TD Bank’s $3 Billion Settlement for AML Failures
The $3 billion settlement involving TD Banks and U.S. regulators serves as a stark reminder of the critical importance of robust anti-money laundering (AML) practices. With over $670 million laundered through its accounts, TD Bank’s systemic compliance failures highlight the risks when financial institutions prioritize growth over regulatory obligations. The settlement illustrates the far-reaching consequences […]
11 UAE Banks Fined for Insufficient Compliance on AML and CFT Rules
Arab News reported on 1 February that 11 banks in UAE have been fined at least USD 12.4 million for their lack of compliance on rules concerning money laundering and the terrorism financing. The fine imposed by the Central Bank of the UAE on 24 January was in accordance to Article 14 of the Federal […]
US Anti-Money Laundering Act of 2020
On 1 January 2021, the US Congress has enacted its most significant but important revisions to the US AML laws. The Anti-Money Laundering Act of 2020’s major reforms include the following: Creating a national registry that tracks the beneficial ownership information of certain US entities – Companies affected will be required to provide information to the […]
ECB Head calls for Bitcoin’s regulation
According to Reuters news site, European Central Bank President Christine Lagarde has reportedly urged for the global regulation of cryptocurrency, Bitcoin, after she cited instances where Bitcoin had been used for money laundering purposes and other financial criminal activities. As Bitcoin gains wider recognition and also investment from corporations, financial institutions and the general public, […]
Round Up of Some Major AML Fines in 2020
Global regulators are imposing new and strengthened regulatory compliance requirements on banks. However, even though banking processes have become more efficient and transparent than ever before, reducing compliance costs remains one of the most important priorities. Among the most expensive elements of compliance are sanctioned monitoring, KYC remediation, anti-money laundering (AML) measures, and transaction monitoring. […]
