AML

Investment advisers beware: the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is coming with a new anti-money laundering and countering the financing of terrorism (AML/CFT) rule – and this time there may be no escape. FinCEN’s proposed rule would make registered investment advisers (RIAs) and exempt reporting advisers (ERAs) subject to the Bank Secrecy […]

If anti-money laundering (AML) and counter-terrorism financing (CFT) protections weren’t already high on financial institutions’ priority lists, then they should be after the $4.3 billion in penalties the US Department of Justice hit cryptoasset marketplace Binance with last week. Mark Kornfeld of law firm Buchanan Ingersoll and Rooney, quoted in the Financial Times, warned the […]

If you have a couple of hundred million to throw around on money laundering fines then feel free to skip the below. If not, you may want to read on. With legislators around the world tightening their anti-money laundering (AML) rules and regulators stepping up enforcement actions, penalties for AML shortcomings are hardly a rarity […]

Are financial institutions around the world doing enough to implement robust anti-money laundering (AML) and know your customer (KYC) capabilities? New figures suggest not. Banks and other financial organisations were fined almost $5 billion last year for AML infractions, KYC system failings and sanctions breaches, bringing the total meted out since the global financial crisis […]