Reported by Gretchen Morgenson Federal financial regulators are exploring allegations by two whistleblowers that Cash App, the popular mobile payment platform, and entities providing transaction services to its users performed inadequate due diligence on customers, potentially opening the door to money laundering, terrorism financing and other illegal activities. While banks are required to know the true […]
Reported by Olaf Storbeck Germany’s financial watchdog has threatened to fine Deutsche Bank after the lender failed to fix flaws in its anti-money laundering controls, in the latest setback for chief executive Christian Sewing. Sewing promised to put an end to Deutsche Bank’s long-running legacy of control shortcomings and misconduct scandals after becoming chief executive […]
Reported by Juan Manuel Cendoya In response to an article published in UK media on 4th February, Santander can say categorically that, after a thorough internal investigation, it has not found any direct nor indirect sanctions breach in any part of the group. We have distributed the following communication to our teams: As we informed […]
Reported by Patrick Donachie Advisor advocates quickly decried the U.S. Treasury’s proposed rules aimed at stopping money laundering and terrorist financing in the RIA space, framing the mandates as “sweeping and duplicative.” The proposed rules, unveiled by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), would apply to advisors registered with the SEC and those […]
Reported by The U.S. Department of the Treasury The U.S. Department of the Treasury published the 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing. These reports highlight the most significant illicit finance threats, vulnerabilities, and risks facing the United States. The reports detail recent, significant updates to the U.S. anti-money laundering/counter-financing […]
Reported by MATTHEW KARNITSCHNIG A small Hamburg bank was at the center of a clandestine financial network Iran relied on for years to funnel money to its terror proxies in the Middle East, including Hezbollah in Lebanon and Yemen’s Houthi rebels, officials from two western intelligence agencies say. POLITICO can reveal that western intelligence flagged […]
Reported by Richard Vanderford The rapid growth of the sports betting sector and a lack of uniform regulations contribute to “significant and increasing money-laundering risks,” the Treasury said Wednesday as part of an expansive report on money-laundering concerns. An estimated 67.8 million Americans are expected to bet on Sunday’s Super Bowl, a 35% increase from […]
Reported by Lynn Kawano Hundreds of items of fake NFL merchandise have been seized in recent days in Las Vegas, ahead of the Super Bowl. Agents with Homeland Security Investigations always hit flea markets and street vendors looking for counterfeit products as fans from all over the world descend on the host city. Jim Mancuso, […]
Reported by Associated Press The Biden administration wants to make residential real estate transactions more transparent by unmasking the owners of certain all-cash purchases. It’s part of an ongoing effort to combat money launderingand the movement of dirty money through the American financial system. The Treasury Department’s Financial Crimes Enforcement Network proposed a regulation on Wednesday that would […]
Reported by Comply Advantage In 2023, the rising complexity of financial crime led regulators to increase the penalties imposed on financial institutions (FIs) for insufficient anti-money laundering (AML) controls. As a result, the top penalties for non-compliance almost doubled in value. In this article, we examine some of the highest fines imposed for AML violations […]
Financial Crime News Briefs 