Enforcement Actions View All
SEC Fines AXA Advisors $100,000 for Failure to Supervise, Detect Money Laundering The Securities and Exchange Commission filed an administrative proceeding against AXA Advisors, a registered broker-dealer, for failure to reasonably supervise its representative Leo Buggy and to prevent and detect his violations of the federal securities laws and money laundering.
Original | Brief
January 20, 2012
Citigroup Global Markets Fined $725,000 for Failing to Disclose Conflicts of Interest The Financial Industry Regulatory Authority fined Citigroup Global Markets $725,000 for failing to disclose its affiliations with covered companies in research reports that Citigroup published and in public appearances where the covered companies were discussed.
Original | Brief
January 18, 2012
SEC Charges BankAtlantic Bancorp, CEO with Minimizing Risks In Its CRE Loan Portfolio In its complaint, the Securities and Exchange Commission alleged that BankAtlantic Bancorp and its CEO Alan Levan made misleading statements in public filings and earnings calls to hide the deterioration of a large portion of the bank’s commercial residential real estate loan portfolio in 2007.
Original | Brief
January 18, 2012
From the Editor View All

 

Heroes and Villains

 

January 25, 2012

 

Stories told in books and movies are frequently framed by the timeless convention of pitting a hero against a villain. Often, the heroes are epic and the villains particularly monstrous.

 

Even in our daily lives, the stories we tell frequently involve one person doing the right thing and another doing something petty or misguided.

 

But identifying good guys and bad guys in real life is complicated: court documents released this month in connection with investors’ lawsuits against the banks that served Ponzi schemer Scott Rothstein don’t always make it clear – except with regard to Rothstein himself - who the villains are. 

 

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Legs & Regs View All
U.S. Attorney General Announces the Formation of Mortgage-Backed Securities Working Group U.S. Attorney General Eric Holder delivered a speech where he announced the formation of the Residential Mortgage-Backed Securities Working Group, which will operate within the Financial Fraud Enforcement Task Force.
Original | Brief
January 27, 2012
Florida Regulator Closes First Guaranty Bank & Trust Company of Jacksonville The Florida Office of Financial Regulation closed First Guaranty Bank and Trust Company of Jacksonville and named the Federal Deposit Insurance Corporation as receiver. CenterState Bank of Florida agreed to purchase all $349 million of the failed bank's deposits and all $377.9 million of its assets.
Original | Brief
January 27, 2012
Tennessee Commerce Bank's Closure to Cost Deposit Insurance Fund Over $416 Million The Tennessee Department of Financial Institutions closed the Franklin-based bank and named the Federal Deposit Insurance Corporation as receiver. Republic Bank & Trust Company agreed to purchase all $1.156 billion of the failed bank's deposits and $203.9 million of its $1.185 billion in assets.
Original | Brief
January 27, 2012
Test Your AML IQ
On November 19, 2011, President Obama signed Executive Order 13590, which significantly...
Training
Training Program Resources Building an effective training program is an essential component of your overall AML program. In this section, get tips and guidance on how to build training programs, how to tailor training and other training issues.
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Training Audio Recordings Listen or download pre-recorded webcasts on various important AML topics to train yourself or your staff.
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Keeping you informed of the Changes in Bank Regulations
Tools View All
Simplify OFAC list searches with FINRA Combing through the thousands of names on the OFAC sanctions lists can be a long and tedious process. A tool on the FINRA’s website can help.
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Using the Internet to research charities Want to know if a specific charity steers clear of terrorist financing? Guidestar (www.guidestar.org), a database of 850,000 U.S. charitable organizations, allows you to search for charities recognized by the U.S. Internal Revenue Service.
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News View All
SEC Reinstates Finra’s Access to SARs The chief self-regulatory organization examining broker-dealers for anti-money laundering compliance is again allowed to have direct access to suspicious activity reports, the U.S. Securities and Exchange Commission confirmed Thursday.
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January 27, 2012
Weekly Roundup: U.K. Unveils Financial Regulation Bill, U.N. Eyes Call for Assad’s Resignation, Delaware Bank Dinged for AML Violations, and More Iran said it is considering a preemptive embargo of oil exports to the European Union, Bangladesh is tightening up its AML controls, and more, in the week's roundup.
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January 27, 2012
Despite U.S. Crackdown, Tax Evasion a Tough Call in SAR Filings As the United States continues its crackdown on foreign banks that aid American tax evaders, the role compliance officers can play in reporting the crime remains unclear, say bankers.
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January 26, 2012
For BSA Programs, Banks Must Assess the Risks of Bands that Praise Mexico's Cartels Narcocorrido balladeers can profit by praising crime in their songs without living the lifestyle. But they can also have direct links to Mexican drug cartels, including by helping to launder dirty money.
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January 25, 2012
AML Basics
The Global AML Front International cooperation is one of the keys to success in the anti-money laundering battle due to the very nature of proceeds of crime and laundering offenses, and the speed with which international financial transactions can take place.
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Reporting Requirements A key goal of a money laundering compliance program is identifying, recording and reporting suspicious transactions or activity. While reporting procedures vary from country to country, a typical suspicious or unusual activity reporting process within a financial institution includes...
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