(Reuters) - The Hong Kong Monetary Authority (HKMA) said on Friday that it had fined the Hong Kong branch of JPMorgan Chase & Co (JPM.N) HK$12.5 million ($1.60 million) and reprimanded it for breaching anti-money laundering and counter-terrorist financing rules.
Cybersecurity is a major challenge for everyone – companies and individuals alike. But it can be a particularly big challenge for those in the financial industry. After all, it isn’t just firm data at risk—customer data and customers’ life savings may be at stake.
WASHINGTON (AP) — The email caught the executive at a small company by surprise one morning in 2016. The company’s owner, or so he thought, was requesting a money transfer to pay for supplies from a new vendor.
New York (CNN Business) Over the past two years, Wells Fargo has faced numerous lawsuits and government investigations stemming from a cascade of business scandals. On Friday, it took a step to put one batch of accusations behind it. The bank agreed to pay $575 million to all 50 states and the District of [...]
MoneyGram International Inc. (MoneyGram), a global money services business headquartered in Dallas, Texas, has agreed to extend its deferred prosecution agreement and forfeit $125 million due to significant weaknesses in MoneyGram’s anti-fraud and anti-money laundering (AML) program resulting in MoneyGram’s breach of its 2012 deferred prosecution agreement (DPA). In addition to the monetary payment [...]
Several U.S. financial institutions over the past year have seen a substantial uptick in court orders to supply transactional data to federal investigators, four sources claimed at a recent industry event or in interviews with ACAMS moneylaundering.com.
