The head of the U. S’s Financial Crimes Enforcement Network (FinCEN) announced during a congressional hearing that the Network isn’t adopting a “gotcha” approach to enforcing compliance with the new regulations on reporting beneficial ownership information (BOI) by companies. Since implementing the Anti-Money Laundering Act of 2020, FinCEN’s highest priority Read More
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 Read More
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 Read More
Danske Bank said in a recent financial report it expects to pay a total of 15.5 billion Danish kroner (U.S. $2.1 billion) to U.S. and Danish enforcement authorities to settle allegations that for years it allowed more than $200 billion in dirty money to be laundered through its former Estonia Read More
The Central Bank of Ireland (CBI) has fined Danske Bank 1.82 million euros (U.S.$1.82 million) for transaction monitoring failures relating to its anti-money laundering/countering the financing of terrorism (AML/CFT) policies, procedures, and controls. This is the first penalty the CBI has imposed on a financial institution that is incorporated and Read More
Tornado Cash has been sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) after the virtual currency mixer was “used to launder more than $7 billion worth of virtual currency since its creation in 2019,” OFAC announced Aug. 8. Among the $7 billion in laundered Read More
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 Read More
Wells Fargo Advisors will pay a $7 million penalty and has agreed to a censure and a cease-and-desist order to resolve charges brought by the Securities and Exchange Commission. The SEC charged the broker-dealer with failure to file at least 34 Suspicious Activity Reports (SARs) in a timely manner, the Read More
Two banking regulators have together assessed a $140 million civil money penalty against USAA Federal Savings Bank for what they called “willful violations” of the Bank Secrecy Act. The Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) levied enforcement actions against USAA including Read More
A new report finds that regulatory enforcement actions against financial institutions and their employees totaled $5.4 billion for non-compliance with anti-money laundering (AML) and data privacy regulations last year, in comparison to $10.6 billion in 2020, a decline of just under 50 percent. The report, issued by Fenergo, which provides Read More
