JPMorgan’s $1.7 Billion Payment to Go to Madoff Victims

One of the very interesting aspects of the $2.05 billion settlement reached by J.P.Morgan Chase with federal prosecutors over the bank’s violation of the Bank Secrecy Act for failing to exercise proper oversight of Bernard Madoff’s business is what the government is planning to do with the...

Money Service Business Shut Down for Sending Wire Transmissions to Yemen without Anti-Money Laundering Controls

The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty against Saleh H. Adam, doing business as Adam Service, a money services business (MSB), after determining that, since November 2007, Adam Service committed serious and willful violations of the Bank Secrecy Act’s...