Bruce Charles’ Post

Federal #regulators are looking at Bank of America’s anti-money laundering program, the Charlotte-based company stated Tuesday in its latest quarterly earnings report. The #bank said it’s communicating with the feds about its Bank Secrecy Act/Anti-Money Laundering and Economics Sanctions Compliance programs. This includes #training, #governance, #transaction monitoring and customer due diligence — a #verification process to prevent financial #crime and #fraud. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #us #usa #unitedstates

Spot on analysis and assessment. It has been eye opening to see this in practice when it comes to sanctions compliance and implementation.

🔔 New e-alert | The CSSF releases updated Private Banking Sub-Sector money laundering/terrorist financing Risk Assessment and provides updated recommendations for the private banking sector. 💡 Discover more by reading our newsflash and do not hesitate to reach out to our experts: Aurélia Viémont, Sarah Hantscher or Mélanie Poirrier for any questions ➡️ https://lnkd.in/eWt-ABf2 #CMSLuxembourg #CMSLaw #bankingandfinance #regulatory #moneylaundering #antimoneylaundering #terroristfinancing

The concept in the below post is especially poignant given the NPRM for Modernizing the AML framework and its redirected focus from technical compliance to effectiveness. Change is coming...it may be slow and measured, but I think we'll get where the author is leading us.....thoughts?

Big, midsize or community the OCC regulates with the law. All banks are required to comply with regulations and when they don't, consequences happen and bank managements are held to account. #banks #compliance #consequentialorders

The latest from the Globe and Mail's business commentary, by Rita Trichur: OSFI’s stop-and-go approach to anti-money laundering at banks is baffling. Its decision to reprioritize financial crime is muddying the waters about whether OSFI or FinTRAC will get the final say on bank compliance.

💷 Starling Bank fined by FCA, they failed to meet regulatory obligations on financial crime risk. But... 🤔 Why these gaps were not identified during annual audits? ⚖️ Was Bank not scared of regulations and by not meeting comes heavy fines, reputational damage and also enforcement for a period that impact revenues 🙊 🙈 🙉 Seems like warning were either ignored or never taken seriously 💡Interesting how FCA have managed to come to conclusion in 14months, massive improvements by regulator! All banks should take this as warning, regulators are closing in. #aml #amlfines # #amlrisk #starlingbank

AMLC probes banks over transactions in Alice Guo money laundering case LINK: https://lnkd.in/ePG74N_j #BankingAndFinanceNews #MoneyLaundering Please Repost

Industrial and Commercial Bank of #China Ltd. has resolved years-long investigations into its alleged (and already-remediated) anti-money laundering compliance deficiencies and alleged mishandling of confidential supervisory information. Our alert sets out key takeaways. #AML #BankSecrecyAct #Enforcement #NYDFS

Bank of America Corp. said #US regulators may take action against the firm over its efforts to detect suspected #money laundering and sanctions violations, as well as its handling of #payments on the #Zelle network. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #us #usa #unitedstates #america #bank #banks