Category Archives: Anti-Money Laundering

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Western Union to Pay $586 Million in Restitution and Civil Penalties for AML Compliance Failure

On January 19, 2017, Western Union Financial Services, Inc. agreed to pay civil penalties and restitution to victims of fraud totaling $586 million to resolve actions brought by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), Department of Justice (DOJ), and Federal Trade Commission (FTC) for violations of the Bank Secrecy Act’s (BSA) anti-money … Continue Reading

Treasury Department Issues Guidance Intended to Ease Dollar-Denominated Foreign Transactions with Iran

The United States Treasury Department’s Office of Foreign Asset Control (OFAC) amended its guidance on Iranian sanctions to clarify that some transactions with Iran by non-U.S. institutions are permitted, provided that such transactions do not directly run through the U.S. financial system. The new guidance comes amid complaints from Iran that it is not receiving … Continue Reading

Non-Federally Regulated Banks Are Target of Proposed FinCEN Rules

Last month the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed new rules which would require non-federally regulated banks to implement Customer Identification Program (CIP) requirements related to the collection and verification of customer information. Financial institutions have until October 24, 2016, to comment on the proposed rule, which, if adopted, is estimated to … Continue Reading

The “Fifth Pillar” of AML/BSA Compliance FinCEN Issues Final Rule for New Customer Due Diligence Requirements under the Bank Secrecy Act

For years, financial institutions have operated under the maxim that an effective anti-money laundering and Bank Secrecy Act compliance program (collectively “AML”) rests upon four pillars: (1) written policies and procedures; (2) a designated AML compliance officer; (3) independent testing of the institution’s AML program; and (4) implementation of an adequate employee training program. Now … Continue Reading

OFAC Continues to Pursue Sizable Settlement Amounts for Violations of U.S. Sanctions

Swiss banking giant UBS agreed to a $1.7 million settlement with The U.S. Treasury Department, Office of Foreign Assets Control (OFAC) on August 27, 2015 to resolve violations of U.S. sanctions. According to OFAC, the Swiss bank processed well over 200 prohibited transactions involving securities held for a single United States citizen who was targeted … Continue Reading
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