Financial Regulatory Forum

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.

HSBC victory in Shah claim a relief to bank money-laundering monitors

By Guest Contributor
May 17, 2012

By Martin Coyle

LONDON/NEW YORK, May 17 (Thomson Reuters Accelus) – Counter-money laundering officials have welcomed a London High Court decision that saw wealthy Zimbabwean businessman Jayesh Shah fail in his $300 million claim against HSBC Private Bank. Yesterday’s judgment is a relief to financial businesses¬† who feared the impact of a Shah victory on overhauling their processes for suspicious activity reporting.