Financial Regulatory Forum

Federal judge approves HSBC deferred prosecution agreement

By Guest Contributor
July 3, 2013

By Brett Wolf, Compliance Complete

NEW YORK, July 3 (Thomson Reuters Accelus) - A U.S. federal judge has approved the Deferred Prosecution Agreement in which British banking giant HSBC will pay $1.9 billion to regulators and the Justice Department for operating with anti-money laundering weaknesses that among other things allowed drug cartels to launder hundreds of millions of dollars. (more…)

Retraction of global correspondent banking networks challenges financial-crime risk management

By Guest Contributor
July 2, 2013

By Kim R. Manchester, Contributing author for Compliance Complete

NEW YORK, July 2 (Thomson Reuters Accelus) - Global correspondent banks have faced numerous challenges since the onset of the financial crisis in 2008, including heavy scrutiny by regulators on money-laundering and terrorism-financing defenses, shrinking transaction volumes, slashed profit margins and risk parameters that defy rational measurement. A Financial Times report on how global correspondent banks are clawing back the reach of their correspondent banking network operations and trimming respondent banks from their client lists comes as no surprise to the casual observer of international banking.

U.S. Justice Department chooses former prosecutor to be HSBC compliance monitor

By Guest Contributor
June 6, 2013

By Brett Wolf, Compliance Complete

NEW YORK, June 6 (Thomson Reuters Accelus) - The U.S. Justice Department on Wednesday said it has chosen a former New York County prosecutor who is known for his innovative pursuit of criminals to police HSBC’s efforts to clean up its anti-money laundering program.

Digital currency firms rush to adopt anti-money laundering rules amid global crackdown

By Guest Contributor
June 4, 2013

By Thomson Reuters Reporting Team

NEW YORK, June 3 (Thomson Reuters Accelus/Reuters) – These are unsettling times for digital currency businesses and the venture capitalists backing them.

EXCLUSIVE: Public face of controversial AML rule-making effort to leave U.S. Treasury Department

By Guest Contributor
May 3, 2013

A top U.S. Treasury Department anti-laundering official who has played a key role in the development of a controversial proposal to require banks and broker-dealers to better know their customers is leaving the department. Friday will be his last day. (more…)

ACCELUS SUMMIT: FATCA compliance is a manageable challenge, but deadlines loom

By Guest Contributor
May 2, 2013

By Stuart Gittleman, Compliance Complete

NEW YORK, May 2 (Thomson Reuters Accelus) – A U.S. law to improve tax compliance by U.S. taxpayers with foreign financial assets is creating confusion for foreign financial institutions that must cooperate with the Internal Revenue Service to help enforce the law.

Less drug-money traffic at HSBC may mean more risk for other banks in U.S.

By Guest Contributor
December 13, 2012

By Brett Wolf, Compliance Complete

NEW YORK, Dec. 13 (Thomson Reuters Accelus) – HSBC was a hotspot for Mexican drug traffickers trying to launder the proceeds of their illicit U.S. sales during the 2000s, as suggested by a Senate report released in July and verified by a deferred prosecution agreement announced by the Justice Department on Tuesday. But now that the British banking giant has been forced to take steps to clean up its anti-money laundering act, Mexican cartels are making moves that may mean more risk for other banks, sources said.

Anti-laundering officers and regulatory official call for U.S. guidance on banking marijuana businesses

By Guest Contributor
November 14, 2012

By Brett Wolf

ST. LOUIS/NEW YORK, (Thomson Reuters Accelus) - Anti-money laundering officers and a top official with a federal banking regulator on Monday called on the U.S. Treasury and Justice departments to clarify for banks whether they can provide services to marijuana businesses.

U.S. Treasury to lead review of anti-money laundering rules

By Guest Contributor
November 14, 2012

By Brett Wolf

ST. LOUIS/NEW YORK, (Thomson Reuters Accelus) – The Obama administration will review a sprawling net of anti-money laundering rules and seek to correct “gaps, redundancies or inefficiencies,” in the U.S. system now more than 40 years old, the Treasury Department’s top official overseeing the issue said on Monday.

U.S. Justice Department eyes compliance lapses in next era of money-laundering cases

By Guest Contributor
September 4, 2012

By Aruna Viswanatha and Brett Wolf

NEW YORK, Sept. 4 (Thomson Reuters Accelus) - The U.S. Department of Justice is shifting its sights to a new offensive in combating money laundering: bringing criminal charges against banks and other financial institutions for weak compliance systems that fail to catch illicit money flows.