Wyden Report Says 3 Banks Likely Violated AML Laws with Epstein Accounts
JPMorgan Chase, Deutsche Bank and Bank of America likely violated federal anti-money laundering (AML) laws by failing to report thousands of suspicious transactions that financed Jeffrey Epstein’s sex trafficking, according to a report released Tuesday by a ranking Democrat on the Senate Finance Committee.
Capital One Says Months-Long AML Review Drove Trump Account Closures
Capital One told a federal judge that it closed the Trump Organization’s deposit accounts in 2021 after its anti-money-laundering (AML) team flagged compliance concerns, according to a motion to dismiss filed July 31 in the Southern District of Florida.
FinCEN Fines UBS Brokerage $125 Million for Failing to Resolve AML Failures
The U.S. Financial Crimes Enforcement Network (FinCEN) on Monday imposed a $125-million monetary penalty on UBS Financial Services (UBSFS) for willful violations of the Bank Secrecy Act, concluding that the brokerage repeated monitoring failures it had promised to fix under a 2018 settlement.
Citi Hires FinCEN Director Gacki to Lead Sanctions Compliance
The director of the Treasury Department’s Financial Crimes Enforcement Network is leaving the agency to become global head of sanctions at Citigroup.
Swiss Court Fines Lombard Odier $3.7mn for Failing to Flag Karimova Corruption
Switzerland’s Federal Criminal Court on Monday fined Geneva private bank Lombard Odier 3 million Swiss francs and ordered the confiscation of more than 400 million francs in assets tied to a criminal network built around the daughter of Uzbekistan’s late president.
U.S. Regulators Warn Banks on Borrowers without Work Authorization
Three federal banking regulators on Monday told banks and credit unions to weigh whether borrowers who lack legal authorization to work in the United States can reliably repay their loans, warning that such lending “may present elevated credit risk.”
TD to Track Some Financial Crime Staff’s Work with Software
Toronto-Dominion Bank has told some anti-financial-crime and risk-management employees it will use software to monitor their work, prompting privacy and consent concerns.
U.S. Regulators Propose Customer ID Rule for Stablecoin Issuers
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and four federal banking regulators proposed a rule on Wednesday that would require permitted payment stablecoin issuers to maintain customer identification programs under the GENIUS Act’s anti-money-laundering (AML) framework.
Iran Deal to Give Tehran Immediate Oil Sanctions Relief, and Waivers for Banks
The Trump administration’s emerging post-war framework with Iran grants Tehran immediate sanctions relief for oil sales upon the agreement’s signing, with accompanying waivers covering banking, transportation, and insurance services needed to complete those transactions.
Treasury Urges Banks to Help Fight Illegal Immigration, Expands 314(b) Program
Treasury Secretary Scott Bessent on Friday called on banks to serve as partners in the federal government’s effort to combat payroll fraud, labor exploitation, and other financial crimes tied to undocumented workers.