Author Archives: Brian Monroe
ACFCS Coronavirus Coverage: Fighting invisible enemies – viruses, front companies and charity charlatans
The Skinny: The coronavirus pandemic has complicated financial crime compliance investigations, but the changing transactions, or lack of change, could hold the key to uncovering the signs of nearly invisible front companies. But to find those murky miscreants, financial institutions must pivot quickly. Some risks have flip-flopped as people panic-buy, pull cash out in bunches […]
Coronavirus Fincrime Compliance News Update: Coalition calls for safeguards to prevent looting of relief funds, more AML aftershocks, exploitation fears, and more
The Skinny: Watchdog groups say to watch for corruption to tinge global pandemic relief efforts. Financial crime compliance teams will face new challenges as alerts and threats rise and resources and support retreat – including layoffs. Investigators urge financial institutions and individuals to be wary of scams coming through your phone, your email and even […]
Coronavirus Fincrime Infection Inflection Points: Compliance teams must counter surge in alerts, attacks, with fewer resources, even layoffs
The Skinny: The coronavirus pandemic is doing more than taking lives and life savings – it has the potential to also wreak havoc in financial crime compliance departments. The reason: as many financial institutions see profits fall and risks soar, they could decide to trim or reorganize now-scattered fincrime compliance teams. This could be a […]
FinCEN issues rare penalty, nearly half a million dollars, against top risk officer for longstanding AML failures, alert caps
The Skinny: FinCEN has issued a rare and hefty penalty, $450,000, against a top risk officer at U.S. Bank for longstanding AML failures and alert caps. U.S. Bank, one of the country’s largest institutions, paid more than $600 million to regulators and authorities in a 2018 deferred prosecution agreement for these failings and attempting […]
Key takeaways from the ACFCS Boston Crypto Compliance Symposium
The Skinny: At the ACFCS East Coast Crypto Compliance Symposium in Boston, more than 100 thought leaders, regulators and investigators gathered to analyze challenges, offer solutions. Rising domestic and international AML standards are challenging the crypto sector, forcing them to work together more aggressively than ever before with each other, and legacy banks. The current […]
EU chastises 8 member states on AML even as bank watchdog girds guidelines for gauging fincrime risk
The Skinny: In continuing quest to show strong stance on AML, punish countries that tarry, EU chastises eight member states. The EU Commission sent letters to Cyprus, Hungary, the Netherlands, Portugal, Romania, Slovakia, Slovenia and Spain for not transposing the EU 5th AML Directive into law by January. In lock step, the European Banking Authority has released a […]
Ousted Danske Bank CEO faces nearly $400 million lawsuit tied to historic money laundering scandal
The Skinny: Disgraced former Danske Bank CEO faces a nearly $400 million lawsuit for his role overseeing a historic money laundering scandal. Overall, hundreds of disgruntled investors have taken aim at Danske Bank after its stock price more than halved after the scandal broke. But going after the CEO directly is a novel new twist […]
OCC chastises M.Y. Safra Bank for oversight of crypto clients, extensive failures in all pillars of AML program
The Skinny: OCC dings New York-based private bank for AML oversight of crypto sector entities. The cease-and-desist order against M.Y. Safra is notable for its expectations around banking ‘digital asset customers’ – a new term in the compliance lexicon. The 30-page order is required reading for AML officers and increases trend of greater involvement, accountability, […]
Wells Fargo to pay $3 billion to DOJ, SEC to resolve criminal, civil charges tied to ‘fake accounts’ scandal
The Skinny: Wells Fargo agrees to pay $3 billion in global civil and criminal settlement tied to fake accounts scandal. Federal investigators and regulators say the bank pushed employees to meet unrealistic sales goals – and when they complained, top execs turned a blind eye. The unrelenting pressure led thousands of employees to provide millions […]
New Resource: Tech Against Human Trafficking – Interactive Map of Anti-Trafficking Technology-enabled Tools
The Skinny: Anti-Human Trafficking group creates new tool to review, catalogue technologies used to counter trafficking. The group has identified hundreds of tools, including applications, sites and databases, that can be searched and cross-referenced. The site’s homepage, Tech Against Human Trafficking, also offers users a way to visualize and overlay tool categories, including target users, […]
DOJ charges Ohio resident with laundering more than $300 million through Darknet-based cryptocurrency ‘mixer’
The Skinny: DOJ arrests Ohio resident for allegedly laundering more than $300 million. Investigators say Larry Harmon laundered the money through Helix, a Darknet-based cryptocurrency laundering service, also referred to as “mixing” and “tumbling.” The indictment is just the latest move by DOJ in broader efforts by investigators and regulators to find where illicit funds […]
U.S. class action suits pile up against Australia’s Westpac amid money-laundering scandal
The Skinny: In recent months, Australia’s No.2 lender Westpac Banking Corp was hit with more than a half-dozen U.S. class-action lawsuits. The suits relate to an ongoing scandal identified by Austrac, alleging 23 million breaches of anti-money laundering laws, including payments between known child exploiters. The law firms are accusing the lender of not carrying […]