The Federal Reserve Board Thursday announced the termination of a cease-and-desist (C&D) order entered into in July 2011 with the Royal Bank of Scotland Group. That order set requirements for risk management and internal controls, […]
Penalties of $275 million, and a forfeiture of $528 million, were imposed on one of the nation’s largest banking companies after federal banking and law enforcement agencies determined it was in violation of federal anti-money […]
The U.S. arm of a huge multi-national Dutch banking company was assessed a $50 million civil money penalty Wednesday by a federal banking regulator charging deficiencies in the U.S. bank’s anti-money laundering (AML) processes. The […]
A Taiwan bank was ordered to pay a $29 million penalty for compliance deficiencies found in 2016 under anti-money laundering (AML) laws, including the Bank Secrecy Act (BSA), the Federal Reserve said Wednesday. The order […]
Modernizing the Bank Secrecy Act (BSA) and anti-money laundering (AML) regime has “clear bipartisan interest,” the chairman of the Senate Banking Committee said Wednesday in opening a hearing, where he called for coordination and information […]
Following the EXECUTIVE SESSION to consider nominations of Jerome Powell and Randal Quarles (and others), the Committee will meet in OPEN SESSION to conduct a hearing entitled, “Combating Money Laundering and Other Forms of Illicit […]
A difference of opinion over whether federal anti-money laundering systems are broken, or not, emerged during a Senate Banking Committee hearing Tuesday – but both sides called for some adjustments going forward. Dennis Lormel, a […]
Three hearings on regulatory reform – including legislation addressing the structure of federal financial institution regulation and effectiveness of anti-money-laundering laws – will be held in the House and Senate Tuesday, according to schedules posted […]
Combating Money Laundering and Other Forms of Illicit Finance: Opportunities to Reform and Strengthen BSA Enforcement
A $70 million fine has been assessed against one of the largest banks in the country for failing to comply with a 2012 consent order related to anti-money laundering laws, the Office of the Comptroller […]
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