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The Toronto bank has been under investigation by U.S. and Canadian supervisors for alleged shortcomings in anti-money-laundering compliance. CEO Bharat Masrani pledged "comprehensive enhancements" but declined to pinpoint the exact fixes and their costs.
February 29 -
Bharat Masrani has spent a decade as the Canadian bank's top executive and is pushing 70. But as the bank undergoes a U.S. Justice Department probe, it's unclear when he'll step down or who's next in line.
February 27 -
The Financial Crimes Enforcement Network Tuesday proposed a rule to include investment advisors in the compliance regime under the Bank Secrecy Act, aiming to close regulatory gaps exploited by criminals.
February 13 -
The Treasury Department's Financial Crimes Enforcement Network fined a New York credit union employee $100,000 Wednesday in connection with a scheme to launder $1 billion using armored trucks and the credit union's Fed master account.
February 1 -
January is Human Trafficking Prevention Month, and the financial services industry should take the opportunity to step up for survivors.
January 22Moore & Van Allen -
The leader of the Financial Services Forum takes issue with a recent BankThink article that challenged the industry's claims about proposed rules for implementing the Basel endgame capital requirements.
January 19Financial Services Forum -
The Federal Reserve and New York State Department of Financial Services fined the Industrial and Commercial Bank of China for violations related to a lack of internal controls for confidential supervisory information and anti-money-laundering compliance failures.
January 19 -
Past crises have created opportunities for criminal organizations to inject their funds into the legitimate banking system. Bankers can't allow that to happen again.
January 19 -
Who counts as a politically exposed person, or PEP, is different in different jurisdictions. Uniformity in the identification of people considered a higher risk for money laundering would ease compliance headaches for everyone.
January 17ComplyAdvantage -
Banks cannot shrug off the impact of sudden account closures as inevitable collateral damage involved in fighting money laundering.
December 27Tal Solutions