FATF President Calls on Big Tech to Combat Sextortion Scams
In a recent statement, the President of the Financial Action Task Force (FATF) has urged major technology companies to take decisive action against the rising threat of sextortion scams. This call to action comes as cybercriminals increasingly exploit social media platforms to target vulnerable individuals, particularly high-net-worth professionals and teenagers. The growing threat of sextortion […]
Sanctuary Securities penalised for AML deficiencies
The Financial Industry Regulatory Authority (FINRA) has once again demonstrated its commitment to upholding financial integrity by imposing penalties on Sanctuary Securities for deficiencies in its Anti-Money Laundering (AML) programme. This enforcement action highlights the critical importance of robust compliance frameworks in safeguarding the financial system from illicit activities. The case against sanctuary securities Sanctuary […]
Empowering Securities Intermediaries: SEBI’s New AML & CFT Certification Course
The Securities and Exchange Board of India (SEBI) has taken a significant step towards strengthening the securities market’s defenses against money laundering and terrorism financing. With the launch of the NISM-Series-XXIV certification course on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), SEBI aims to enhance the knowledge and vigilance of securities market […]
Reporting money laundering violations and earning whistleblower awards
In an era where financial crimes like money laundering threaten global security, whistleblowers play a pivotal role in uncovering illicit activities. The Anti-Money Laundering Act (AMLA) of 2020, bolstered by the AML Whistleblower Improvement Act of 2023, has introduced a transformative program to incentivize whistleblowers with financial rewards and robust protections. Here’s everything you need […]
The Impact of Gutting Anti-Money Laundering Laws
The recent decision by the Trump administration to cease enforcing penalties under the Corporate Transparency Act has significant implications for financial transparency and the fight against money laundering. This move effectively allows shell companies to avoid disclosing their owners and beneficiaries, which could have profound effects on the financial system in the United States. Background: […]
U.S. Treasury’s Decision on Anti-Money Laundering Law Enforcement
The U.S. Treasury Department has recently announced that it will not enforce penalties under the Corporate Transparency Act (CTA) for U.S. citizens or domestic reporting companies. This decision marks a significant shift in how anti-money laundering regulations are applied within the United States. Background of the Corporate Transparency Act The CTA was enacted during the […]
What is the purpose of AML checks for banks?
Anti-Money Laundering (AML) checks are vital tools used by banks to ensure the integrity of financial systems and to comply with legal and regulatory requirements. These checks are designed to detect, prevent, and report suspicious activities that could indicate money laundering, terrorist financing, or other financial crimes. This article explores the purpose of AML checks […]
Strengthening Compliance in Banking – Lessons from Morgan Stanley’s $1M Fine
In a recent legal development, Morgan Stanley’s Swiss operations were fined CHF 1 million (approximately $1.1 million) by the Swiss Attorney General’s Office for failing to prevent a client advisor from engaging in qualified money laundering in 2010. The case underscores the critical importance of robust anti-money laundering (AML) measures and organizational accountability in the […]
FINRA fines Young America Capital for AML Program Deficiencies
On February 27, 2025, the Financial Industry Regulatory Authority (FINRA) announced that Young America Capital LLC has agreed to pay a fine of $50,000 as part of a settlement for significant deficiencies in its anti-money laundering (AML) program. This enforcement action underscores the critical importance of maintaining robust AML compliance within financial institutions. Background on […]
Bank of America CEO calls for simplified AML rules
Are anti-money laundering (AML) rules too complex to be effective? This question is at the center of a recent statement by Brian Moynihan, CEO of Bank of America, who has called for a simplification of AML regulations. According to Moynihan, the current system is overly complex, burdensome for financial institutions, and may not be as […]