Tag

Anti Money Laundering

All articles tagged with #anti money laundering

Bank of America Admits Willful AML Failures in $1.21 Billion Settlement
business4 hours ago

Bank of America Admits Willful AML Failures in $1.21 Billion Settlement

Bank of America has agreed to pay a $1.21 billion penalty to the U.S. Treasury Department for willful violations of anti-money laundering and sanctions laws. The settlement, the third-largest in Treasury history, follows findings that the bank failed to report over $5 billion in suspicious transactions, including activity linked to Chinese money-laundering networks and the U.S.-Mexico border. The bank admitted to failing to maintain adequate compliance programs and will record a non-tax-deductible charge in its third-quarter earnings.

Treasury Hits Bank of America With Record $1.2 Billion Fine for AML Failures
business4 hours ago

Treasury Hits Bank of America With Record $1.2 Billion Fine for AML Failures

The U.S. Treasury Department has imposed a $1.21 billion penalty on Bank of America for willful violations of anti-money laundering and sanctions laws. The bank admitted to failing to report over $5 billion in suspicious transactions, including activity linked to Chinese money-laundering networks and the southwest border. This is the third-largest fine in Treasury history and the largest civil penalty ever levied by the Office of the Comptroller of the Currency.

Regulators impose $350 million fine on American Express for decade-long AML failures
business4 days ago

Regulators impose $350 million fine on American Express for decade-long AML failures

The Office of the Comptroller of the Currency and the Federal Reserve issued concurrent enforcement actions against American Express and its subsidiaries on October 8, 2026. The OCC levied a $350 million civil money penalty and a cease-and-desist order against American Express National Bank for inadequate anti-money laundering controls. Regulators found that the bank failed to adequately monitor approximately $13 billion in suspected trade-based money laundering activity between June 2014 and May 2025. The Federal Reserve also issued a cease-and-desist order to American Express and its travel services arm, citing enterprise-wide compliance deficiencies. American Express shares fell slightly in premarket trading following the announcement.

Capital One Finds AML Scrutiny Behind Trump Org Account Closures
business2 months ago

Capital One Finds AML Scrutiny Behind Trump Org Account Closures

Capital One says it closed more than 300 Trump Organization accounts after a months-long AML review, arguing the closures were for anti-money-laundering reasons, not political bias as the Trump Organization alleges in a 2025 lawsuit; the bank is seeking dismissal, noting that some complaints have been dismissed and others amended as the case continues in federal court.

Capital One ties Trump Organization account closures to AML review, seeks dismissal of lawsuit
business2 months ago

Capital One ties Trump Organization account closures to AML review, seeks dismissal of lawsuit

Capital One, in a court filing, says it closed over 300 Trump Organization accounts after months of anti–money-laundering review and seeks dismissal of the lawsuit accusing debanking for political reasons; the bank argues the closures followed AML analysis in line with federal guidance, while the Trump Organization maintains the move was politically motivated.

SEC charges Privvy founder in $12.3M crypto fraud built on fake AI bots
legal4 months ago

SEC charges Privvy founder in $12.3M crypto fraud built on fake AI bots

The SEC filed a civil complaint against Nathan Fuller, founder of Privvy Investments (and Gateway Digital Investments), alleging he raised about $12.3 million from roughly 150 investors across nine states and two foreign countries by promising proprietary AI bots would perform high-frequency crypto arbitrage with 40%–50% returns, but the bots did not function as advertised. The commission says only about $380,000 was spent on actual crypto purchases, while Fuller misappropriated at least $6.2 million for personal expenses and forwarded about $5.5 million to earlier investors in a Ponzi-like scheme. He allegedly faked a Texas money-transmitter license and insurance, and used ChatGPT to draft a bogus KYC letter via a shell firm to quiet withdrawals. Fuller had previously admitted in bankruptcy proceedings that Privvy was a Ponzi scheme. The SEC is seeking injunctions, disgorgement with prejudgment interest, civil penalties and a bar from securities offerings.

"Yellen and China's He to Discuss Global Concerns on Excess Industrial Capacity"

"Yellen and China's He to Discuss Global Concerns on Excess Industrial Capacity"

Secretary of the Treasury Janet Yellen announced new initiatives following her meeting with Vice Premier He Lifeng of China, including intensive exchanges on balanced growth in domestic and global economies to address macroeconomic imbalances and overcapacity concerns, as well as joint cooperation on anti-money laundering to combat illicit finance and financial crime. The initiatives aim to advance American economic interests, protect national security, and strengthen the economic relationship between the two countries.

"DOJ Charges KuCoin with Money Laundering Violations and ETH Designated as Commodity by CFTC"
cryptocurrency-legal2 years ago

"DOJ Charges KuCoin with Money Laundering Violations and ETH Designated as Commodity by CFTC"

The US has charged KuCoin, a major cryptocurrency exchange, with violating anti-money laundering laws by failing to vet customers and allowing billions of dollars in illicit funds to be transferred since its founding in 2017. The exchange's founders, Chinese nationals Chun Gan and Ke Tang, have also been charged with conspiracy. KuCoin has stated that it respects the laws and regulations of various countries and strictly adheres to compliance standards. Additionally, the US Commodity Futures Trading Commission has filed a civil lawsuit against KuCoin for failing to register its futures and swaps activities with the regulator.

KuCoin Faces DOJ Charges for Violating Anti-Money Laundering Laws
cryptocurrency2 years ago

KuCoin Faces DOJ Charges for Violating Anti-Money Laundering Laws

U.S. federal prosecutors have charged crypto exchange KuCoin and its founders with violating anti-money laundering laws, alleging that the exchange operated in the U.S. without registering or implementing proper KYC and AML programs. The indictment claims KuCoin facilitated money laundering and received over $5 billion in suspicious and criminal funds. Additionally, the CFTC filed a suit against KuCoin for not registering as a futures commission merchant and failing to implement a KYC program. KuCoin's native token (KCS) dropped 5% following the announcement, and Bitcoin's price also experienced volatility.

"Binance's CZ Faces Tighter Restrictions and $4.3B Settlement Approval"
business2 years ago

"Binance's CZ Faces Tighter Restrictions and $4.3B Settlement Approval"

U.S. prosecutors are seeking tighter bond conditions for Binance founder Changpeng Zhao ahead of his April sentencing for violating anti-money laundering laws, including requiring him to provide notice before any domestic travel, surrender his Canadian passport, and restrict his movement. Zhao's lawyers have objected to the proposal, and a judge previously barred him from leaving the U.S. due to concerns about his potential flight risk. Zhao pleaded guilty to the charges and stepped down as Binance's CEO, with federal sentencing guidelines suggesting he could face up to 18 months in prison.

"US Treasury Challenges Anti-Crypto Efforts and Terror Financing Narratives"
cryptocurrency-regulation2 years ago

"US Treasury Challenges Anti-Crypto Efforts and Terror Financing Narratives"

The Treasury Department's testimony debunked Sen. Elizabeth Warren's claims that cryptocurrency is a major source of funding for Middle East terrorist groups, dealing a blow to her anti-crypto legislation. The testimony revealed that terrorists prefer traditional financial products and services over digital assets, contradicting Warren's arguments. The Treasury's failure to correct erroneous data on terrorist crypto funding has sparked criticism, and opposition to Warren's bill requiring crypto industry participants to comply with KYC rules is growing. Crypto trade groups are lobbying against the bill, citing its potential to stifle innovation and jobs while having little impact on apprehending illicit actors.