AML

Anti-money laundering (AML) refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money-laundering laws cover a relatively limited range of transactions and criminal behaviors, their implications are far-reaching.

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Starling Fined $38 Million for ‘Shockingly Lax’ Crime Controls
Starling Fined $38 Million for ‘Shockingly Lax’ Crime Controls
October 02, 2024  |  Bank Regulation

Starling Bank has been fined 29 million pounds ($38 million) for failing to implement proper financial crime controls. The U.K. Financial Conduct Authority (FCA) announced the penalty against...

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Fed Terminates Decade-Old Money Laundering Enforcement Action vs Citigroup
Fed Terminates Decade-Old Money Laundering Enforcement Action vs Citigroup
October 01, 2024  |  Bank Regulation

The Federal Reserve has terminated a decade-old enforcement action against Citigroup that focused on deficiencies tied to the banking giant’s anti-money laundering (AML) practices. On...

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TD Bank Pays $20 Million to Resolve Spoofing Case
TD Bank Pays $20 Million to Resolve Spoofing Case
September 30, 2024  |  Legal

TD Bank is reportedly settling a case involving illegal “spoof” orders by a former trader. The Canadian bank will pay more than $20 million as...

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Report: TD Bank in Talks About Money Laundering Plea
Report: TD Bank in Talks About Money Laundering Plea
September 29, 2024  |  AML

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...

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FinCEN Says ABLV Bank No Longer of Primary Money Laundering Concern
FinCEN Says ABLV Bank No Longer of Primary Money Laundering Concern
September 26, 2024  |  AML

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has withdrawn its finding that ABLV Bank, AS is a financial institution of primary money laundering concern, because the...

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Revolut Chair, Others Eye Buying Monaco’s Banque Havilland
Revolut Chair, Others Eye Buying Monaco’s Banque Havilland
September 23, 2024  |  Acquisitions

Revolut’s chairman is reportedly part of a group aiming to purchase part of Banque Havilland. Martin Gilbert is among the investors in talks to buy the Monaco-based arm...

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Oracle Launches Financial Crime and Compliance Management Service
Oracle Launches Financial Crime and Compliance Management Service
September 17, 2024  |  Security & Fraud

Oracle has launched a new service designed to help banks, FinTechs and other financial services companies identify potential financial crime and compliance issues and reduce...

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Wells Fargo Pledges to Fix AML Program After OCC Agreement
Wells Fargo Pledges to Fix AML Program After OCC Agreement
September 12, 2024  |  Bank Regulation

Trouble with federal regulators continues for Wells Fargo. The Office of the Comptroller of the Currency (OCC) said Thursday (Sept. 12) that it has signed...

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Banking-as-a-Service Focus Turns to Managing Financial Crime Risks
Banking-as-a-Service Focus Turns to Managing Financial Crime Risks
September 11, 2024  |  Security & Fraud

If you’re tracking year-to-date news stories, Banking-as-a-Service (BaaS) has been in the hot seat. The situation surrounding the Synapse bankruptcy and the limited ripple effect...

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