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Weekly Roundup: White House Blacklists Japanese Gang Leaders, FinCEN Extends FBAR Deadline, and More
printThe Federal Deposit Insurance Corp. (FDIC) disclosed two consent orders Friday for anti-money laundering (AML) violations. Crossett, AR-based First State Bank was penalized for weak controls over its remote deposit capture processes and for an inadequately staffed compliance department. The FDIC ordered the bank to strengthen its independent testing processes and revise its written due diligence program to include risk-rating of customers and accounts. More Ryan, OK-based The First State Bank must improve Bank Secrecy Act training and upgrade its customer identification program, under the order. More The U.S. Treasury Department's Financial Crimes Enforcement Network Friday extended a deadline for...
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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.
A Pakistani opposition leader believes that new legislation will open the "doors for money laundering", banking executives in the U.S. and elsewhere believe that most financial institutions are unlikely to meet the January 2013 deadline for the FATCA, and more, in the weekly roundup.
The EU imposed sanctions on six individuals who are responsible for leading a recent coup d'état in Guinea-Bissau, Gaddafi's family members transferred approximately $1.97 million in stolen government funds to its embassy in Brussels last year, and more, in this week's roundup.
France updated its blacklist list of jurisdictions deemed to be uncooperative in tax matters, Associated Bank spent $5 million in the first quarter of this year to comply with an enforcement action related to AML violations, and more, in this week's roundup.
Transparency International is calling on the European Union to strengthen controls on beneficial ownership reporting, Jamaica will boost its AML laws and regulations in order to meet Financial Action Task Force standards, and more, in this week's roundup.
German auto maker Daimler AG learned that it remained a target for foreign bribery charges by the U.S. Justice Department, an alleged Russian arms dealer who was the inspiration for the movie "Lord of War" was sentenced to 25 years in prison, and more, in the weekly roundup.
A report by the GAO concluded that some information requested by the IRS' Form 8938 and the FBAR is duplicative, Vietnam and Cambodia signed an MOU to strengthen information sharing in money laundering investigations, and more, in this week's roundup.
The Philippines Senate delayed the approval of amendments to its principal AML law despite pressure from FATF to upgrade its regime, convicted Ponzi schemer Allen Stanford lost his bid for a new trial after being convicted earlier this month, and more, in this week's roundup.
JPMorgan Chase drops a Milan account for the Holy See, Beijing police freeze nearly $800 million tied to at least six "underground" banks, and more.
India faces a possible U.S. sanction over its reluctance to reduce Iranian oil purchases, MONEYVAL believes knowledge about the money laundering risks of new payment methods and the Internet is "relatively low", and more, in this week's roundup.
Japanese companies will likely avoid U.S. sanctions violations in exchange for Japan reducing its imports of Iranian oil, the FBI's Detroit Division joined a new multi-agency task force aimed at investigating corrupt domestic officials, and more, in the weekly roundup.
The OCC dings three banks for AML problems, Argentina publishes new rules related to corruption in soccer clubs, and more in this week's news roundup.
Eight U.S. senators penned a letter to European Union leaders calling for an embargo on Iranian oil, the OECD released three reports criticizing Italy, Japan and Switzerland for inadequate anti-bribery controls of foreign public officials, and more, in this week's roundup.
The former leader of the Arellano Felix Organization drug cartel pleaded guilty to racketeering and money laundering conspiracy, former New Jersey rabbi Eliahu Ben Haim was sentenced to five years in prison for his role in a money laundering scheme, and more, in this week's roundup.
Iran's central bank prepares to sue to win back $2 billion in frozen assets, the U.S. Treasury Department blacklists the heads of a money laundering ring based in Panama and Colombia, and more, in this week's news roundup.
China, Mexico and Russia topped the latest Global Financial Integrity list of countries with the greatest outflows of illicit fund and the Financial Crimes Enforcement Network fined a former bank loss-mitigation specialist $25,000 Thursday for disclosing a SAR to the subject of the report.
A U.S. Appeals Court affirmed the convictions of five former Islamic charity leaders previously found guilty of sending millions to Hamas, OFAC launched a new Web page to help users quickly scan through the Specially Designated Nationals and Blocked Persons list, and more, in this week's roundup.
The Manhattan D.A. reasserted plans to wind up more settlements with financial institutions accused of removing interbank wire data showing Iran sanctions violations, Senate leaders voiced support for an amendment to a bill that would blacklist Iran's central bank, and more, in this week's roundup.
The Office of the Comptroller of the Currency penalizes a BSA officer $5,000 for failing to file CTRs, Singapore moves to boost enforcement against money laundering, and more, in this week's roundup.
Bank Julius Baer acknowledges that it is the subject of a U.S. tax evasion investigation, four individuals allegedly involved in a $300 million money laundering scheme are under investigation by Kuwaiti authorities, and more, in this week's roundup.