The Suspicious Activity Reports (SARs) that banks submit to overseers such as FinCEN, as part of their AML requirements, often contain information and financial intelligence that can jeopardize the safety and well-being of an organization or individual.… Continue Reading
Posts Tagged: Suspicious Activity Reports
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
As we approach the anniversary of the Financial Conduct Authority’s first published set of aggregated results, it’s a good time to review what that means for risk managers across the UK and Europe.… Continue Reading
The SEC alleged Wednesday that two former anti-money laundering compliance officers for a New York broker dealer aided and abetted their firm’s AML violations.
One of the compliance officers settled the SEC charges.… Continue Reading
The Financial Crimes Enforcement Network announced a settlement Friday with $2.8 million in penalties against Hawaiian Gardens Casino, Inc. d/b/a The Gardens Casino, of Hawaiian Gardens, California.
The Gardens, a card club, admitted that it violated the Bank Secrecy Act’s compliance program and reporting requirements.… Continue Reading
Luxury goods retailers selling high-end cars, boats, private jets, art, antiques and jewellery are being used by the corrupt to hide the illegal proceeds of crime — and to escape detection, Transparency International said.… Continue Reading
This month, Transparency International published its survey of the UK’s AML enforcement and confiscation systems, particularly in relation to Financial Action Task Force (FATF) defined “grand corruption” (bribe-taking or kickbacks, extortion, self-dealing, conflicts of interest, and embezzlement from the national treasuries).… Continue Reading