Tag: Anti-Money Laundering

April 25, 2023

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 […]

December 9, 2022

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 […]

November 11, 2022

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 […]

October 18, 2022

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 […]

March 18, 2022

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 […]

February 9, 2022

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 […]

December 21, 2021

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”. […]

August 10, 2021

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 […]

March 31, 2021

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 […]

December 28, 2020

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 […]

December 24, 2020

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 […]

October 22, 2020

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 […]

September 9, 2020

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 […]

July 9, 2020

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 […]

January 20, 2020

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 […]

December 26, 2018

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 […]

February 15, 2018

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 […]