News & Insights

Help
396 News Results

Financial Action Task Force February 16, 2012 The Financial Action Task Force (FATF) has revised its Recommendations after more than two years of efforts by member countries. The revised FATF Recommendations now fully integrate counter-terrorist financing measures with anti-money laundering controls, introduce new measures to counter the financing of the proliferation of weapons of mass destruction, and they will better address the laundering of the proceeds of corruption and tax crimes. They also strengthen the requirements for higher risk situations and allow countries to take a more

Financial Services Authority On 23 March 2012, the FSA fined Coutts Company £8.75 million for failing to take reasonable care to establish and maintain effective anti-money laundering (AML) systems and controls relating to high risk customers, including Politically Exposed Persons (PEPs).

The SEC charged Texas-based medical device company Orthofix International N.V. with violating the Foreign Corrupt Practices Act (FCPA) when a subsidiary paid routine bribes referred to as "chocolates" to Mexican officials in order to obtain lucrative sales contracts with government hospitals. View press release in full here (links externally to SEC website). Additional Materials : SEC Complaint

HSBC (along with the OCC) was severely criticized in a Senate Report for violations of AML requirements and of OFAC procedures. The principal findings of fact regarding HSBC was that (i) its AML procedures were generally extremely weak; (ii) it did not identify its high risk affiliates (particularly in the Middle East and Mexico) and treat them accordingly; (iii) it overrode its own OFAC procedures; (iv) it provided services to non-U.S. banks that had been linked to terrorist financing; (v) it engaged in overtly suspicious transactions involving U.S. travelers checks that were obtained in

Several high ranking officials from the OCC testified before a U.S. Senate subcommittee about compliance of the Bank Secrecy Act (BSA) and anti-money laundering (AML) specifically in regards to HSBC North America Holding Inc. The OCC representatives agreed with the subcommittee findings that the OCC should tighten its supervision and agreed to incorporate three recommendation of the subcommittee. The OCC members testified that from 2004-2009 the OCC send HSBC several letters expressing concerns as to HSBC's compliance with BSA/AML, which HSBC did not address. In 2010, OCC expanded its