TD Bank hit with $3bn in fines over AML failures
The $3.09 billion in total fines includes a record $1.8 billion penalty from the US Justice Department.
FinCEN
FinTech Futures: Top five stories of the week – 25 March 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
USAA hit with $140m fine from FinCEN for Bank Secrecy Act violations
USAA admitted to failing to accurately report in a timely manner thousands of suspicious transactions to FinCEN.
Capital One’s “wilful” AML failures land the bank a $290m penalty
Some $16 billion in reportable transactions passed through the bank’s platform.
FinCEN Files: Legacy technology “not up to the challenge” to tackle AML
Changes could be needed on both sides to prevent another FinCEN Files.
Leaked FinCEN files show banks allowed $2trn in suspicious transactions
Major leak of suspicious activity reports shows “mind blowing” scale of money laundering issues.
US regulator plans major refresh for AML laws
FinCEN wants to update the Bank Secrecy Act to reflect modern threats.
Former MoneyGram Compliance Chief to Pay $250,000 Fine
A former MoneyGram compliance head will pay a $250,000 fine and be barred from performing a compliance function for a money transmitter for the next three years after agreeing to a settlement over alleged AML and fraud prevention failures that took place at the company under his watch.
Viewpoint: Why Better Payments Security Requires More Sharing
When payment systems come under attack, the broad retail and service economies suffer. That’s why legal concerns and information-sharing programs need to be reexamined.
