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
The European Commission has put forth a package of legislative proposals to strengthen the European Union’s anti-money laundering and countering terrorism financing (AML and CFT) rules, including standardizing rules regarding cryptocurrency. The set of proposed rules would create a new EU authority, the Anti-Money Laundering Authority (AMLA), a Europe-wide agency Read More
