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Extract from FinCEN (summary): CIVIL MONEY PENALTY FinCEN has determined that by failing (1) to establish and implement an adequate AML program, (2) to file timely, accurate, and complete SARs, and (3) to file accurate and complete CTRs as described in Section III, above, Riggs willfully violated the AML program, SAR,...
The Financial Services Authority (FSA) today fined Bank of Scotland plc (BoS) 1,250,000 for failing to keep proper records of customer identification as required by the FSAs Money Laundering Rules. Andrew Procter, FSA Director of Enforcement, said: "The FSA requires firms to maintain records of customer identification because these records are...
The Financial Services Authority (FSA) today fined Abbey National companies a total of 2,320,000 for serious compliance failings. Abbey National plc was fined 2mn for breaches of the FSA's Money Laundering Rules, while Abbey National Asset Managers Limited (ANAM) was fined 320,000 for systems and control breaches. Both cases...
The Financial Services Authority (FSA) today fined Northern Bank 1,250,000 for breaches of its Money Laundering Rules. The size of the fine demonstrates the importance the FSA attaches to its statutory objective of reducing the chance of regulated firms being used for purposes connected to financial crime. Carol Sergeant, Managing...
The Financial Services Authority (FSA) today fined The Royal Bank of Scotland plc (RBS) 750,000 for breaches of its Money Laundering Rules. This is the first financial penalty levied by the FSA for money laundering control failings since the FSA acquired this power on 1 December 2001. Carol Sergeant, Managing...