Standard Chartered’s branch in Singapore has been fined $3.94 million for breaching anti-money laundering and terrorist financing rules. Transactions that took place between 2015 and 2016 between Guernsey and Singapore ($1.4 billion) suggested that the clients may have been trying to avoid common reporting standards. The clients involved in the transactions had links to the […]

Increasingly, regulators are holding financial institutions responsible for their compliance failures. According to Joshua Fruth, the current industry detection logic is flawed and inefficient at detecting financial crime. There is currently too much focus on simple transactional behaviour. The cost of this failure includes a significant amount of false positives, wasted money on compliance, and […]

In 2013, Danske Bank was made aware of potential money laundering through its branch in Estonia. The whistleblower report suggested that the bank was being used by Putin’s family and a group of accused money launderers to launder funds, and that the Russian Intelligence Service, the FSB, was also using it for the same purpose. […]

The US Department of the Treasury’s Office of Foreign Assets Control has publicly confirmed that ISIL in the Philippines received money from ISIL supporters for its activities. This designation package also names a Somalia-based livestock-trading company as a front for ISIL and  a Turkey-based company involved in the procurement of UAV components. These international connections […]

The 2018 review of FINTRAC’s legislation could be more interesting in years past. Two events that have taken place since the centre’s last review could raise public interest in the review. These two (related) issues are the centre’s administrative monetary penalty (AMP) program, and transparency relating to the naming of non-compliant reporting entities. Following a […]

A few senior executives in Credit Suisse’s New York office got their secretaries to do their compliance training for them. These e-learning modules were intended to keep employees up to date on compliance issues. This, combined with recent fines (in the billions of dollars), raises serious questions about the compliance culture at Credit Suisse. Unfortunately […]

US Bancorp was fined $613 million dollars for criminal violations of the Bank Secrecy Act. Specifically, the bank willfully failed in its anti-money laundering responsibilities. The bank imposed hard caps on the number of alerts that its transaction monitoring system could generate and understaffed AML/CFT roles. US Bancorp appears to have sacrificed a robust AML/CFT […]