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Tag: Anti-Money Laundering


Regulations

Puerto Rican bank sues Fed for $150M in damages

March 5, 2024

Via: Banking Dive

Banco San Juan Internacional filed an amended lawsuit Thursday, seeking damages exceeding $150 million from the Federal Reserve Bank of New York and the Fed’s board of governors. The complaint, filed in the U.S. District Court for the Southern District […]


Regulations

Green Dot receives proposed consent order from US Federal Reserve

February 29, 2024

Via: FinTech Futures

In its recently published Q4 and full year financial results for 2023, Green Dot states that the matters addressed in the proposed consent order “relate to activities and practices that commenced prior to the company’s Chief Executive Officer transition in […]


Regulations

Treasury Announces Renewed Push for Investment Adviser AML Rules in Q1 2024

January 11, 2024

Via: JD Supra

The United States Department of the Treasury has announced that it is working to address what it perceives as money laundering risks associated with investment advisers. Specifically, the agency asserts that absent consistent and comprehensive anti-money laundering (“AML”) and countering […]


Regulations

FCA places embattled Metro Bank on financial crime watchlist as rescue deal continues

November 16, 2023

Via: FinTech Futures

The bank says that it “received confirmation of its position on the FCA’s watchlist for financial crime compliance” on 6 June, and that the action related to the “ongoing management of financial crime risk” within its back book and online […]


Regulations

US Federal Reserve Board slaps $14.5m fine on Metropolitan Commercial Bank

October 24, 2023

Via: FinTech Futures

The Board alleges that the bank violated customer identification rules and has identified “deficiencies” in the bank’s third-party risk management with respect to its issuance of prepaid card accounts. From April to July 2020, the Board says that the bank […]


Capital and Risk, Operational

GenAI: friend or foe in fraud risk management?

October 2, 2023

Via: FinTech Futures

The technology’s ability to generate human-like conversations and impressive original content is being extolled by experts and common users alike across industries. From students to researchers, consultants, software developers, artists, media content creators, businesses, consumers of various services – the […]


Regulations

EU crypto “travel” regulations pass European Parliament vote

April 25, 2023

Via: FinTech Futures

The European Union’s Markets in Cryptoassets (MiCA) regulation will require crypto firms to register in one of the EU’s member states, before allowing them to operate across the bloc. Stefan Berger, lead MEP for the MiCA regulation, says: “Consumers will […]


Regulations

Santander UK hit with £107.7m FCA fine for AML failures

December 9, 2022

Via: FinTech Futures

The regulator says between 31 December 2012 and 18 October 2017, Santander failed to adequately manage its AML systems, affecting more than 560,000 business accounts. Santander has not disputed the FCA’s findings and agreed to settle, which means it has […]


Regulations

DFSA fines Bank of Singapore $1.1m citing inadequate AML controls

November 11, 2022

Via: FinTech Futures

The DFSA claims it found deficiencies in the bank’s AML business risk assessments, client risk assessments, customer due diligence practices, suspicious activity reporting and identification of clients’ sources of funds. The regulatory authority says it also found that the bank […]


Regulations

Digital challenger Bunq wins “landmark” case against Dutch Central Bank

October 18, 2022

Via: FinTech Futures

The firm took the regulator to court earlier this year to challenge what it calls the DNB’s “antiquated and ineffective” AML strategy. “Where DNB insisted on using one-sided reporting from account holders – a system resting squarely on the honesty […]


Regulations

USAA to pay $140M in penalties over AML shortcomings

March 18, 2022

Via: Banking Dive

Thursday’s penalties break down to $80 million from FinCEN and $60 million from the OCC — each of which filed consent orders against USAA. The OCC ordered the bank to appoint a compliance committee within 15 days and to develop […]


Capital and Risk, Operational

Finding illicit financial transactions by ignoring them

February 9, 2022

Via: FinTech Futures

While analysing past behaviour might be successful in catching certain serial offenders, criminals that want to launder money anticipate this way of working and typically will not stick to a pattern. Still, anti-money laundering (AML) and fraud systems are designed […]


Regulations

FCA fines HSBC £64m for failings in its AML processes

December 21, 2021

Via: FinTech Futures

The FCA claims HSBC’s transaction monitoring systems showed “serious weaknesses” over a period of eight years from March 2010 to March 2018. The regulator says HSBC did not dispute its findings and agreed to settle “at the earliest possible opportunity”. […]


Regulations

UBS fined by Hong Kong’s SFC for compliance breaches

August 10, 2021

Via: FinTech Futures

According to the regulator, UBS failed to disclose its holdings in companies it covered in its research reports between 2004 and 2018. The fine also applies to a handful of other compliance breaches, including the bank’s failure to record 35 […]


Activity, News, Retail Banking

Revolut withholds $90,000 from investment manager with “no real response” for months

March 31, 2021

Via: FinTech Futures

In this exclusive investigative feature, the investment manager, who wishes to be referred to simply as Mr. Chen, tells FinTech Futures about his battle to receive the $90,000, which only became available to him on the eve of 26 March […]


Regulations

2020 review: 10 largest regulatory fines this year

December 28, 2020

Via: FinTech Futures

Some hefty penalties have hit headlines this year, punishing a range of indiscretions including market manipulation and money laundering. Here are the largest regulatory penalties announced this year. 10. Commerzbank fined £37.8 million by FCA for AML failings The UK’s […]


Regulations

FCA makes major changes following LCF and Connaught review

December 24, 2020

Via: FinTech Futures

The reviews, undertaken by Dame Elizabeth Gloster and Raj Parker respectively, assessed the FCA’s actions, policies and approach when regulating LCF between April 2014 and January 2019. The FCA has accepted the nine recommendations addressed solely to the FCA in […]


Regulations

Three major US banks make up half of 2020’s $11.39bn fine total

October 22, 2020

Via: Banking Technology

Together, Goldman Sachs, Wells Fargo, and JP Morgan Chase paid $7.85 billion of this total, according to Finbold’s ‘Bank Fines 2020’ report. Finbold classes a ‘major fine’ as anything above $592,000, highlighting that “the real numbers of violations can be […]


Regulations

Regulators’ “fast and furious” AML fines don’t tell the whole compliance story

September 9, 2020

Via: Banking Technology

Rachel Woolley, global director of Financial Crime at Fenergo, tells FinTech Futures that penalties have come “fast and furious” over the past few years. Fenergo data shows that fines against financial institutions through July 2020 have reached $5.6 billion. The […]


Regulations

Deutsche Bank faces $150m fine for Jeffrey Epstein ties

July 9, 2020

Via: Banking Technology

New York state regulators says the bank had suffered “significant compliance failures”, processing hundreds of transactions for the late financier. Those included payments to Russian models and $800,000 in “suspicious” cash withdrawals. Deutsche Bank says it “deeply” regretted its relationship […]