📢The FCA has fined Metro Bank £16 million for significant anti-money laundering (AML) control failings between 2016 and 2020. The bank's inadequate systems failed to monitor over 60 million transactions totalling £51 billion, leaving the financial system vulnerable to misuse. This penalty underscores the critical importance of robust compliance frameworks in the financial sector. Firms must prioritise effective monitoring and swift remediation of deficiencies to safeguard against financial crime. At Objectivus, we help firms establish and maintain robust compliance and financial crime frameworks. For advice or support on strengthening your AML framework or addressing compliance concerns, contact us at [email protected]. For a comprehensive analysis of the FCA's findings read more at: https://lnkd.in/e-6fwPSB
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🚨 Avoiding the Next $3B Fine: AML Insights from TD Bank’s Case 🚨 Sia Partners has published an article that dives deep into the lessons learned from TD Bank’s recent $3 billion fine for AML (Anti-Money Laundering) compliance failures. It is a must-read for financial institutions aiming to bolster their AML strategies and avoid similar pitfalls. 🔍 A successful AML framework : - Prioritizes a sustainable governance structure - Clearly delineated lines of defense ensure that everyone has a role to play in effectively mitigating AML risks - Prioritizes robust models and tooling designed for the needs of the program Read the full article : https://lnkd.in/eM9Hv7rf hashtag #AML hashtag #Compliance hashtag #FinancialServices hashtag #SiaPartners hashtag #RiskManagement hashtag #TDCaseStudy David Hollander Vincent Kasbi Helina Lo Brian Lin Camilo Ramirez Jeremy Fetiveau Enjoyce Zhu Bruce Deaner Vinns Soo
On October 10th, it was announced TD Bank will pay a $3.09 billion to several U.S. regulatory bodies, including the Office of the Comptroller of the Currency (OCC), the Department of Justice (DoJ), and the Financial Crimes Enforcement Network (FinCEN) for systematic violations of the Bank Secrecy Act (BSA) and failures in its anti-money laundering (AML) program. Sia Partners has reviewed the violations and claims made against TD Bank and provides insight on how our designed comprehensive AML framework can lead to an effective BSA/AML program applicable to all covered financial institutions. The issues addressed in this article highlight each key program area, where TD Bank was found negligible, and the necessity in applying this framework Sia Partners has designed to every BSA/AML program. Cyril Sayada Anthony Oricoli Zoya Ashirov Bill Sanders Mike Staples Chelsea Zeytoonian Jigar Patel, CPA https://lnkd.in/gVJUkJca
Avoiding the Next $3B Fine: AML Insights from TD Bank's Case
sia-partners.com
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On October 10th, it was announced TD Bank will pay a $3.09 billion to several U.S. regulatory bodies, including the Office of the Comptroller of the Currency (OCC), the Department of Justice (DoJ), and the Financial Crimes Enforcement Network (FinCEN) for systematic violations of the Bank Secrecy Act (BSA) and failures in its anti-money laundering (AML) program. Sia Partners has reviewed the violations and claims made against TD Bank and provides insight on how our designed comprehensive AML framework can lead to an effective BSA/AML program applicable to all covered financial institutions. The issues addressed in this article highlight each key program area, where TD Bank was found negligible, and the necessity in applying this framework Sia Partners has designed to every BSA/AML program. Cyril Sayada Anthony Oricoli Zoya Ashirov Bill Sanders Mike Staples Chelsea Zeytoonian Jigar Patel, CPA https://lnkd.in/gVJUkJca
Avoiding the Next $3B Fine: AML Insights from TD Bank's Case
sia-partners.com
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Interesting read
On October 10th, it was announced TD Bank will pay a $3.09 billion to several U.S. regulatory bodies, including the Office of the Comptroller of the Currency (OCC), the Department of Justice (DoJ), and the Financial Crimes Enforcement Network (FinCEN) for systematic violations of the Bank Secrecy Act (BSA) and failures in its anti-money laundering (AML) program. Sia Partners has reviewed the violations and claims made against TD Bank and provides insight on how our designed comprehensive AML framework can lead to an effective BSA/AML program applicable to all covered financial institutions. The issues addressed in this article highlight each key program area, where TD Bank was found negligible, and the necessity in applying this framework Sia Partners has designed to every BSA/AML program. Cyril Sayada Anthony Oricoli Zoya Ashirov Bill Sanders Mike Staples Chelsea Zeytoonian Jigar Patel, CPA https://lnkd.in/gVJUkJca
Avoiding the Next $3B Fine: AML Insights from TD Bank's Case
sia-partners.com
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Robust AML/CFT compliance isn’t just about avoiding fines - it’s about safeguarding trust, reputation and operational resilience. Compliance isn't just another box to tick for banks; it's a legal and moral imperative. In this latest resource, you can learn more about, · The impact of evolving regulations and why banks can no longer afford to delay in adapting their compliance programs. · The role of trust and transparency in strengthening client relationships and maintaining public confidence · How leading institutions are adapting to proactively address compliance risks Read insights: https://lnkd.in/de7kZ8xM #Compliance #AML #Banking
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Robust AML/CFT compliance isn’t just about avoiding fines - it’s about safeguarding trust, reputation and operational resilience. Compliance isn't just another box to tick for banks; it's a legal and moral imperative. In this resource you can learn more about, · The impact of evolving regulations and why banks can no longer afford to delay in adapting their compliance programs. · The role of trust and transparency in strengthening client relationships and maintaining public confidence · How leading institutions are adapting to proactively address compliance risks Read insights: https://lnkd.in/e5dFki9c #Compliance #AML #Banking
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🚨 Avoiding the Next $3B Fine: AML Insights from TD Bank’s Case 🚨 Sia Partners has published an article that dives deep into the lessons learned from TD Bank’s recent $3 billion fine for AML (Anti-Money Laundering) compliance failures. It is a must-read for financial institutions aiming to bolster their AML strategies and avoid similar pitfalls. 🔍 A successful AML framework : - Prioritizes a sustainable governance structure - Clearly delineated lines of defense ensure that everyone has a role to play in effectively mitigating AML risks - Prioritizes robust models and tooling designed for the needs of the program Read the full article : https://lnkd.in/eM9Hv7rf #AML #Compliance #FinancialServices #SiaPartners #RiskManagement #TDCaseStudy Cyril Sayada Anthony Oricoli Zoya Ashirov Bill Sanders Mike Staples Chelsea Zeytoonian Jigar Patel, CPA Thomas Rocafull Nicolas Martin Jérémy Garcia Anthony Wolf Paul Geerts Fabien Zaveroni Nicolas Prudencio Sérgio Matos Lima Rémi Amadei
On October 10th, it was announced TD Bank will pay a $3.09 billion to several U.S. regulatory bodies, including the Office of the Comptroller of the Currency (OCC), the Department of Justice (DoJ), and the Financial Crimes Enforcement Network (FinCEN) for systematic violations of the Bank Secrecy Act (BSA) and failures in its anti-money laundering (AML) program. Sia Partners has reviewed the violations and claims made against TD Bank and provides insight on how our designed comprehensive AML framework can lead to an effective BSA/AML program applicable to all covered financial institutions. The issues addressed in this article highlight each key program area, where TD Bank was found negligible, and the necessity in applying this framework Sia Partners has designed to every BSA/AML program. Cyril Sayada Anthony Oricoli Zoya Ashirov Bill Sanders Mike Staples Chelsea Zeytoonian Jigar Patel, CPA https://lnkd.in/gVJUkJca
Avoiding the Next $3B Fine: AML Insights from TD Bank's Case
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TD Bank Group Announces Resolution of AML Investigations Read more: https://lnkd.in/d-c4GUkx #TDBank #AML #AntiMoneyLaundering #Compliance #BankingRegulations #finance #fintech #FinancialIT
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Senior Financial Services Recruiter @ The Agency Cayman specialising in Compliance & Regulatory Services, Risk & Internal Compliance, Corporate & Governance, Fiduciary & Trust.
TD Bank hit with a $3B penalty and asset cap over AML troubles - Goes to show how essential strong compliance is in today’s financial world! 🌍💼 #AML #Compliance #FinancialNews
TD hit with asset cap, $3B in penalties over AML woes
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In 2023, the banking sector faced key compliance challenges with fines for lapses in AML, KYC and related regulatory areas reaching a staggering $6.6bn. The importance of navigating these risks extends beyond mere legal compliance. For banks, it is a strategic necessity to protect their financial health and reputational standing. The ability to effectively identify, assess, and mitigate these threats is critical in safeguarding against operational disruptions and legal repercussions. via FinTech Global https://lnkd.in/dSzgH_nF #aml #compliance #kyc #regulatorycompliance
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Avoiding the next USD 3-billion fine! On October 10th, it was announced TD Bank will pay a $3.09 billion to several U.S. regulatory bodies, including the Office of the Comptroller of the Currency (OCC), the Department of Justice (DoJ), and the Financial Crimes Enforcement Network (FinCEN) for systematic violations of the Bank Secrecy Act (BSA) and failures in its anti-money laundering (AML) program. Sia Partners has reviewed the violations and claims made against TD Bank and provides insight on how our designed comprehensive AML framework can lead to an effective BSA/AML program applicable to all covered financial institutions. The issues addressed in this article highlight each key program area, where TD Bank was found negligible, and the necessity in applying our framework to every BSA/AML program. #AML #BSA Helina Lo Nai Zhiyun Brian Lin David Hollander Camilo Ramirez Vinns Soo Claire Yuyao Z. Lepeka Garg Bruce Deaner Arthur Roiret Yousuf Muhammad, CPA Yuchen Jia
Avoiding the Next $3B Fine: AML Insights from TD Bank's Case
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