercvices’ conduct in a post-911 world.”… Continue Reading
The 2014 World Misery Index ranks 108 countries for how much “misery” the people in a country are experiencing. The amount of misery is arrived at by adding the unemployment, inflation, and bank lending rates, and subtracting the percentage change in real GDP per capita.… Continue Reading
Run-amok compliance officers cost Bank of Tokyo Mitsubishi $315 million for sanctions report whitewash
The New York State Department of Financial Services (DFS) Tuesday levied $315 million in penalties against Bank of Tokyo Mitsubishi UFJ (BTMU) for misleading regulators regarding its transactions with Iran, Sudan, Myanmar, and other sanctioned entities.… Continue Reading
Leslie Caldwell, chief of the DOJ’s criminal division, talked at last week’s Annual Ethics and Compliance Conference in Atlanta. She covered the ten hallmarks of an effective compliance program and cooperation with the DOJ in FCPA and other white-collar investigations.… Continue Reading
The U.S. Attorney in Manhattan is investigating Germany’s Commerzbank AG for alleged violations of money-laundering laws, the Wall Street Journal reported Friday.
The United States government has imposed tough long-term trade sanctions on Iran because of its nuclear program. But our policy makers want Iranian citizens to have access to the Internet, mobile phones, chat services, and other social media.… Continue Reading
BNP Paribas SA said Jean Clamon, its top compliance officer since 2008, will retire this year.
Clamon, also a former chief operating officer, will be succeeded by Eric Martin, head of internal audit.… Continue Reading
New York’s Department of Financial Services said Monday that PricewaterhouseCoopers (PwC) Regulatory Advisory Services has been suspended for two years for helping whitewash a sanctions and anti-money laundering compliance report from the Bank of Tokyo Mitsubishi (BTMU).… Continue Reading