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ANALYSIS: The key problems identified in the massive Wells Fargo AML enforcement order

Premium September 13, 2024

A man walks by an ATM at the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking/File Photo

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NEWS: Ban cash transactions to curtail drug dealing, French justice minister tells senate committee on financial crime

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NEWS: Five arrested in Germany as police shut down €6M pyramid scheme

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NEWS: UK’s FCA bans ex-Credit Suisse VP Detelina Subeva after US money laundering conviction

By Sarah Beth Felix CEO, Palmera Consulting & AMLi Expert Columnist The Office of the Comptroller of the Currency has dropped an AML sanctions consent order for Wells Fargo. This $1.74T asset bank is a behemoth and fittingly, received a massive order.  The 28 page order gives some indication of the effort it will take…

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Premium

NEWS: Ban cash transactions to curtail drug dealing, French justice minister tells senate committee on financial crime

 Premium

NEWS: Five arrested in Germany as police shut down €6M pyramid scheme

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NEWS: UK’s FCA bans ex-Credit Suisse VP Detelina Subeva after US money laundering conviction

Regulatory Watch News

  • OFAC Basics Video Series – Requesting OFAC Guidance

    OFAC

    Today, the Department of the Treasury's Office of Foreign Assets Control (OFAC) is releasing the fourth video in its "OFAC Basics" video series, "Requesting OFAC Guidance." This video provides a tutorial on how to contact the OFAC Compliance Hotline with questions about how to comply with OFAC-administered sanctions programs or where to find helpful guidance on OFAC's website. You can find all of OFAC's video guidance on the OFAC Video Series page.

  • FCA bans former Credit Suisse vice president following US criminal conviction

    Financial Conduct Authority

    Ms. Subeva is the third former Credit Suisse employee banned for lacking integrity, following their US convictions for conspiracy to commit money laundering connected to corrupt loans to the Republic of Mozambique. On 20 May 2019, Ms Subeva pleaded guilty in the US for her role in a conspiracy to commit money laundering, which included accepting and retaining US$200,000 from one of her co-conspirators in unlawful kickbacks in connection with the loans

  • Europol has identified AI powered fraud as a key problem area
    Operation ENDGAME strikes again: the ransomware kill chain broken at its source

    Europol

    Cybercriminals around the world have suffered a major disruption after law enforcement and judicial authorities, coordinated by Europol and Eurojust, dismantled key infrastructure behind the malware used to launch ransomware attacks. From 19 to 22 May, authorities took down some 300 servers worldwide, neutralised 650 domains, and issued international arrest warrants against 20 targets, dealing a direct blow to the ransomware kill chain.

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