Tag: Anti-Money Laundering


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 […]


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 […]


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 […]


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”. […]


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 […]


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 […]


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 […]


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 […]


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 […]


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 […]


Cashaa opens broker account for crypto businesses to enforce new FCA rules

January 20, 2020

Via: Finextra

Cashaa’s mission is to help crypto businesses get access to banking who have always struggled with traditional banks. Finally, in 2019, it started its operations in partnership with an FCA regulated entity intending to become the go-to banking services provider […]


How And Where Blockchain Fits in Traditional Banking

December 26, 2018

Via: Bank Director

Many banks haven’t found an efficient way to deal with issues like payment clearing inefficiencies, consumer fraud, and the general limitations of fiat currencies. Blockchain, however, may be the go-to solution for many of these challenges. Issues Traditional Banks Face […]


U.S. Bancorp Announces Resolution Finalizing Legacy BSA / AML Matters

February 15, 2018

Via: Yahoo

U.S. Bancorp (USB), parent company of U.S. Bank, announced today that it has resolved previously disclosed matters related to its Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs with the U.S. Attorney’s Office for the Southern District of […]