A firm settled FINRA charges for failing to establish a reasonable AML program designed to report suspicious transactions, and for failing to respond reasonably to red flags associated with China-based accounts.
U.S. Treasury Undersecretary for Terrorism and Financial Intelligence Sigal Mandelker described initiatives to strengthen the financial crimes enforcement framework and to bolster anti-money laundering efforts.
The Financial Crimes Enforcement Network issued a final rule to further block North Korean access to the U.S. financial system, and warned institutions about strategies employed by North Korea to gain access to international financial systems.
The U.S. DOJ and the SEC announced criminal and civil Foreign Corrupt Practices Act-related settlements with a Kentucky-based manufacturer and distributor of copper, aluminum, and fiber-optic cable and wire.
Financial Crimes Enforcement Network Director Jennifer Shasky Calvery warned of money-laundering vulnerabilities in the real estate industry, particularly the risks associated with "all-cash" real estate purchases.
Cadwalader attorneys asserted that companies operating in China need to do more to enforce Foreign Corrupt Practices Act practices and procedures. If policies and procedures are "no more than words on paper, they are toothless paper tigers."
The SEC announced that a wireless technologies company agreed to pay a $7.5 million civil penalty to settle charges that it violated the Foreign Corrupt Practices Act. This settlement marks the first instance in which a non-bank was charged with hiring practice-related FCPA violations.
A technology company and its Chinese subsidiaries settled parallel civil and criminal actions with the SEC and the U.S. Department of Justice. The actions involved violations of the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act.