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

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

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

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

How the Military Lending Act Plagues the Finance Industry. Read this article published by Corporate Compliance Insights to learn more

In December 2017, the DOD issued an amended interpretive rule (“December Interpretive Rule”) to clarify whether personal property and auto finance purchase money credit transactions were eligible for a stated exclusion under the MLA. Unfortunately, the “clarification” only caused further confusion. Even worse, it took away an important option from covered borrowers. [...]

By | 2018-11-30T19:16:01+00:00 |Financial, Governments|0 Comments

New York DFS Approves NYDIG Execution LLC’s Cryptocurrency License Application

The New York Department of Financial Services (DFS) announced on Wednesday that it has ratified NYDIG Execution LLC’s cryptocurrency license application.  Such licenses have been coined “BitLicenses” and this is a landmark moment for NYDIG Execution because it has secured the 14th BitLicense issued by the New York Department of Financial Services. New York [...]

By | 2018-11-30T18:50:37+00:00 |Financial, Governments|0 Comments