Regulatory Compliance for Financial Institutions – Industry News

Strategies shift as regulators renew scrutiny of bank compliance In an episode of hit television series Homeland, US intelligence agents track the finances of Iranian terrorists to a fictional western lender called “HLBC Bank”. This barely disguised reference to one of the world’s biggest banks underlines how the historically dull world of guarding against money…

Anti-Money Laundering – Industry News

Canada’s FINTRAC Imposes Fine on Questrade for Serious AML Breaches Canada’s financial watchdog that supervises money laundering and terrorist financing has issued details of violations committed by a Canadian regulated broker dealer. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), a government organization that reports to Canada’s ministry of finance, has found Questrade, a…

Anti-Money Laundering – Industry News

HSBC is paying $2 billion, or 5 weeks’ worth of its profit, to avoid criminal charges in drug cartel laundering case The Justice Department agreed to suspend criminal charges against the world’s largest bank and its US subsidiary for five years if the bank agreed to pay the penalty. US regulators continue to find weaknesses…

Anti-Money Laundering Industry News

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…