The New York Department of Financial Services (NYDFS) announced that Industrial and Commercial Bank of China (ICBC) has agreed to pay $32 million in penalties pursuant to a Consent Order entered into with the NYDFS. The Consent Order settles the Department’s investigation into numerous Bank Secrecy Act and Anti-Money Laundering […]
Binance Holdings, which operates the world’s largest cryptocurrency exchange, Binance.com, has pleaded guilty and has agreed to pay over $4 billion to resolve the Justice Department’s investigation into violations related to the Bank Secrecy Act (BSA), failure to register as a money transmitting business, and the International Emergency Economic Powers […]
The effectiveness of sanctions screening and anti-money laundering (AML) programs have recently faced extraordinary challenges. The increasing reliance on digital technology, the war in Ukraine, a record surge in sanctions, heightened regulatory scrutiny, and the current economic environment have placed tremendous strain on already stretched compliance teams. Rapidly changing elements […]
The European Commission has proposed a new regulation intended to streamline cooperation efforts between member countries when enforcing the EU’s data privacy laws, known as the General Data Protection Regulation (GDPR). If adopted, the new law would require European privacy regulators, known as data protection authorities (DPAs), to share more […]
The U.K. Financial Conduct Authority has fined Santander UK 107.8 million pounds (U.S. $132 million) for “serious and persistent gaps” in its anti-money laundering compliance controls. According to the FCA, between December 2012 and October 2017, Santander “failed to properly oversee and manage its AML systems,” which “significantly impacted” its […]
The U.K. Financial Conduct Authority has fined London-based Gatehouse Bank 1.58 million pounds ($1.8 million) for “significant weakness” in its financial crime systems and controls. According to the FCA’s Oct. 12 decision notice, between June 2014 and July 2017, Gatehouse “failed to conduct sufficient checks on its customers in countries […]
Robinhood Crypto (RHC) has been ordered to pay a $30 million penalty for “significant deficiencies” in its Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program and for cybersecurity violations, said the New York Department of Financial Services. NYDFS discovered RHC’s compliance deficiencies following a supervisory examination and a subsequent investigation. In […]
British Bank National Westminster announced yesterday that it has pleaded guilty to breaching the United Kingdom’s anti-money laundering (AML) laws and will face criminal prosecution and large fines. The bank entered a not guilty plea in a London court on Thursday to three counts of failing to adequately monitor customer […]
The Securities and Exchange Commission charged Silvergate Capital, its former CEO Alan Lane, and former Chief Risk Officer Kathleen Fraher with misleading investors about the strength of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program and the monitoring of crypto customers, including FTX. The SEC also charged Silvergate and its […]
The Financial Conduct Authority (FCA) announced that it is now committed to carrying out enforcement cases more quickly as the organization seeks to increase the deterrent impact of its enforcement actions. The FCA is a private financial regulatory body in the United Kingdom (UK). The Authority’s purpose is to regulate […]
