Banks to face US Justice Department action against money laundering: Report
/Reuters, Jan. 10, 2014/ – The US Justice Department plans additional enforcement actions against banks that do not have enough safeguards against money laundering, the acting head of the department’s criminal division said in an interview to the Wall Street Journal. [Read More…]A Very Busy Year for Canadian Economic Sanctions and Export Controls With More to Follow in 2014
/John W. Boscariol, McCarthy Tétrault, Jan. 10, 2014/ – As we start the New Year, it is an opportune time for Canadian companies engaged in international or cross-border activities to review the key changes to Canada’s economic sanctions, anti-terrorism and trade and technology controls during 2013 to ensure compliance programs, including due diligence and screening processes, are fully up-to-date and risks of contravention and enforcement action are minimized. [Read More…]The Anti-Money Laundering Challenge for Community Banks
/Jonathan Camhi, Baks Systems & Technology, Dec. 18, 2013/ – Several large banks including HSBC and Standard Chartered have made headlines over the past couple of years for anti-money laundering violations. But many smaller institutions have also faced regulatory penalties for failing to meet AML standards as criminals have started targeting smaller institutions that don’t have the compliance resources that larger banks possess. [Read More…]
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