Apr 81 minBeneficial Owner Reporting RequirementsThe first tangible sign of FinCEN moving forward with implementation of the Anti-Money Laundering Act (AMLA) of 2020 comes just as...
Apr 22 minA Note From Our New Chief Revenue OfficerAs a longtime banker in the highly regulated financial services sector working with client onboardings, I experienced firsthand the...
Mar 291 minChallenges of Banking Marijuana Regulated BusinessesA Michigan credit union consented to a cease-and-desist order issued by the National Credit Union Administration Board (NCUA) for AML...
Mar 191 minNatWest Charged with Criminal AML ViolationsThe UK's FCA brought criminal proceedings against NatWest for AML violations, which is the first criminal prosecution against a bank for...
Mar 131 minFirm Fined 500K for AML FailuresA US broker-dealer was fined $450K for AML violations by FINRA because it failed to detect suspicious low-priced securities trading and...
Mar 11 minUpdates to FATF Grey ListDuring the FATF plenary sessions in late February, the organization added the following countries to their "grey list" (i.e., those...
Feb 231 minWhat AMLA 2020 Means to FinTechsThe Anti-Money Laundering Act of 2020, which went into effect in January 2021, is the most sweeping change to the AML regulations since...
Feb 181 minFINRA 2021 Examination and Risk Monitoring ReportThe 2021 Report on FINRA’s Examination and Risk Monitoring Program highlights AML as one of the organization’s areas of focus. FINRA...
Jan 251 minNew Guidance on SAR Filing RequirementsOn January 19, FinCEN jointly with other banking regulators issued a FAQ document relating to the filing of Suspicious Activity Reports...
Jan 191 minCapital One Fined $390 MillionThe Financial Crimes Enforcement Network (FinCEN) announced on January 15 that Capital One, National Association (Capital One) was fined...
Jan 115 minTop 10 AML & KYC Tips for 2021Staying on top of the dozens of overlapping and ever-changing Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements can...
Jan 11 minNew UK Sanctions RegimeThe UK is introducing its new sanction regime in preparation for a future outside of the EU. As of 11pm on the 31st December 2020,...
Dec 24, 20201 minUnhosted Wallets Under FireOn December 18, FinCEN gave another gift to the cryptocurrency industry. It proposed a rule applicable to banks and money service...
Dec 11, 20201 minIdentity Verification: Only Half the Battle in the War On Money LaunderingThere’s a common misconception -- reinforced by many well known identity verification providers -- that simply verifying a customer’s...
Dec 10, 20201 minPenny Stocks - The Gift That Keeps On GivingPenny Stocks have been a vehicle for criminal conduct for decades – from pump-and-dump schemes to more traditional money laundering. Yet...
Dec 4, 20201 minBeware of Mules!What do social media, unemployment, our aging population and the search for a soulmate have in common? They are all opportunities for...
Nov 25, 20201 minCCO Personally Liable for AML FailuresA CCO and AML Officer of a small Miami-based broker-dealer settled charges brought against her personally by FINRA for failure to...
Nov 23, 20201 minThe Pandemic As Driver For Change In AMLWhile criminal and fraudulent activity has plagued the financial system since its inception, the pandemic unleashed a whole new set of...
Nov 20, 20201 minCharities Struggling To Open Bank AccountsTis the Season … In addition to the usual acts of giving throughout the holidays, this year is expected to see an increase in...
Oct 8, 20201 minBitMEX - Executive Liability for Anti-Money Laundering FailuresThe trend of holding executives personally liable for anti-money laundering and compliance failures by their organizations continues.