The Internal Revenue Service will no longer move to quickly seize funds linked solely in suspicious activity reports to potential structuring of legally derived money, an agency leader said Sunday.
Proposals by California's top prosecutor to strengthen the state's anti-money laundering laws are expected to find broad support among lawmakers.
The U.S. Treasury Department levied a $1 million fine Thursday for Bank Secrecy Act violations against a New Jersey bank that paid $5 million in March for related compliance problems.
RBC Dain Rauscher Inc. failed to establish written procedures for filing suspicious activity reports, adequately review transaction structuring or establish adequate monitoring systems so it could act on exceptions identified by the firm's AML department, according to the order.
A New Jersey man has been sentenced to 37 months in prison for credit card fraud and making structured financial transactions totaling over $600,000 in banks located in Hudson County, N.J.
The Chicago-based bank failed to follow requirements for filing suspicious activity reports in a timely manner, which resulted in one money transmitting company wiring millions of dollars to beneficiaries in Pakistan, India and the United Arab Emirates, FinCEN said.
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