FINANCIAL CRIME WAVE – COUNTRY CORRUPTION RANKINGS FALL, HONG KONG BOLSTERS AML COVERAGE, AND MORE

Hong Kong

In this week’s Financial Crime Wave, global graft watchdog Transparency International sees corruption scores fall in wake of Panama Papers, Hong Kong’s financial regulator looks to boost transparency and anti-money laundering coverage of gatekeepers, criminals turn to “virtual kidnapping” to steal money, without ever leaving their hovels, and more. Corruption Laser focus on ownership opacity, […]

ENFORCEMENT ROUNDUP: HKMA FINES JPM ON AML, WELLS PAYS NEARLY $600 MILLION TO STATES, AND MORE

Compliance

In ACFCS’ latest Enforcement Roundup, U.S. state, federal and foreign regulators hand down an array of financial crime compliance penalties against banks and brokers, including for lax customer due diligence and risk assessments, poor monitoring of international wires, fleecing customers with unwanted services, attempting to sniff out whistleblowers, and more. The penalties cumulatively reveal global […]

FINANCIAL CRIME WAVE – PROSECUTOR DROPS NAMES IN DANSKE BANK PROBE, AML DATA QUALITY, AND MORE

Finance Compliance

In this week’s Financial Crime Wave, a prosecutor drops a dime in sprawling Danske Bank money laundering probe, Chinese hackers release sensitive EU diplomatic cables, Standard Chartered talks efforts, importance of financial crime compliance data quality, and more. Cybersecurity ‘Thousands’ of EU Diplomatic Cables Hacked: Report Hackers apparently connected to China accessed thousands of sensitive […]

FINCEN, FINRA, SEC LEVY NEARLY $15 MILLION PENALTY AGAINST SECURITIES ARM OF UBS FOR AML FAILINGS

UBS Penalty $15 Million

U.S. banking and securities regulators this week levied a nearly $15 million penalty against the securities arm of Switzerland’s largest bank for more than a decade of lax financial crime compliance, poor oversight of risky correspondent portals and missed filings of suspicious activity. The Financial Crimes Enforcement Network (FinCEN) in an assessment Monday penalized the securities arm […]

2018 YEAR IN REVIEW: MOST READ ACFCS STORIES COVER AML ENFORCEMENT HIGHS, LOWS, POT BANKING AND MORE

2018 financial penalties

When looking back at the topsy-turvy world of compliance in 2018, there are several themes that leapt across borders and linked domestic and foreign financial crime compliance enforcement actions, investigations and regulations: remediation renovation, technological innovation and international cooperation. Those issues and focal points are borne out in ACFCS editorial coverage, with the 10 most […]