11 Nov 2016
Published in News

Can Agricultural Bank of China rein in its errant New York branch?

A sexual harassment lawsuit directed at its general manager; a whistle-blower discrimination claim by an ousted compliance officer; a US$215 million fine for failure to check money laundering involving Russia, Yemen and Afghanistan.

11 Nov 2016
Published in News

Hong Kong Central Bank flags Blockchain money laundering risk

The Hong Kong Monetary Authority has released a sobering assessment of blockchain — the much-hyped technology some banks are researching to cut costs — including a warning that it may raise the risk of money laundering.

10 Nov 2016
Published in News

US: “A little knowledge is a dangerous thing” – holding board members responsible for compliance breaches

Recent anti-money laundering enforcement actions against major U.S. financial institutions have placed boards of directors front and center in the management and oversight of their institutions’ Bank Secrecy Act and other anti-money laundering (“BSA/AML”) programs.

10 Nov 2016
Published in Of Counsel

“A little knowledge is a dangerous thing” – derivative litigation sought to hold board members responsible for breaches in BSA/AML compliance

Recent anti-money laundering enforcement actions against major U.S. financial institutions have placed boards of directors front and center in the management and oversight of their institutions’ Bank Secrecy Act and other anti-money laundering (“BSA/AML”) programs.