Edition:
United Kingdom

Brett Wolf

U.S. shutdown curtails Treasury anti-laundering guidance and intelligence sharing

04 Jan 2019

NEW YORK(Thomson Reuters Regulatory Intelligence) - The continuing U.S. government partial shutdown has forced the U.S. Treasury Department to implement a "lapse in appropriations contingency plan," which curtails the activities of Treasury's anti-money laundering unit, according to an official document.

U.S. bank regulators encourage innovation, artificial intelligence, in AML compliance

11 Dec 2018

WASHINGTON/NEW YORK(Thomson Reuters Regulatory Intelligence) - The U.S. Treasury Department's anti-money laundering unit and the federal banking regulators issued a joint statement on Dec.3 to encourage banks and credit unions to consider "innovative approaches," including new technology such as artificial intelligence, to enhance their AML compliance programs. The protection provided by the document may not be enough to convince financial institutions to invest, however, sources say.

U.S. Senate panel members urge changes to 'out of date' anti-laundering regime

19 Jan 2018

NEW YORK (Thomson Reuters Regulatory Intelligence) - The U.S. Congress should mandate the collection of information about the true owners of corporations, law enforcement should share more information with banks to help spot criminals and artificial intelligence should be considered as a means to lower bank anti-laundering costs, members of the Senate Banking Committee urged last week.

Banks brace for rocky implementation of U.S. Treasury beneficial ownership rule

03 Nov 2017

NEW YORK (Thomson Reuters Regulatory Intelligence) - As banks prepare for compliance with the U.S. Treasury Department's new Customer Due Diligence rule and its tricky beneficial ownership component, some compliance units are planning early implementation and making contingency plans for handling any problems as the new measures go live, bankers say. But banks still may not be doing enough to prepare, even as the amount of money being spent and number of Know Your Customer specialists spikes at large institutions.

U.S. Treasury targets Chinese bank over purported ties to North Korea, new sanctions risk emerges

07 Jul 2017

NEW YORK (Thomson Reuters Regulatory Intelligence) - The U.S. Treasury Department last week moved to sever a Chinese bank from the global financial system over concerns it was a conduit for illicit North Korean financial activity. The move signaled the United States is no longer willing to tolerate the actions of Chinese entities that support Pyongyang and plans to mete out punishment in the form of financial sanctions to alter behavior, experts said.

Former MoneyGram exec settles closely watched U.S. money laundering case

05 May 2017

A former executive of MoneyGram International Inc agreed to pay $250,000 and to be barred from a similar job for three years in settling a case that has been closely watched by the Wall Street compliance community as a test of a U.S. government push to punish individuals for institutional failures.

EL CHAPO Act seeks to use kingpin's money to build border wall, would divert funds from law enforcement

05 May 2017

NEW YORK (Thomson Reuters Regulatory Intelligence) - It began as a joke shared among law enforcement officials gathered in a Long Island airport hangar in January awaiting the extradition flight of Mexican drug kingpin Joaquin "El Chapo" Guzman: "Why is Mexico finally extraditing El Chapo now on the eve of then President-elect Donald Trump's swearing-in ceremony? To pay for Trump's wall!"

Wall Street should avoid cutting foreign bank ties: U.S. regulator

22 Mar 2017

WASHINGTON/ST LOUIS U.S. banks should not cut ties with foreign clients over money- laundering worries unless officials have concrete cause for concern, a leading U.S. regulator is telling staff and lenders.

EXCLUSIVE: Trump unlikely to curb AML rules; new, 'fairly loose' cyber standards seen - Giuliani

10 Mar 2017

MIAMI (Thomson Reuters Regulatory Intelligence) - The administration of U.S. President Donald Trump is unlikely to ease U.S. anti-money laundering regulations, former New York Mayor Rudy Giuliani said Wednesday in an interview with Thomson Reuters Regulatory Intelligence.

U.S. extends orders that title insurers report beneficial owners, says reports 'valuable'

02 Mar 2017

Requiring U.S. title insurance companies in six urban areas to report the identities of beneficial owners behind shell companies used to pay for posh real estate in "all cash" deals has generated valuable intelligence for law enforcement authorities, the Treasury Department's anti-money laundering unit said Thursday as it renewed the so-called Geographic Targeting Orders requiring the reporting.

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