The operator of the OKX cryptocurrency exchange has admitted to breaking anti-money laundering (AML) laws. As part of the plea, Aux Cayes FinTech — doing business as OKX — will pay more than $504 million in fines and fees, the U.S. Department of Justice said Monday (Feb. 24). “For over seven...
The Brink’s Company said Thursday (Feb. 6) that its subsidiary, Brink’s Global Services USA (BGS USA), reached agreement with two U.S. agencies to resolve investigations related to cross-border currency shipments and compliance with federal money-transmitting laws. BGS USA reached a non-prosecution agreement with the Department...
CBW Bank, with roughly $90 million in assets, filed a suit against the Federal Deposit Insurance Corp. (FDIC) contending that $20.4 million in penalties assessed against the bank for alleged failures over anti-money laundering (AML) efforts and deficiencies are both “unprecedented” and “unreasonable.” The suit...
U.K. FinTech Stenn has reportedly collapsed over possible ties to a Russian money laundering scheme. The company was placed into administration — a type of insolvency procedure — earlier this month after a reference to it appeared in a U.S. indictment in a money laundering case, the...
It’s almost 2025, but many businesses are still facing the same old anti-money laundering (AML) and know your customer (KYC) concerns, among other compliance requirements. With the news that Wise, the money transfer giant, has implemented a European regulator’s recommendations to bolster its AML programs,...
FinTech Wise reportedly has implemented a European regulator’s recommendations to bolster its anti-money laundering (AML) programs. Wise was forced into a formal remediation plan after the National Bank of Belgium found in 2022 that there was a shortcoming in its AML controls, the Financial Times (FT) reported Thursday...
U.S. government agencies are reportedly investigating Citigroup’s anti-money laundering (AML) policies and its ties to a sanctioned Russian official. The Department of Justice (DOJ), the FBI and the IRS are looking at the bank’s work for a trust that holds assets owned by Russian billionaire Suleiman...
The United Kingdom’s finance regulator fined Metro Bank for failing to monitor money laundering risks. The Financial Conduct Authority said Metro must pay 16.7 million pounds (about $21 million) for a lack of proper money laundering protections on 60 million transactions between 2016 and 2020,...
Last month, the Justice Department settled an anti-money laundering probe into TD Bank. But according to U.S. Sen. Elizabeth Warren, D-Mass., the $3 billion the government received from the Canadian lender was not enough. As The Wall Street Journal (WSJ) reported last week, Warren said...
