ACFCS FINANCIAL CRIMECAST: AN AI AND AML UPDATE WITH QUANTAVERSE CEO DAVID MCLAUGHLIN

Welcome to the ACFCS Financial Crimecast, where we highlight key trends and talk to top thought leaders in the industries involving financial crime and compliance. In our latest podcast, we are talking with David McLaughlin, the CEO and founder of QuantaVerse, which uses data science and artificial intelligence (AI) to help institutions better identify financial crimes. […]

FINANCIAL CRIME WAVE – U.S. COMPLIANCE COSTS SURPASS $25 BILLION, EU, U.K. AML FINES, AND MORE

U.S. COMPLIANCE COSTS SURPASS $25 BILLION, EU, U.K. AML FINES, AND MORE

In this week’s Financial Crime Wave, a new report tabulates U.S. financial crime compliance costs at a whopping more than $25 billion, another notes that regulators have dinged most European, U.K. banks on anti-money laundering, criminals use virtual currencies to launder $2.5 billion, and more. Compliance Anti-money laundering compliance costs U.S. financial services firms $25.3 […]

NYDFS FINES MASHREQBANK $40 MILLION ON AML, OFAC FAILURES, MUST REVIEW PRIOR CLEARING ACTIVITY

Gotham’s banking regulator Wednesday penalized the New York branch of the largest and oldest bank in the United Arab Emirates $40 million for a host of financial crime compliance deficiencies, including lax oversight of dollar clearing portals for high-risk countries, monitoring and reporting on suspicious activity and policies for dealing with rogue regimes. The New York […]

FINANCIAL CRIME WAVE – ESTONIA LAUNDERING UPDATE, UK FCA TACKLES CRYPTO, AND MORE

Estonia

In this week’s Financial Crime Wave, Estonia laundering update, U.S. regulators detail ways smaller banks and credit unions with similar risk profiles can pool anti-money laundering resources, a U.K. regulator tackles crypto exchange laundering, oversight, Estonian banks see more than $1 trillion in foreign financial flows, some tied to money laundering, and more. Resource sharing […]

REGULATORS GIVE BLESSING FOR SMALLER BANKS TO POOL AML RESOURCES TO INCREASE EFFICIENCY, LOWER COSTS

The U.S. Treasury and federal banking and credit union regulators this week issued a rare joint statement focusing on smaller institutions, essentially giving their blessing for these operations to pool financial crime compliance resources to lower costs, improve efficiency and potentially get access to more expertise and greater independence. The Financial Crimes Enforcement Network (FinCEN), […]

TIGTA CHIDES IRS, STATING ITS AML EFFORTS HAVE A ‘MINIMAL IMPACT,’ IS FAILING TO FULLY USE CTR DATA

The U.S. Treasury Office of Inspector General for Tax Administration (TIGTA) has criticized the Internal Revenue Service in two key areas related to financial crime compliance and investigations, stating in one report that the agency’s anti-money laundering (AML) division – that typically examiners all non-bank operations without a federal functional regulator, has “minimal impact,” while […]

FINANCIAL CRIME WAVE – DANSKE BANK WHISTLEBLOWER EMERGES, DUTCH BANKS CHIDED ON AML, AND MORE

Danske Bank

In this week’s Financial Crime Wave, the whistleblower who alerted Danske Bank, authorities about its potential money laundering problem emerges, Dutch regulator chastises banking sector for lax stance on anti-money laundering compliance in wake of record nearly $1 billion penalty against ING, and more. Whistleblowers Whistleblower at Danske Bank was firm’s Baltics trading head, attempted […]