Financial Regulatory Forum

American Express recruits college students to bolster anti-money laundering ranks

By Brett Wolf
November 17, 2014

With qualified anti-money laundering professionals in short supply and reciprocal poaching of talent the norm at U.S. financial services firms, American Express Co has begun recruiting university students to fill its junior ranks straight out of college, a senior compliance executive with the company said last week at a compliance conference in Washington.

Need for focused and consistent enforcement drove IRS decision to stop seizing ‘structured’ deposits, official says

By Brett Wolf
November 14, 2014

The Internal Revenue Service’s recent decision to stop using civil enforcement powers to seize legitimate money deposited into bank accounts in a clandestine manner stemmed from a review process that revealed a need to make better use of agents’ time, the law enforcement official who enacted the new policy said Sunday at a money laundering conference in Washington.

New IRS enforcement policy ignites debate on value of bank ‘structuring’ reports

By Brett Wolf
November 6, 2014

An announcement by the Internal Revenue Service last week that it will no longer try to seize and forfeit money from those who merely evade government-mandated paperwork when making large cash deposits has ignited a debate about the value of bank efforts to document such acts.

U.S. leads the pack in monitoring shadow bank sector; IMF report shows how

November 5, 2014

The United States effort to begin reining in the risks from shadow banking was recognized by the International Monetary Fund in a recent report as being ahead of the curve, and parts of it could serve as a model for other countries.

Whistleblowing protection for compliance officers still unsettled, experts say

November 5, 2014

”If liberty means anything at all, it means the right to tell people what they do not want to hear,” George Orwell told readers in Animal Farm, his parable of totalitarianism and centralized control.

U.S. agents scramble to grasp how Mexican cartels launder money via L.A. fashion district

By Brett Wolf
October 22, 2014

Federal agents hope documents and electronic data seized during raids on the Los Angeles fashion district last month and cash-transaction reports that businesses in the zone are now required to file will help clarify how Mexico’s drug cartels are using international trade to launder money, law enforcement sources say.

Former MoneyGram compliance chief facing potential record fine regarded as anti-laundering innovator

By Brett Wolf
October 6, 2014

In the late 1990s former MoneyGram International Inc executive Thomas Haider was a compliance leader pushing the money transfer industry to do more to fight financial crime, convincing his and other firms to voluntarily police transactions for illicit activity and report to authorities, a former official with the Treasury Department’s anti-money laundering bureau says.

Bankers say “derisking” underway amid sanctions crackdown; that’s the point, U.S. regulator says

October 3, 2014

A process of “derisking” is underway by financial firms exiting sectors that represent compliance landmines, bankers said on Tuesday, but a top U.S. sanctions enforcer said that is sometimes just the right move.

CFTC’s swap dealer rule for compliance chiefs: many questions in first “annual reports”

By Guest Contributor
October 1, 2014

By Henry Engler, Compliance Complete

NEW YORK, Oct. 1, 2014 (Thomson Reuters Accelus) - New rules governing swap dealers and the requirements for dedicated chief compliance officers are now more than a year in effect, and a new review of the so-called “annual reports” that dealers must submit to the Commodities Futures Trading Commission suggest there are still lingering questions over the roles and responsibilities of CCOs, particularly for non-U.S. dealers.

U.S. bank liquidity ratio rule: more lenient than proposed, but tougher than Basel

By Guest Contributor
September 30, 2014

By Bora Yagiz, Compliance Complete

NEW YORK, Sept. 30, 2014 (Thomson Reuters Accelus) - Large banks may have to make small modifications to their asset mix, raise more equity and ramp up their operational systems in response to federal agencies’finalized rule on liquidity coverage ratio (LCR) . It is the first quantitative U.S. regulatory standard for defining liquidity and establishing a minimum level of liquidity, and is part of the enhanced prudential standard rules of the Dodd-Frank Act.