Luxembourg Fines Rakuten Europe Bank €185,000 for AML Deficiencies
Luxembourg’s financial regulator has fined Rakuten Europe Bank €185,000 for multiple breaches of anti-money laundering and counter-terrorist financing (AML/CFT) regulations, according to a new report by the Luxembourg Times.
Trump Signs Order to Loosen Cannabis Regulations
President Donald Trump on Thursday signed an order directing the federal government to loosen marijuana regulations and accelerate a long-stalled effort to reclassify the drug, a step that could mark one of the biggest federal shifts on cannabis policy in decades, Reuters reported.
NZ Central Bank Asks Court to Fine ASB for AML Shortcomings
The Reserve Bank of New Zealand (RBNZ) has filed civil proceedings in the High Court against ASB Bank, alleging breaches of core requirements under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act dating from at least December 2019.
Treasury Seeks ‘Gatekeeper’ Role in AML Penalties
The Trump administration is moving to give the U.S. Treasury Department’s financial intelligence unit a decisive say over how banks are punished for anti–money-laundering (AML) failures, according to new reporting by The Wall Street Journal.
In U.S. Migrant Crackdown, a Renewed Focus on Cross-Border Remittances
The United States is tightening its oversight of the tens of billions of dollars resident and undocumented migrants send home each year through Western Union, MoneyGram, and other money services businesses (MSBs), according to a recent U.S. Treasury Department warning.
Coinbase Fined €22mn for Failing to Monitor Europe Payments
The Central Bank of Ireland has fined cryptocurrency exchange Coinbase €21.5 million for failing to properly monitor transactions, including activity potentially linked to child sexual exploitation, drug trafficking, money laundering and other crimes.
Germany’s BaFin Hits JPMorgan with Record €45mn AML Fine
Germany’s financial watchdog BaFin has imposed a record €45-million penalty on JPMorgan Chase for shortcomings in anti-money laundering (AML) controls, the Financial Times reported, citing the supervisory body.
Mexico’s Banks Look to Tighten AML Controls after U.S. Crackdown
Mexico’s banking lobby is urging lenders to adopt tougher rules on illicit finance that go beyond current law, after U.S. authorities moved to sever three Mexican firms from the American financial system for allegedly laundering money for fentanyl traffickers, according to Bloomberg.
Rise in SARs Straining Switzerland’s Anti-Money Laundering Office
Switzerland’s Money Laundering Reporting Office (MROS) says it is hitting capacity limits as banks and other firms flood the agency with record numbers of suspicious activity reports, according to SWI swissinfo.ch.
Senate GOP Bill Would Raise BSA Reporting Thresholds and Tie Them to Inflation
Proposed legislation introduced in the U.S. Senate would increase dollar-thresholds triggering reporting requirements under the Bank Secrecy Act for the first time since 1970 and require periodic adjustments to account for inflation, Republican lawmakers said. The “Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era Act”, or STREAMLINE Act, would raise the […]