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NEW DOCUMENTS
Illinois Regulator Closes Founders Bank, FDIC as Receiver Sells Deposits to PrivateBank
Original | Brief Jul 02
Texas Banking Regulator Closes Millennium State Bank, FDIC Arranges Asset Sale
Original | Brief Jul 02
OCC Closes First National Bank of Danville, Names FDIC as Receiver
Original | Brief Jul 02
Illinois Bank Regulator Closes Elizabeth State Bank, Names FDIC as Receiver
Original | Brief Jul 02
Rock River Bank Shut By Illinois Regulator, FDIC Named Regulator
Original | Brief Jul 02
Illinois Regulator Closes First State Bank of Winchester, Names FDIC Receiver
Original | Brief Jul 02
FDIC Proposes Permitting Private Capital Investors to Purchase Failed Banks
Original | Brief Jul 02
Illinois Regulator Closes The John Warner Bank, Names FDIC as Receiver
Original | Brief Jul 02
OFAC Adds Iraqi Individual, Entity to SDN List
Original | Brief Jul 02
OCC Announces Proposal to Amend CRA Criteria
Original | Brief Jul 02


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FROM THE EDITOR

 Are We Really Serious About AML? 

June 26, 2009

 

Written reports from the diplomatic community rarely ring with indignation. The United Nations Office on Drugs and Crime “World Drug Report 2009” is an exception.

The report concludes that money laundering by drug traffickers “is rampant and practically unopposed.”

“Honest citizens, struggling in a time of economic hardship, wonder why the proceeds of crime – turned into ostentatious real estate, cars, boats and planes – are not seized,” according to the report.

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SUMMARIZED LEGS & REGS View All
House Passes Credit Cardholders' Bill of Rights Act of 2008 H.R. 5244, titled the “Credit Cardholders’ Bill of Rights Act of 2008,” would permit cardholders to cancel cards when they face rate increases, as long as they pay off their balances at the previous rate. The bill also would ban retroactive rate increases on existing balances.
Original | Summary
April 30, 2009
Mortgage Reform Bill Introduced in Congress The Mortgage Reform and Anti-Predatory Lending Act, if passed, would prohibit methods of compensation that provide incentives to mortgage originators to steer borrowers to more costly loans and subject all mortgage originators to federal duty of care requirements, among other things.
Original | Summary
April 17, 2009
OCC Broadens Public Welfare Investment Opportunities for National Banks To implement the changes made by the Housing and Economic Recovery Act, the Office of the Comptroller of the Currency issued a final rule that expands a national bank's ability to invest in all public welfare projects and not only those that primarily benefit low- and moderate-income families.
Original | Summary
April 7, 2009
Treasury Proposes Legislation to Have Resolution Authority Over Significant Non-Bank Institutions The Department of Treasury proposed legislation that would grant the U.S. Government authority to put failing, systemically important non-bank financial firms into conservatorship or receivership and then to administer their reorganization or wind-down.
Original | Summary
March 26, 2009
Congress to Consider Bill to Stem Misuse of Corporations Introduced by Sen. Carl Levin (D-MI) the Incorporation Transparency and Law Enforcement Assistance Act would require states to disclose the beneficial owners of corporations and limited liability companies, track ownership changes, and maintain records for five years after the company is terminated.
Original | Summary
March 11, 2009
ENFORCEMENT ACTIONS View All
AUSTRAC Sanctions Barclays Bank for AML/CTR Reporting Failures The Australian Transaction Reports and Analysis Centre accepted an enforceable undertaking from the Australian branch of Barclays Bank, requiring bank to conduct a risk assessment regarding the customer types, services provided, method of delivering services, and foreign jurisdictions it deals with.
Original | Brief
July 1, 2009
AUSTRAC: Mega International Commercial Bank Must Implement Risk-Based Controls The Taiwanese banking company offered an enforceable undertaking to the Australian Transaction Reports and Analysis Centre to settle the regulator's concerns that the bank had inadequate procedures to prevent money laundering and terrorist financing and failed to meet its reporting obligations.
Original | Brief
June 30, 2009
FDIC Fines American Express Centurion $250,000 In conjunction with a cease and desist order filed by the regulator, the Federal Deposit Insurance Corporation levied a civil money penalty against the Salt Lake City, Utah-based bank because of its deceptive credit line practices and inadequate disclosures that caused customer to bounce checks.
Original | Brief
June 30, 2009
FDIC Sanctions American Express Centurion Bank for Unfair Check Practices The Federal Depository Insurance Corporation filed a cease and desist order against the Salt Lake City, Utah-based bank because it failed to provide adequate notice of credit line reductions and caused consumers to bounce bank-issued convenience checks.
Original | Brief
June 30, 2009
American Express Bank Sanctioned for Deceptive Convenience Check Policies The Office of Thrift Supervision ordered the Salt Lake City, Utah-based bank to revise its convenience check program because its existing procedures violated the Federal Trade Commission Act and the regulators prohibition against misleading representations.
Original | Brief
June 29, 2009
FCPA Penalties Likely to Increase as Global Corruption Worsens
The number and size of fines levied annually against financial institutions and other corporations for bribery is likely to continue to rise as the global recession fuels corruption, say analysts.
July 2, 2009

FATF Releases Guidance on Best Practices for Freezing Terrorist Assets
An anti-money laundering watchdog group today released guidelines on how countries can best identify and freeze assets tied to terrorist financing.
July 2, 2009

FATF Highlights Risks Associated With Soccer, Other Sports
The opaque financial structures of the sports sector, including soccer and basketball, can be abused by criminals seeking to disguise dirty money and climb social ladders, an intergovernmental organization said Wednesday.
July 1, 2009

Belarus Releases New York AML Attorney
Emanuel Zeltser, a New York-based anti-money laundering attorney, was released from a Belarusian prison Tuesday after serving nearly a third of a three-year sentence for industrial espionage, according to media reports.
June 30, 2009

An anti-money laundering watchdog association will issue guidelines on how countries can best identify and freeze the assets of terror financiers, the organization said Monday.

Japan’s financial regulator ordered Citibank’s Japanese arm to suspend its retail sales operations for a month over anti-money laundering deficiencies, marking the second high-profile enforcement action against the bank.
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