The multiple violations, all of which involved a single American citizen living in Iran, took place from 2012 to 2015. However, OFAC has assessed “no monetary penalty” for those ITSR violations, according to a statement from the Treasury office. According to OFAC, between the beginning of 2012 and September 2015, SSBT “processed at least 45… Read More >>
Global Markets Losing the AML War: Report
Anti-money-laundering (AML) processes and procedures dominate the global regulatory environment. That is the generally accepted view, of course, which is cogently expressed in a new report, “Global Regulatory Outlook 2019: Are We There Yet?” from Duff & Phelps, a consultancy for financial services firms. And yet, the consultancy continues, the battle to curb money-laundering (and… Read More >>
Fenergo Links to Refinitiv’s World-Check One
Fenergo, a client management systems vendor, is offering a new level of integration with a financial crime-fighting offering of market data and risk management provider Refinitiv that is intended to streamline know your customer (KYC) and anti-money laundering (AML) compliance. Fenergo is launching an application programming interface (API) link from its client lifecycle management (CLM)… Read More >>
Fenergo Tool Shows Structure of Money-Laundering Schemes
Fenergo, a client lifecycle management (CLM) vendor, has launched an ultimate beneficial ownership (UBO) and counterparty hierarchy modeling and visualization tool, the Fenergo Hierarchy Manager (FHM), intended to streamline anti-money laundering (AML) screenings, and to help financial services firms better mitigate the risks of financial crime. The new FHM offers financial institutions “a single aggregated… Read More >>
FINRA Fines Morgan Stanley $10M on AML Charges
The Financial Industry Regulatory Authority (FINRA) has charged that Morgan Stanley’s anti-money laundering (AML) program was beset with supervisory failures for more than five years. Those failures allegedly violated the Bank Secrecy Act and have resulted in a formal censure and a $10 million FINRA fine. The various charges encompass the period from 2011 to… Read More >>
Société Générale Settles Sanctions & AML Claims for $1.3B
French bank Société Générale will be paying $1.83 billion (€1.2 billion) in penalties to five U.S. authorities in major effort to resolve probes into allegations that the bank has violated economic sanctions and laundered money. Specifically, Société Générale, based in Paris, reached settlement agreements, from largest to smallest, of: $717.2 million to the U.S. Attorney’s… Read More >>
FINRA Alleges LPL Failed to Submit 400+ SARs
Boston-based LPL Financial has been fined $2.75 million by the Financial Industry Regulatory Authority (FINRA) on charges that, among other problems, its anti-money laundering (AML) efforts failed to assess approximately 400 incidents that should have been investigated as Suspicious Activity Reports (SARs). In addition, FINRA alleges that LPL “failed to file or amend registered representatives’… Read More >>
FINRA, SEC Slam ICBCFS Over Allegedly Inadequate AML
The Financial Industry Regulatory Authority (FINRA) reports that it has censured and fined Industrial and Commercial Bank of China Financial Services (ICBCFS) $5.3 million for systemic anti-money laundering compliance failures, including its failure to have a “reasonable” AML program in place to monitor and detect suspicious transactions, as well as other violations, including financial, record-keeping… Read More >>
Thomson Reuters Debuts Media Screening to Fight Financial Crime
Thomson Reuters is applying artificial intelligence (AI)/machine learning technologies to media screening and processing to help financial services firms gather more relevant data for their due diligence efforts to prevent hiring financial criminals. The new capability, Media Check, is an enhancement to its World-Check One platform that is intended to help firms find stories and… Read More >>
Regulators Allege Aegis Fell Short on Financial Crime-Fighting
Aegis Capital Corp., a retail and institutional broker-dealer based in New York City, has paid a penalty to the SEC and a fine to self-regulatory organization the Financial Industry Regulatory Authority (FINRA) in response to charges that it failed to comply with financial crime recordkeeping and reporting rules and had inadequate supervisory and anti-money laundering… Read More >>
