Bank of America is asking clients from four blacklisted nations to submit additional identification documents and prove that they permanently reside outside of their home countries, ACAMS moneylaundering.com has learned.
Bank of America, N.A. will pay a $16.5 million penalty for failing to freeze assets and reject transactions linked to sanctioned global drug traffickers, the U.S. Treasury Department said Wednesday.
Several large U.S. banks have closed embassy accounts potentially linked to corruption, a Russian official accuses a U.S. charity of terrorist ties and more, in this week's news roundup.
Bank of America failed to investigate $160 billion in suspicious transactions used to perpetrate an alleged $20 billion fraud by a wealthy Saudi Arabian businessman, a congressional witness said Tuesday.
A federal judge's questioning of the recent DPA between the U.S. Department of Justice and Barclays Bank, could signal that future agreements will be more expensive for financial institutions and more perilous for their top executives, according to legal analysts.
Bank of America has cut its ties to North Korea after the nation topped an intergovernmental blacklist of countries with poor anti-money laundering regimes, according to a bank compliance official.
Federal investigators Thursday arrested a former consultant of a prominent New York management company for allegedly violating U.S. sanctions against Iran through the operation of an unlicensed money transmitting business.
More than 100 medical marijuana clinics have seen their accounts closed in the last 18 months by at least three U.S. banks concerned about regulatory repercussions, say cannabis advocacy groups.
Federal regulators are evaluating the merits of anti-money laundering compliance staff in an effort to ensure that unqualified individuals weren't hired to cut costs, according to bank officials.
A former U.S. Treasury Department official who oversaw the nation's sanctions program and financial intelligence unit only to take a senior position at Merrill Lynch is returning to government service.
The mergers of some of the nation's largest banks, brokerages and mortgage lenders will mean turmoil in compliance departments due to employee redundancy and culture clashes, say bank officials.
Mexican authorities took Mario Villanueva Madrid into custody June 21 as he left prison after completing a six-year sentence on a money laundering conviction. Villanueva, the former mayor of Mexicos Quintana Roo state, is wanted in New York on drug trafficking and money laundering charges.
Limits such as a rule prohibiting financial institutions from sharing SAR information with nonbank affiliates hinder banks due diligence efforts, Bank of America Compliance Chief William Fox said at a compliance conference in Atlanta.
Tigran Malkhasyan bilked the U.S. government out of more than $6 million by buying food stamp benefits for cents on the dollar from customers at four markets he owned in the Los Angeles area, prosecutors said.
The federal government should issue a list of politically exposed persons to help banks identify them, according to former Financial Crimes Enforcement Network director William Fox.
The NASD cited Banc of America Investment Services for failing to document the beneficial owners of 34 "high-risk" domestic brokerage accounts maintained by private companies in the Isle of Man.