The bank had lapses in AML systems and controls between October 2014 and July 2019.
It did not rectify the lapses despite multiple internal and external flags.

Tuesday, 10/01/2023 | 10:58 GMT by Arnab Shome

FinTech

AML Requirements and Best Compliance Practices for Payment Processors

Keep an eye out for AML compliance. It can save your business.

Friday, 30/12/2022 | 09:35 GMT by Finance Magnates Staff

Retail FX

CFTC Fines CHS Hedging $6.5 Million for AML Breaches

The penalty was related to the activities of one of FCM's customers.
The customer paid $167 million in margin calls over four years.

Wednesday, 21/12/2022 | 06:23 GMT by Arnab Shome

Institutional FX

FCA Fines Santander UK £108 Million for Prolonged AML Breaches

The bank failed to monitor the activities of more than 560,000 business customers properly.
The inadequate system was in place for about five years.

Friday, 09/12/2022 | 09:45 GMT by Arnab Shome

FinTech

FCA Opts for Public Censure of Sonali Bank UK Ex-CEO for AML Failure

The UK regulator fined Mohammad Prodhan, the former CEO, £76,400 in 2018.
However, the FCA is replacing that as a result of certain 'exceptional circumstances'.

Friday, 18/11/2022 | 17:58 GMT by Solomon Oladipupo

Thought Leaders

Eliminating Inefficiencies in the Compliance World—the idclear Vision

AML compliance means large teams, high costs, and masses of personal data to manage.

Monday, 24/10/2022 | 14:25 GMT by James Clifford

Payments

KYC and Why it Matters

KYC requirements do far more than just verify identity.

Wednesday, 19/10/2022 | 08:48 GMT by Finance Magnates Staff

Brokers

FINRA Imposes a Fine on Vision Financial

The financial services provider failed to implement a reasonable AML program.
Vision Financial has been a member of FINRA since 2008.

Monday, 19/09/2022 | 09:57 GMT by Bilal Jafar

CryptoCurrency

YouHodler Onboards Sumsub to Fight Identity Fraud in Crypto Industry

YouHodler already uses Elliptic for crypto AML management.
Sumsub will optimize YouHodler’s overall verification costs, the company says.

Thursday, 31/03/2022 | 07:13 GMT by Solomon Oladipupo

Op-ed

Institutional FX

Op-ed

Blueprint for AML 2022: Changing Focus to Entity Centric Detection

How technology advancement in 2021 laid the foundation for a more efficient AML landscape.
Why does the sector focus so much on individual events to identify suspicion?

Thursday, 24/03/2022 | 17:00 GMT by Aspectus Group

News

Israel Reportedly Adopts Strict AML Regulations for Cryptocurrency Transactions

The country plans to stop the use of crypto assets in the illegal transfer of money.

Tuesday, 16/11/2021 | 13:49 GMT by Bilal Jafar

News

Kirobo Signs Partnership with PureFi to Bolster AML Compliance Systems

Both parties expect to extend their respective collaboration by integrating new elements at any time soon.

Monday, 15/11/2021 | 16:10 GMT by Felipe Erazo

Regulation

Trade Finance Firms Must Strengthen AML Controls to Meet New FCA Requirements

Trade finance organisations should expect greater surveillance and monitoring from the FCA in the coming months

Saturday, 30/10/2021 | 18:29 GMT by Adam McLaughlin

News

ComplyAdvantage and Elliptic Collaborate for Blockchain Analysis

The new blockchain analysis and transaction monitoring tool will support crypto firms in the detection of financial crime.

Tuesday, 26/10/2021 | 10:54 GMT by Bilal Jafar

News

German Court: No 3rd Party Confiscation for Crypto Exchanges

Dr Philipp Gehrmann and Dr Arne Klaas classify the legal background and effects of active German crypto exchanges.

Thursday, 29/07/2021 | 15:03 GMT by Tom Hazan

Regulation

Compliance Checklist: What a Company Needs to Do to Be AML Compliant

Every company obliged to follow AML regulations needs to set up policies that work for their unique needs.

Wednesday, 21/07/2021 | 10:50 GMT by Dmitri Laush

Retail FX

6 AMLD, GDPR and the European Space Agency - A Groundbreaking Reform?

6 AMLD has caused regulators in the EU market to change how they see anti-money laundering and counter-terrorist financing.

Tuesday, 06/07/2021 | 12:50 GMT by Ella Rosenberg

Expert Insights

Survival of the Smoothest: Lengthy Onboarding Is No Longer Necessary

Financial institutions no longer onboard clients; clients onboard THEM.

Monday, 21/06/2021 | 14:52 GMT by Remonda Kirketerp-Møller

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}