The Justice Department announced last week that four banks — Société Générale Private Banking (Lugano-Svizzera), MediBank AG, LBBW (Schweiz) AG, and Scobag Privatbank AG — have reached resolutions under the department’s Swiss Bank Program.
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The Federal Reserve, FDIC and OCC on Friday launched the third round of comments in the decennial Economic Growth and Regulatory Paperwork Reduction Act review cycle, which is mandated by Congress in order to identify bank regulations that are outdated, unnecessary or burdensome.
The Financial Crimes Enforcement Network is exploring ways of more effectively sharing information in the fight against money laundering/terrorist financing, FinCEN Director Jennifer Shasky Calvery said at the Royal United Services Institute’s workshop on “Tackling Money Laundering: Towards a New Model for Information Sharing” in London.
FinCEN announced that Jamal El-Hindi will be FinCEN’s new deputy director. El-Hindi joined FinCEN in 2006 where he was head of the former regulatory policy and programs division.
In remarks at the 2015 Bank Secrecy Act Conference in Las Vegas, Nevada on June 18, the Financial Crimes Enforcement Network’s (FinCEN) associate director of enforcement, Stephanie Brooker, focused on three main points: the importance of Bank Secrecy Act (BSA) and Suspicious Activity Report (SAR) filings; FinCEN’s enforcement approach; and promoting a strong culture of compliance in the financial industry.
In a comment letter filed this week, ABA and the Clearing House expressed their support to the Financial Crimes Enforcement Network’s goal on protecting the U.S. financial system from money laundering, terrorist financing and financial crimes, but offered suggestions on FinCEN’s proposal to impose special measures against Banca Privada d’Andorra.
Responding to industry concerns that their Bank Secrecy Act reporting goes unread or unused, the Financial Crimes Enforcement Network yesterday spotlighted six law enforcement cases in which prosecutors made effective use of BSA data to win. The inaugural Law Enforcement Awards were conceived as a way to show financial institutions that their reports are not “going
Thirty-two people involved in a racketeering enterprise that spanned from California, Minnesota, Ohio, and Puerto Rico have been arrested on fraud and money laundering charges.
The U.S. Department of the Treasury’s Office of Foreign Assets Control recently released its 23rd Terrorist Assets Report.
Reminder: Comments Due on FinCEN’s Imposition of Special Measure against BPA as a Financial Institution of Primary Money Laundering Concern
FinCEN on March 10 identified Banca Privada d’Andorra (BPA) as a foreign financial institution of primary money laundering concern pursuant to Section 311 of the USA PATRIOT Act.