AML Weekly Recap and Insights | Week 23rd December - 27th December 2024
Dear AML Community,
Here's another "AML Weekly Recap and Insights" post to keep you updated on the latest AML developments.
This week’s Recap and Insights is brought to you by my newly rebranded website
and its “Insights” blog which aims to be your go-to resource for all anti-financial crime developments!
Let’s move on to this week’s news…
Customs authorities across 23 EU Member States, supported by Europol, conducted a two-week operation targeting money laundering, transnational crime, and terrorism financing. Authorities searched over 300 passengers at airports, ports, train stations and borders of EU countries. The operation resulted in the seizure of nearly €2.7 million in cash, along with valuable items like gold and jewelry. Over 500 cash movement checks were conducted.
The Office of the Comptroller of the Currency (OCC) issued a cease-and-desist order (order) against Bank of America, N.A. (bank) for deficiencies related to its Bank Secrecy Act (BSA) and sanctions compliance programs. The OCC identified significant compliance violations at Bank of America, including inadequate internal controls, poor governance, deficient independent testing and systemic gaps in transaction monitoring and suspicious activity reporting.
As I took a week off LinkedIn, here's a list of potential insights from my blog that you can check out:
Metro Bank Fined £16.7 Million for AML Failures – What Happened?
How to Improve Your Negotiation Skills as a Compliance Professional
That’s all for this week!
Wishing you a great weekend, get some rest, and see you next week!
Regards
Anna Stylianou
Founder, AML Cube Consulting and Education