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Know-your-customer, an essential precaution, must be coupled with know-your-employees. A host of instances highlight the involvement of employees in fraudulent transactions in most cases in league with customers.
May 20 -
Bankers are bracing for the start of more severe anti-money laundering exams as regulators rework their standards and prepare to issue another round of guidance tackling the issue.
March 8 -
We should think twice before cutting off access to alternative lenders that serve as a last resort for millions of low-income Americans. We should also encourage banks to remove the barriers for these customers when they want to open a savings account.
November 1
A New York check cashing company and its owner pleaded guilty Tuesday to violating the reporting and anti-money-laundering requirements of the Bank Secrecy Act.
Belair Payroll Services in Flushing, N.Y., and its owner, Craig Panzera, processed $19 million in shell corporation checks between June 2009 and June 2011, according to charges filed by the United States in the Eastern District Court of New York. Belair and Panzera neglected to obtain identification from the individuals cashing the checks and misidentified them in reports filed with the Department of Treasury. They also failed to accurately record the amount of cash provided to the individuals in some reports.
As part of the guilty plea, Belair will forfeit $3.3 million. Panzera, who also pleaded guilty to failing to pay income and payroll taxes, will pay $947,000 in restitution.
Sentencing will be determined at a later date, according to a Department of Justice