Money Laundering
This archive displays posts tagged as relevant to money laundering. You may also be interested in the following pages:
March 17, 2022
USAA Federal Savings Bank will pay $140 million in penalties and admit that it willfully failed to implement and maintain an anti‑money laundering (AML) program that met the requirements of the Bank Secrecy Act, and willfully failed to submit timely and accurate suspicious activity reports. FinCEN imposed a $140 million penalty, and the bank will receive credit for its payment of a $60 million penalty imposed by the Office of the Comptroller of the Currency (OCC) for related violations. FinCEN; OCCFebruary 24, 2022
The National Bank of Pakistan and its New York branch will pay a total of $55.4 million to resolve investigations by the New York State Department of Financial Services and the Federal Reserve Bank of New York into Bank Secrecy Act/Anti-Money Laundering compliance deficiencies. The bank had previously entered into agreements with the government entities, acknowledging BSA/AML weaknesses and agreeing to undertake remedial measures. However, the bank had failed to undertake adequate remedial measures, as found in examinations by the government entities. NY DFS; FedOn NFTs, Treasury Comes Out Swinging
Posted 02/8/22
Top Ten Financial and Healthcare Fraud Prison Sentences of 2021
Posted 01/28/22
Top Ten Federal Financial Fraud Recoveries of 2021
Posted 01/21/22
Top Ten SEC and CFTC Recoveries of 2021
Posted 01/7/22
January 5, 2022
Two Florida men, Reinier Gonzalez Caballero and Alexeis Napoles Manresa, have each been sentenced to a little over four years in prison for laundering the ill-gotten proceeds of a $3 million healthcare fraud scheme against Medicare. Over a couple months in 2019, durable medical equipment company Universal Ortho Supplies, Inc. billed Medicare for orthosis and prosthetics that were never prescribed by physicians, nor provided to patients. The reimbursements were then turned over to the defendants, who attempted to disguise the source of the funds by setting up shell corporations and opening up fake bank accounts. Two co-conspirators have already been convicted and sentenced; another two have pleaded guilty and await sentencing. USAO SDFLDecember 15, 2021
Broker-dealer Wedbush Securities Inc. has agreed to pay $1.2 million to resolve allegations related to the unregistered sale of large blocks of 50 different low-priced microcap companies by Silverton SA, a former offshore customer. The SEC also found that Wedbush failed to file SARs for certain suspicious transactions that it executed for Silverton, despite the presence of numerous red flags. SECThe New ENABLERS Act May Be a Backdoor Way to Expand the Anti-Money Laundering Whistleblower Program
Posted 10/14/21
