The U.S. House of Representatives Tuesday unanimously passed a bill aimed at foreign banks that provide financial services to Hezbollah, an Iran-backed, Lebanon-based Shiite militant group.
A transactional data handover mandated under a $102 million settlement disclosed Tuesday between the U.S. Justice Department and a defunct Beirut bank will likely lead to new financial crime investigations.
The United States should more frequently blacklist foreign financial institutions that flout American sanctions barring Iranian oil sales, a lawmaker said Tuesday.
As U.S. officials work to shield American prepaid cards from abuse by financial crooks, foreign-issued stored value products remain a relatively easy avenue to move money into the United States anonymously.
U.S. lawmakers called for testimony from federal investigators Thursday as part of an effort to push for more aggressive punishment of individuals and financial institutions that aid money launderers and sanctions dodgers.
High-profile sanctions cases are spurring large banks and third-party software vendors to improve how they identify when counterparts and clients secretly act on behalf of blacklisted entities, say compliance experts.
A decision by the U.S. Second Circuit Court of Appeals affirming sanctions against Jordan's largest bank for not turning over data on suspicious accounts could leave some financial institutions with an unwanted choice, say attorneys.
The U.S. Treasury Department Friday fined a Sioux Falls, SD bank branch $10 million for not properly reporting instances of suspected structuring and terrorist financing.
Criticism of the U.S. Justice Department's apparent decision to forego indictments of HSBC and its employees misses a larger point: the department probably couldn't have won convictions if it tried, say prosecutors.
The U.S. regulator of national banks is reviewing how it will penalize so-called "pillar violations" of anti-money laundering laws after the agency revamped its enforcement policies ahead of congressional criticism.
Expected criminal and civil settlements over anti-money laundering lapses will likely cost HSBC Bank USA $1.5 billion or "significantly" more, the financial institution said in a regulatory filing Monday.
Increases in the rates that U.S. states tax cigarette purchasers has led to a rise in tobacco smuggling by organized crime groups and terrorist financiers, say governmental officials.
U.S. officials have launched a criminal investigation after linking data seized at Osama bin Laden's compound in Abbottabad, Pakistan to a Bank Secrecy Act report, counterterrorism investigators said Monday.
In the wake of a high-profile congressional hearing, more than a dozen large financial institutions have amended how they share information with affiliate institutions in bank secrecy havens, say compliance professionals.
The U.S. Justice Department seized $150 million held for a Lebanese financial institution at accounts at five U.S. banks, as part of a crackdown on a purported terrorist financing network.
A newly implemented plan by HSBC Holdings Plc to export U.S. anti-money laundering standards to its global offices faces a difficult but common challenge for big banks: approximately half of its estimated 80 affiliates are located in bank secrecy jurisdictions.
Plans by the U.S. regulator of large banks to link anti-money laundering violations with federal insurance rates will likely translate into more resources and responsibilities for compliance staff, say Bank Secrecy Act officers.
The Netherlands is considering a number of measures to boost its confiscation of illicit proceeds, Bangladesh's central bank said that it has launched an investigation into two Islamic banks for alleged terrorist financing violations, and more, in this week's roundup.
Most news accounts of Tuesday's U.S. Senate inquiry into HSBC Holding Plc's compliance failings led with the bank's anti-money laundering compliance chief's announced resignation before lawmakers. But what he meant, it turns out, is that he is only taking another job inside the bank.
Responding to criticism from lawmakers and business leaders, the agency suspended the list of companies that disclosed dealings with the countries in their 2006 annual reports.