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Money Laundering

This archive displays posts tagged as relevant to money laundering. You may also be interested in the following pages:

Page 5 of 12

COVID Frauds of the Week: DOJ Continues to Crack Down on PPP Fraudsters

Posted  03/19/21
ponzi scheme vs pyramid scheme
As of this week, the Small Business Administration has disbursed over $700 billion in Paycheck Protection Program (PPP) loans to small businesses and non-profits. There are over $100 billion in remaining appropriations, with additional appropriations likely to follow thereafter. With numbers like these, the program has become a magnet for fraudsters seeking to profit from the pandemic. The DOJ has been actively going...

Tagged in: Catch of the Week, COVID-19, Financial and Investment Fraud, Financial Institution Fraud, Government Programs Fraud, Money Laundering,

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The New BSA Whistleblower Provision – From the Whistleblowers’ Perspective

Posted  03/12/21
Headshots of Attorneys Mary Inman and Carolina Gonzalez
Constantine Cannon whistleblower attorneys Mary Inman and Carolina Gonzalez were recently guest bloggers at Money Laundering Watch from Ballard Spahr.  Ballard Spahr attorneys Peter D. Hardy and Meredith S. Dante posed questions to Inman and Gonzalez about recent amendments to the Bank Secrecy Act that provide new options for whistleblowers reporting anti-money laundering violations.  With the kind permission of...

Tagged in: CC Lawyers, Financial and Investment Fraud, Money Laundering,

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Trump Tower Intrigue

Posted  02/26/21
Silhouette of Man in Front of Trump Tower Building
There may now be informants in Trump Tower.  Most reports of former President Trump’s objections to the National Defense Authorization Act cited his anger about the removal of symbols of the Confederacy and failure to repeal protection for social media companies.  But perhaps Mr. Trump should have paid more attention to a provision buried deep within the law that offers big rewards to whistleblowers who reveal...

Tagged in: Financial and Investment Fraud, Money Laundering,

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Congress Has Passed Sweeping Anti–Money Laundering Legislation. Now It’s Up To Trump.

Posted  01/29/21
hundred dollar bills scattered around

Associate Sarah “Poppy” Alexander was quoted in the BuzzFeed News article, ‘Congress Has Passed Sweeping Anti–Money Laundering Legislation. Now It’s Up To Trump’ published on December 11, 2020.

Following rising concerns about money laundering using the US financial system, Congress has passed new anti-money laundering legislation included in the National Defense Authorization Act (NDAA). First, it would...

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Money Laundering, Whistleblower Rewards,

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US Bill to Offer Rewards for Whistleblowers Exposing Money Laundering

Posted  01/29/21
launderette

Partner Mary Inman was quoted in the OCCRP article, "US Bill to Offer Rewards for Whistleblowers Exposing Money Laundering", published on January 18, 2021.

Treasury’s new whistleblower reward program is inspired by the highly successful U.S. Securities and Exchange Commission (SEC) Whistleblower Reward Program created by the Dodd-Frank Wall Street Reform and Consumer Protection Act following the 2008 financial...

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, International Whistleblowers, Money Laundering, SEC Whistleblower Reward Program, Whistleblower Rewards,

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New US Whistleblower Reward Program Bolsters Anti-Money Laundering Fight

Posted  01/29/21
pinned hundred dollar bills on clothes line

PartnerMary Inman was quoted in The Banker article, “New US whistleblower reward scheme bolsters AML fight”, published on January 14, 2021.

A new anti-money laundering (AML) whistleblower reward program was included in the US government defense spending bill recently passed by Congress. This program arose in the wake of the FinCEN Files leak, revealing how fraudsters successfully moved millions of dollars of...

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, International Whistleblowers, Money Laundering, Whistleblower Rewards,

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Catch of the Week: Capital One pays $390M to resolve anti-money laundering (AML) violations.

Posted  01/22/21
Bank Building
Capital One, one of America’s ten largest banks, has agreed to pay $390 million to resolve allegations that it violated the Bank Secrecy Act and various other laws targeted at preventing money laundering. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) specifically said that Capital One willfully failed to guard against money laundering from 2008 to 2014, including a failure to file...

Tagged in: Catch of the Week, Financial and Investment Fraud, Financial Institution Fraud, Money Laundering, Tax Fraud,

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January 15, 2021

Capital One, N.A. will pay a $390 million civil penalty following its admission that it violated the Bank Secrecy Act including by failing to implement and maintain an effective anti-money laundering program, and failing to file thousands of suspicious activity reports (SARs) and currency transaction reports (CTRs) including transactions in its high-risk Check Cashing Group.  As a result, from at least 2008 to 2014, millions of dollars of transactions were unreported, allowing funds connected with organized crime, tax evasion, and other financial crimes to be laundered through the U.S. financial system.  FINCEN

Tagged in: Financial Institution Fraud, Money Laundering,

January 14, 2021

Indonesia-based paper products manufacturer PT Bukit Muria Jaya will pay $1.6 million and enter into a deferred prosecution agreement with a compliance program to resolve charges that the company illegally shipped products to North Korea in violation of U.S. sanctions law, and took steps to conceal the true nature of the transactions from U.S. banks.  DOJ; OFAC

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Money Laundering,

January 4, 2021

French bank Union de Banques Arabes et Françaises will pay $8.6 million to resolve an investigation into its operation of U.S. dollar accounts on behalf of Syrian financial institutions subject to U.S. sanctions.  UBAF’s practices allowed the sanctioned entities to conduct transactions through a U.S. bank following internal transfers between the sanctioned entities and non-sanctioned entities that were also UBAF customers.  OFAC

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Money Laundering,

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