TD Bank Group said Thursday (Oct. 10) that it takes full responsibility for the failures of its U.S. Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance programs and will continue its work to remediate them. The bank said this on the day it and...
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 the agreement, stemming from criminal charges that its American arm failed to prevent money laundering, The Wall Street Journal (WSJ)...
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has withdrawn its finding that ABLV Bank, AS is a financial institution of primary money laundering concern, because the bank no longer operates as a depository institution. ABLV was a commercial bank located in Riga, Latvia, and FinCEN found...
The House of Representatives passed a bill on Monday (July 22) that is designed to combat the use of financial technology for illicit finance. The Financial Technology Protection Act of 2023 (H.R. 2969), sponsored by Rep. Zach Nunn, R-Iowa, establishes the Independent Financial Technology Working...
Enforcement actions and fines from regulators — the Federal Reserve, the Office of the Comptroller of the Currency and others — highlight the growing scrutiny on anti-money laundering (AML) efforts. And where these firms, banks and FinTechs among them, are deemed to come up short,...
Federal investigators say drug traffickers laundered money through Citigroup, believing it had looser fraud measures. As the Financial Times (FT) reported Monday (July 1), a newly unsealed indictment alleges that a pair of California residents — accused of working with the Sinaloa drug cartel —...
Singapore has identified banks as the entities posing the greatest money laundering (ML) risk to the country. The Monetary Authority of Singapore (MAS), which is a government agency, said this in a Money Laundering National Risk Assessment released Thursday (June 20). “The role of banks in facilitating...
Swiss financial market supervisory authority FINMA has ruled that HSBC Private Bank (Suisse) SA violated money laundering regulations. This ruling followed enforcement proceedings opened by FINMA in December 2021 and focused on the financial institution’s banking relationships with two unnamed politically exposed persons, FINMA said...
Toronto-Dominion Bank (TD Bank) reportedly could be facing fines of up to $4 billion in relation to money-laundering probes in the United States. This estimate by analysts at Jefferies Financial Group is double the previous estimates, highlighting the severity of the potential impact on Canada’s second-largest lender,...
