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Enforcement Actions View All
SEC: Pinnacle Capital Markets Provided Services to Foreign Financial Firms Without Conducting Customer Due Diligence In an administrative proceeding, the Securities and Exchange Commission issued a cease and desist order against the Raleigh, NC broker dealer, directing it to pay a $25,000 civil money penalty and correct its Bank Secrecy Act violations.
Original | Brief
September 1, 2010
Lafayette Savings Bank Agrees to Limit Asset Growth, Refrain from Making Capital Distributions The Office of Thrift Supervision sanctioned the Lafayette, IN-based bank and entered into an agreement, requiring it to develop an internal asset review and classification program, diversify its credit concentrations, and maintain an adequate allowance for loan and lease losses.
Original | Brief
August 31, 2010
Hull Federal Savings Bank Must Draft Capital Augmentation Plan The Office of Thrift Supervision entered into a supervisory agreement with the Baltimore, MD based savings association to address findings from a March 29, 2010 examination that the bank had been engaging in unsafe practices.
Original | Brief
August 30, 2010
From the Editor View All

Blood, Not Money

 

August 18, 2010

 

A federal judge’s initial rejection of an agreement Barclays Bank struck with the U.S. Justice Department to settle a decade’s worth of violations of U.S. sanctions laws reflects what may be a trend. Judges asked to sign off on multi-million dollar deferred prosecution or regulatory agreements want blood, not just money, from recalcitrant financial institutions.

 

The Barclays agreement, which U.S. District Court Judge Emmet Sullivan would not sign off on Tuesday, got his approval the following day.

 

But the signoff was grudging. Sullivan asked a Justice Department prosecutor why no individuals from Barclays were punished for the sanctions violations and why shareholders should pay $298 million dollars for the wrongdoing of bank employees?

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Legs & Regs View All
OCC Permits Banks to Close in Areas Affected by Hurricane Earl The Office of the Comptroller of the Currency issued a proclamation allowing national banks affected by Hurricane Earl to close at their discretion. In the notice, Senior Deputy Comptroller Jennifer Kelly stated that the regulator expects only banks directly affected by the hurricane to close.
Original | Brief
September 2, 2010
OCC: Bank Underwriting Remains Tight The Office of the Comptroller of the Currency released its annual survey of credit underwriting practices, reporting that the tightening underwriting standards has continued for the last three years, and that credit risk in commercial and retail portfolios increased for the third straight year.
Original | Brief
September 2, 2010
FDIC Extends Application Deadline for Safe Account Pilot Program The Federal Deposit Insurance Corporation announced that it would continue to accept applications for its pilot program designed to assess the ability of an insured depository institution to offer low-cost transactional and savings accounts to underserved communities until October 15, 2010.
Original | Brief
September 2, 2010
Test Your AML IQ
What is an indicator of possible involvement in laundering the proceeds of Value Added Tax (VAT) carousel fraud?
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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  • ACAMS 9th Annual International Anti-Money Laundering Conference
Free weekly newsletter with Money Laundering Training Events
News View All
Compliance Rifts Over Traveler’s Checks, Corporate Accounts Preceded Wachovia Fine: Whistleblower Internal clashes at Wachovia Bank over whether a corporate client or its customers were likely laundering money preceded the tip-off that contributed to the United States’ decision to levy the largest-ever anti-money laundering fine, according to a former bank compliance officer.
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September 2, 2010
Expected HSBC AML Fine Could Be Largest Ever: Sources The U.S. Justice Department is seeking to fine HSBC USA as much as $500 million for anti-money laundering compliance problems, an amount that would be the largest-ever penalty for such violations, say individuals familiar with the investigation.
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August 31, 2010
Banks Should Report Suspicions to Foreign Counterparts Too, Say Consultants Should U.S. compliance officers take extra steps to inform their foreign counterparts of suspicious transactions? Many AML experts believe they should.
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August 31, 2010
U.S. Expands Sanctions Powers Against North Korea The United States expanded economic sanctions measures against North Korea Monday, blacklisting 12 entities and individuals and issuing an executive order under which new prohibitions can be enacted.
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August 30, 2010
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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