April 16 2024

FinCEN’s New Elite Enforcement Division Assesses First BSA/AML Penalty, and It’s Big

FinCEN’s New Elite Enforcement Division Assesses First BSA/AML Penalty, and It’s Big

The $37.5 million penalty to TD Bank is on top of the $600 million paid in restitution and the $15 million in SEC Fines. The latest penalty focuses on BSA/AML issues associated with failures to heed alerts and file Suspicious Activity Reports (SARs) related to the $1.2 billion Ponzi scheme by Scott Rothstein. The fine is first civil money penalty assessed by FinCEN’s new elite Enforcement Division "who target the exploitation of the financial system by illicit actors" focusing on "compromised financial institutions and their officers, managers, and employees; compromised jurisdictions; and third party money launderers who facilitate financial crime." [9/24]

Risk Watch Plus Webinar 8: Complaint Management

Complaints: Why you shouldn’t shun them, but invite them! In this era of exploding complaint volume, this certificated webinar (see instructions in video for how to get your free certificate of completion) takes a look at the risks, evolution, and need for a management strategy to effectively deal with complaints. Before that, we cover what’s hot in compliance, as seen by the editors of Risk InboX. This week’s hot items: 1) HUD cancels Obama era Fair Housing rule; 2) “HMDA” for boards and management; and 3) CFPB has added a new dimension to its complaint database. Click here to watch now.

What is the AffirmX Platform?

Video What makes the patented AffirmX Risk Intel Platform different than anything else out there? Take the next 3 minutes to see what this revolutionary tool can do for your financial institution. Watch Video

About Risk InboX

Each day, teams of subject matter experts and analysts at AffirmX and AdvisX comb through dozens of resources to keep tabs on the latest developments in areas of risk. We share our findings here, along with a brief note about why each item matters.

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