HKMA fines JPMorgan Hong Kong branch over anti-money laundering lapses

(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.

By | 2019-01-12T20:02:42+00:00 |Compliance, Financial, Governments|0 Comments

Bits & Bytes Podcast: A Look at Effective Cybersecurity Practices

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.

By | 2019-01-12T19:52:07+00:00 |Compliance, Financial|0 Comments

FBI steps up efforts against ‘money mules’ online fraud

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.

By | 2019-01-12T19:47:39+00:00 |Compliance, Financial, Governments|0 Comments

Wells Fargo is paying $575 million to states to settle fake account claims

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 [...]

By | 2019-01-12T20:04:21+00:00 |Compliance, Financial|0 Comments

MoneyGram International Inc. Agrees to Extend Deferred Prosecution Agreement, Forfeits $125 Million in Settlement with Justice Department and Federal Trade Commission

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 [...]

By | 2018-11-30T19:33:01+00:00 |Compliance, Financial, Governments|0 Comments

US Banks Receiving More Subpoenas for AML, Transactional Data: Sources

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.

By | 2018-11-30T19:24:04+00:00 |Compliance, Financial, Governments|0 Comments