On August 5, 2022, defendant Jasminder Singh of Freemont, California, was sentenced to 48 months for bank fraud and money laundering. According to evidence presented at trial, Singh created four businesses and used ten American Express credit cards in those […]
On July 29, 2022, eight people from New Hampshire and Massachusetts were indicted by a federal grand jury in Boston for their alleged roles in an elaborate money laundering operation and trade-based scheme in the city’s Chinatown area. According to […]
The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury has issued a Finding of Violation (FOV) to MidFirst Bank for violations of the Weapons of Mass Destruction Proliferators Sanctions Regulations (WMDPSR). In the enforcement notice, […]
Canada has a vibrant FinTech ecosystem, with more than 1,200 FinTechs using innovative technologies to disrupt financial services. To scale effectively, FinTechs need to ensure their AML/ATF programs are set up for success. Our hands-on guide to the AML landscape in Canada provides best practice guidance.
Texas-based money transfer company, Ping Express, has pleaded guilty to federal charges that it failed to adequately maintain an anti-money laundering (AML) program, allowing $167 million to move overseas without appropriate oversight or controls. Two of the FinTech’s executives and […]
The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Obed Christian Sepulveda Portillo for trafficking high-caliber firearms from the US to one of Mexico’s top drug organizations. Obed Sepulveda was acting on behalf of the Cartel de Jalisco […]
The Financial Crimes Enforcement Network (FinCEN) and the Commerce Department’s Bureau of Industry and Security (BIS) have warned financial institutions (FIs) to be aware of entities attempting to avoid US export controls related to the ongoing conflict between Russia and […]
On June 22, the Financial Crimes Enforcement Network (FinCEN) issued a statement providing clarity to banks on applying a risk-based approach to conducting customer due diligence (CDD) on independent ATM owners or operators consistent with the 2016 CDD Final Rule. […]
On June 15 2022 the long-awaited Cullen Commission Report was released, detailing the findings of an inquiry into money laundering in the Canadian province of British Columbia. Led by Supreme Court Justice Austin Cullen, the findings are based on years […]
As a leading global provider of software and data analytics to the real estate industry, RealPage provides a suite of cloud-based software that helps residential real estate owners and operators manage the tenant lifecycle.
A bipartisan bill introduced in the Senate plans to create a comprehensive regulatory framework for digital assets in the United States. Sponsored by Senators Kirsten Gillibrand of New York and Cynthia Lummis of Wyoming, the 69-page bill, known as the […]
The Financial Crimes Enforcement Network (FinCEN) has issued an Advance Notice of Proposed Rulemaking (ANPRM) for a no-action letter process, which would enable regulated entities to receive feedback on whether certain services, products, and/or actions would breach federal anti-money laundering […]
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