When a bank files a suspicious activity report (“SAR”), that bank has immunity from civil lawsuits.
A few weeks ago we wrote about the skepticism Libra, Facebook’s proposed cryptocurrency, faced from U.S. regulators. Since then, Libra’s unpopularity has spread across the Atlantic.
On May 6, 2019, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 19-18 to help broker-dealers recognize and report potential fraud and money laundering.
On March 4, 2019, a British customs agency raided 50 real estate agencies and announced the largest fine ever imposed in the U.K. for money laundering violations in the real estate market.
Late last month, federal prosecutors announced the first criminal prosecution against a U.S. broker-dealer under the Bank Secrecy Act (“BSA”).
On December 3, 2018, a group of U.S. banking regulators issued a joint statement encouraging banks to use innovative approaches to enhance their Bank Secrecy Act and anti-money laundering (BSA/AML)…