Sep 4, 2024ByRuchi Kumar, CW guest columnist Enforcement actions in the first half of of 2024 by the Treasury Department’s Financial Crimes Enforcement Network highlight the importance of proactive measures in Bank Secrecy Act compliance rather than just being compliant. ...
Recent AML/Sanctions Enforcement ActionsEdward J. Krauland
In 2024, FinCEN and the federal bank regulators announced more than three dozen enforcement actions against banks and individuals arising from alleged Bank Secrecy Act (BSA), anti-money laundering (AML), and countering the...more Brink’s Global Services Faces Major Fines: The DOJ and FinCEN Cr...
Rachel Woolley, Global Director of Financial Crime at Fenergo, said: "While we are seeing a 30% reduction in the value of fines issued to date compared to the same analysis period last year, it is likely that the total enforcement actions issued in 2020 will be on par...
regarding the provision of data and personal information to foreign judicial or law enforcement agencies,clarifying that domestic financial institutions are not allowed to provide relevant information or take actions such as freezing funds/assets according to foreign countries or organizations’ instructions....
Fenergo, the provider of digital solutions for client lifecycle management (CLM), know your customer (KYC) and transaction monitoring, announced the findings of its report on financial institution enforcement actions. Global regulatory fines in 2024 saw a decline in value from “$6.57 billion in 20...
August 2024 Furthering efforts to combat illicit finance threats, vulnerabilities, and risks, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issues afinal rulethat imposes anti-money laundering/ countering the financing of terrorism (AML/CFT) program and suspici...
UK law enforcement strictly oversees all business spheres falling under Anti-Money Laundering (AML) regulations and imposes significant fines for non-compliance. This includes finance, gambling, real estate, the art trade, and more. In November 2024, Metro Bank was fined nearly£17 million($21...
In addition, an investment adviser’s failure to develop and maintain an adequate AML/CFT compliance program may lead to costly and time-consuming supervisory criticisms and/or enforcement actions. As discussed in our May 2024 Advisory, FinCEN and the SEC have also issued a joint notice of...
In the U.S., cryptocurrencies are largely an unregulated market, and few regulations explicitly target the asset class by name. Instead, AML enforcement actions, such as those against crypto exchanges Binance and FTX, have been prosecuted under existing laws and statutes, such as the Bank Secrecy...