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How Money laundering is shaping US cities

By Joseph Lawler (@josephlawler) • 3/27/17 12:01 AM In a little-noticed statement, the Treasury bureau responsible for investigating financial crimes shared a remarkable money laundering statistic last month. Thirty percent of the cash purchases of high-end real estate by shell companies in six major cities involved a suspicious buyer, according to an investigation conducted by […]

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U.S. Extends Its Search for Dirty Money in Real Estate

February 24, 2017 Administrative Law, Banking & Finance, Criminal Law, Government The U.S. Treasury Department said it will extend its search for criminals who seek to launder money by buying U.S. real estate, according to a Reuters report. The U.S. Treasury Department Financial Crimes Enforcement Network has had in place a rule that ordered  title […]

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What Is Driving The ‘Unbanking Of America’?

January 10, 20171:39 PM ET DAVE DAVIES, HOST: This is FRESH AIR. I’m Dave Davies, in for Terry Gross who’s off this week. If you stroll through certain neighborhoods in big cities, you’ll notice check-cashing centers, pawn shops and, in some states, payday lending stores. Our guest, Lisa Servon, says increasing numbers of working Americans […]

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Former NFL Player and Former Bank Executive Sentenced for Ponzi Scheme and Money Laundering

BOSTON – A former New England Patriots player and a former bank vice president were sentenced today in U.S. District Court in Boston in connection with an investment scheme that took in over $35 million by making fraudulent loans to professional athletes. Will D. Allen, 38, of Davie, Fla., and Susan Daub, 56, of Coral […]

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19 Indicted in International Fraud and Money Laundering Schemes

March 1 2017 Investigators in the U.S. and Abroad Arrest 17 Federal indictments unsealed today in Washington, D.C., charged 19 people in the U.S. and abroad with participating in various international fraud and money laundering conspiracies that resulted in the theft of more than $13 million from more than 170 victims, primarily in the U.S. […]

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The New York State Department of Financial Services (DFS)Mandates Economic Sanctions Compliance Program

Article by Margaret M. Gatti and Louis Rothberg The New York State Department of Financial Services (DFS) has issued a regulation that requires certain New York regulated financial institutions to maintain programs to monitor and filter transactions for potential Bank Secrecy Act (BSA), anti-money laundering (AML) violations, and to prevent transactions with sanctioned entities. The […]

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Cayman Islands Monetary Authority Holds Bank De-risking Discussions in DC

(CNS Business): Ministry of Financial Services and Cayman Islands Monetary Authority (CIMA) officials recently held a second round of meetings in Washington DC with key US Congressional staff, regulators and stakeholders about bank de-risking from the Caribbean perspective. The Cayman officials then contributed to Financial Stability Board discussions on an action plan to address the […]

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Guidance on Existing AML Program Rule Compliance Obligations for MSB Principals with Respect to Agent Monitoring

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This guidance reiterates the anti-money laundering (AML) program obligations on the principals of money services businesses (MSBs) to understand and appropriately account for the risks associated with their agents, as broadly set forth by FinCEN in 2004 guidance primarily focused on foreign agents and counterparties. FinCEN is reiterating its guidance on this issue to complement […]

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U.S. Consumer Financial Agency Might be Doomed under Trump

By Lisa Lambert | WASHINGTON The U.S. Consumer Financial Protection Bureau, already in legal limbo after an October court decision, could find its powers scaled back by President-elect Donald Trump and a Republican-led Congress, according to members of both political parties, lobbyists and lawyers. That may mean the end of many of the agency’s rule-making […]

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