Links in “BSA/AML”

Despite big fines, HSBC continues to violate anti-money laundering rules, alleges whistleblower, who asks federal authorities to open a new investigation. [10/7]

It is estimated that current AML techniques are only able to detect and stop $170 million in money laundering activities annually. [9/30]

Financial institutions aren't alone in their filing of suspicious activity reports; the Justice Department has launched the Nationwide Suspicious Activity Reporting Initiative, which has resulted in a flood of reports, especially about people taking pictures of dams and other public structures. [9/25]

$4.1 million CMP against now defunct Saddle River Valley Bank notes slew of weaknesses in BSA/AML monitoring activities associated with casas de cambio activities. [9/24]

The $37.5 million penalty to TD Bank is on top of the $600 million paid in restitution and the $15 million in SEC Fines. The latest penalty focuses on BSA/AML issues associated with failures to heed alerts and file Suspicious Activity Reports (SARs) related to the $1.2 billion Ponzi scheme by Scott Rothstein. The fine is first civil money penalty assessed by FinCEN’s new elite Enforcement Division "who target the exploitation of the financial system by illicit actors" focusing on "compromised financial institutions and their officers, managers, and employees; compromised jurisdictions; and third party money launderers who facilitate financial crime." [9/24]

Book recaps the massive changes to the banking industry caused by 9/11, especially anti-money laundering provisions of section 311 of the USA PATRIOT Act, the "Scarlet Letter" designed to isolate banks and governments that fund terrorism. [9/12]

NCUA has issued a C&D against North Dade Community Development FCU for violations of the BSA/AML and OFAC. Among the issues cited were the lack of a BSA Compliance Officer, the lack of a current BSA and OFAC risk assessment, and the lack of an internal BSA monitoring program. In addition, the CU was cited for opening accounts for money service business outside of its field of membership and for inadequately monitoring the activities of other money services businesses within its field of membership. [9/10]

North Dade FCU ordered to implement corrective BSA/AML actions. Key road map for every high-risk CU in BSA provided. [9/10]

Report on Florida bank suggests that president/CEO's departure was the result of anti-money laundering compliance issues. [9/5]

California bank hit with a C&D for BSA violations; Michigan bank ordered to update and monitor its compliance policies and submit to a third-party compliance audit; Tennessee bank ordered to establish a non-employee compliance committee. [9/3]