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Weekly Roundup: Swiss Court to Unseal Julius Baer Data, Arafat Aide Accused of Laundering, and More Kazakhstan’s Senate approved a new anti-money laundering and counterterrorist financing bill, two former First Republic Bank employees claim that they were fired for investigating suspicious activity in an account that was later found to be connected to a fraudster, and more, in the weekly roundup.
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May 18, 2012
Treasury’s Cohen Dismisses FinCEN Director James H. Freis, the director of the U.S. financial intelligence unit, was dismissed Thursday, ending a 5-year tenure that oversaw the drafting of the toughest anti-money laundering regulations since the passage of the U.S. Patriot Act.
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May 17, 2012
In CTR Guidance on Account Aggregation, Some Banks See Greater Expectations U.S. Treasury Department guidance on when banks should link accounts for regulatory reporting purposes will prompt some financial institutions to bolster their know-your-customer procedures, say compliance officers.
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May 16, 2012
Midweek Roundup: White House Issues Yemen Sanctions Order, FinCEN Discloses Rise in SAR Filings, and More The European Union is set to impose tougher sanctions against Iran if it continues with its nuclear program, a former advisor of ex-French President Nicolas Sarkozy has been accused of laundering illegal campaign donations, and more, in the midweek roundup.
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May 16, 2012

Legs & Regs»

White House Renews National Emergency Regarding Iraq Stabilization President Obama reviewed and renewed the national emergency with respect to the stabilization of Iraq after determining that the obstacles to maintaining an orderly reconstruction and preserving the peace and security in the country still pose an extraordinary threat to the interests of the U.S.
Original | Brief
May 18, 2012
Former CIA Officer: Government Has Not Fully Executed 2007 National Money Laundering Strategy Former Intelligence Officer and Treasury Special Agent John Cassara testified to the House Homeland Security Committee on the evolution of terrorist financing since 9/11, advocating a strategy based on three broad categories: technology, transparency, and draining the swamp.
Original | Brief
May 18, 2012
Expert: Public, Private Sectors Must Constantly Collaborate to Combat Terrorism Financing Dennis M. Lormel, President and CEO of DML Associates, LLC, testified before the House Homeland Security Committee, stressing that government, through the interagency community, must continuously identify emerging threats of terrorist financing and provide financial institutions with typologies.
Original | Brief
May 18, 2012
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Treasury’s Cohen Dismisses FinCEN Director
(Update)

James H. Freis, the director of the U.S. financial intelligence unit, was dismissed Thursday, ending a 5-year tenure that oversaw the drafting of the toughest anti-money laundering regulations since the passage of the U.S. Patriot Act.


 

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Enforcement Actions»

FINRA Bars Genesis Securities, President from Membership The Financial Industry Regulatory Authority expelled Genesis Securities from the industry and barred William Yeh, who served as the firm's President and Anti-Money Laundering Compliance Officer, from associating with any FINRA members for violating securities and AML regulations.
Original | Brief
May 15, 2012
RBI Fines The Patdi Nagrik Sahakari Bank for Improper Filing of CTRs The Reserve Bank of India issued a monetary penalty of 1.00 lakh rupees against The Patdi Nagrik Sahakari Bank because the bank failed to properly file cash transaction reports with the Financial Intelligence Unit-India and neglected to adhere to the regulator's operational instructions.
Original | Brief
May 15, 2012
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