The United Kingdom’s finance regulator fined Metro Bank for failing to monitor money laundering risks. The Financial Conduct Authority said Metro must pay 16.7 million pounds (about $21 million) for a lack of proper money laundering protections on 60 million transactions between 2016 and 2020,...
Last month, the Justice Department settled an anti-money laundering probe into TD Bank. But according to U.S. Sen. Elizabeth Warren, D-Mass., the $3 billion the government received from the Canadian lender was not enough. As The Wall Street Journal (WSJ) reported last week, Warren said...
TD Bank Group said Thursday (Oct. 10) that it takes full responsibility for the failures of its U.S. Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance programs and will continue its work to remediate them. The bank said this on the day it and...
TD Bank is reportedly close to a possible plea related to its anti-money laundering measures. The Canadian bank is in discussions with U.S. prosecutors over the agreement, stemming from criminal charges that its American arm failed to prevent money laundering, The Wall Street Journal (WSJ)...
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has withdrawn its finding that ABLV Bank, AS is a financial institution of primary money laundering concern, because the bank no longer operates as a depository institution. ABLV was a commercial bank located in Riga, Latvia, and FinCEN found...
The House of Representatives passed a bill on Monday (July 22) that is designed to combat the use of financial technology for illicit finance. The Financial Technology Protection Act of 2023 (H.R. 2969), sponsored by Rep. Zach Nunn, R-Iowa, establishes the Independent Financial Technology Working...
Enforcement actions and fines from regulators — the Federal Reserve, the Office of the Comptroller of the Currency and others — highlight the growing scrutiny on anti-money laundering (AML) efforts. And where these firms, banks and FinTechs among them, are deemed to come up short,...
Federal investigators say drug traffickers laundered money through Citigroup, believing it had looser fraud measures. As the Financial Times (FT) reported Monday (July 1), a newly unsealed indictment alleges that a pair of California residents — accused of working with the Sinaloa drug cartel —...
Singapore has identified banks as the entities posing the greatest money laundering (ML) risk to the country. The Monetary Authority of Singapore (MAS), which is a government agency, said this in a Money Laundering National Risk Assessment released Thursday (June 20). “The role of banks in facilitating...
