Large banks need to clearly delineate which senior executives are responsible for Bank Secrecy Act compliance violations, the U.S. Comptroller of the Currency said in a speech Monday.
An influential Senate subcommittee will hear testimony on tax evasion through offshore banks, Switzerland agrees to follow automatic data exchange standards and more, in this week's news roundup.
Last year, I told you not to believe any of that "best of years, worst of years" stuff à la Charles Dickens with regard to 2012. But if 2013 was less eventful than the prior year, every indication is that 2014 will be "challenging" for financial institutions and regulators.
The U.S. Justice Department seizes digital funds tied to an Internet black market, Republicans line up behind effort to fight FATCA and more, in this week's news roundup.
With plenty of convincing reasons, representatives of the law enforcement and compliance industry say the coming year is fraught with serious challenges.
Ahead of expected anti-money laundering regulations for investment advisers, some private equity firms may find themselves subject to such oversight for a reason few would have guessed: their fee structures.
Lawmakers should expand financial safe harbor protections to allow banks to better share their suspicions about money laundering and its predicate crimes, a top U.S. regulatory official said Sunday.
Amid all of the political rhetoric and bombast that accompanied television coverage of the 16-day government shutdown last month, one question never seemed to get any airtime: what did it all mean for the financial compliance industry?
JPMorgan Chase launches AML SWAT team as the bank's legal costs mount, Turkey blacklists over 350 entities in an effort to comply with United Nations sanctions, and more, in this week's news roundup.
The United States has done little to address gaps identified in 2006 by an international anti-money laundering watchdog, despite a follow-up national review expected within the next two years, say consultants.
U.S. lawmakers threaten to impose sanctions on Russia for harboring Edward Snowden, Switzerland transfers $962 million for backdated taxes, and more, in this week's news roundup.
As the compliance expectations of European regulators grow, banks should proactively move to adopt future changes outlined in proposals for the EU's Fourth Money Laundering Directive, according to the former global head of compliance at ABN Amro.
Canada's primary financial regulator is looking into whether Bank of Montreal violated anti-money laundering rules following the issuance of two enforcement actions Friday by federal U.S. agencies, a spokesperson confirmed.
Some jurisdictions will likely struggle to comply with a call by the world's top anti-money laundering watchdog to assess their own vulnerabilities to financial crime, say industry experts.
A group of investigative journalists reveal the identities of thousands of suspected tax evaders, U.S. prosecutors increasingly turn to a civil fraud statute to prosecute money launderers, and more, in this week's news roundup.
Citigroup, Inc. must improve its anti-money laundering compliance risk management across business lines and subsidiaries, under a consent order disclosed Tuesday by the Federal Reserve Board.
Compliance officers who have relocated to different cities or even taken a better paying position at a bank down the street often learn quickly that the one-size approach to compliance does not fit every financial institution.
After more than a year of shrinking, the anti-money laundering job market is showing signs of growth again, with large financial institutions looking to refill top slots in compliance departments.
Facing layoffs and market turmoil, some former and current anti-money laundering officers are turning to the one place they believe will offer them stable income and job security: the United States government.
As more and more financial institutions rocked by the deepening mortgage crisis announce painful job cuts, anti-money laundering compliance officers must take quick action to protect their departments, compliance consultants say.