It’s time to have a conversation about implementing real AML information sharing across organisations, sectors and jurisdictions, writes Claus Christensen at Know Your Customer Ltd.
SPARTANBURG, S.C., May 22, 2019 /PRNewswire/ -- Advance America and Check Into Cash announced today that they have reached a settlement with the Federal Deposit Insurance Corporation (FDIC) regarding Operation Choke Point, the FDIC program that pressured banks to cut ties with certain categories of lawful businesses, including payday lenders.
The more information comes out in dribs and drabs about and from Deutsche Bank, I remain convinced that something is truly rotten there. But is that the only bank that has these operational risk management problems?
The California Senate voted almost unanimously to pass a bill that would allow banks and credit unions to accept cash deposits from cannabis retailers. The 35-1 vote would allow banks to issue special checks to the retailers that could be used for certain purposes, including paying taxes or California-based vendors.
On 9 April 2019, the London based global financial institution, Standard Chartered (the ‘Bank’) agreed with the UK and US regulators to pay a combined USD1.1 billion fine for failings in its Anti-Money Laundering (AML) controls and for violations of its obligations under the US sanctions regime.
The U.S. Department of the Treasury has sanctioned a Moscow-based bank over its role in financing Venezuela’s controversial petro cryptocurrency.