As a partner in the Financial Services and White Collar Litigation practices at O’Melveny as well as a former deputy chief of the U.S. Department of Justice’s money laundering section, Laurel Loomis Rimon has a unique private-public sector purview of what is involved in stopping...
Following a series of scandals, the European Commission wants to create a new Anti-Money Laundering Authority (AMLA), the Financial Times reported Wednesday (July 7). If the legislation goes forward the AMLA would set up operations in 2024 and gain the ability to supervise some cross-border...
New expansive anti-money laundering (AML) priorities for financial institutions were recently handed down by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The government watchdog said the Financial Action Task Force (FATF) has advised that the focus of compliance resources should target corruption and...
Online privacy has become a hot-button issue in recent years, with individuals looking for ways to protect their personal information not only from fraudsters but also from the banks and businesses with which they transact. One study found that 86 percent of Americans have...
Cryptocurrencies’ anonymous nature makes them popular, but crypto exchange platforms are still required to collect buyers’ personal data for anti-money laundering (AML) and know your customer (KYC) compliance. In the AML/KYC Tracker, Gemini Chief Compliance Officer Elena Hughes explains how platforms can selectively collect data...
Privacy is a chief concern among internet users, with 75% of Americans concerned about their privacy online and 70% believing their data is less secure now than it was five years ago. In addition to being less confident that their data is safe from fraudsters, individuals...
National Australia Bank (NAB) said Monday (June 7) it is under investigation for breaches of the country’s money laundering and counter-terrorism laws. According to a Reuters report, the announcement triggered concerns about fines and higher compliance costs and caused shares in the bank to fall 2.6...
Germany’s main financial regulator, the Federal Financial Supervisory Authority (BaFin), has ordered German neobank N26 to increase its anti-money laundering (AML) efforts, according to an announcement. “BaFin ordered N26 Bank GmbH to rectify deficiencies both in IT monitoring and in customer due diligence,” BaFin said...
Germany’s Federal Financial Supervisory Authority (BaFin), the country’s central financial regulator, has ordered Deutsche Bank to toughen its anti-money laundering (AML) controls, the agency said in an announcement. The announcement stated the order was issued “to prevent money laundering and terrorist financing” and that Deutsche...
