Two years after being charged with fraud by Massachusetts securities regulators, a former Belmont resident and prominent Shaklee distributor was arrested and charged with operating a Ponzi scheme that duped over a dozen investors out of at least $6 million... Read More

by Clare Tanner Esq. and Anne T. McCarthy Employers who make reports under POCA of suspected money laundering can be required to disclose any relevant documentation in subsequent litigation with a disgruntled client. Firms should review their anti-money... Read More

James H. Freis, Jr., Director of the Financial Crimes Enforcement Network, let us know that his agency is working on anti-money laundering requirements for investment advisers. At a November 15, 2011 speech at the American Bankers Association/American... Read More

A Florida lawyer will spend the next three years in federal prison for assisting the wife of convicted Ponzi schemer Scott Rothstein hide more than $1 million in jewelry - including a 12.08 carat yellow diamond ring valued at nearly $500,000. Scott Saidel... Read More

The Financial Crimes Enforcement Network, Treasury's financial intelligence unit has been trying to impose anti-money laundering obligations on private funds for years. On September 26, 2002, FinCENissued a notice of proposed rulemaking, proposing... Read More

Private Equity has been siting on the fringes of Anti-money laundering regulation for many years. It's still illegal to be involved in money laundering and fund managers should be taking some steps to protect themselves and to identify problems... Read More

A Utah man once known as the “Bamboo Cyclist” was sentenced to serve a four-year prison term for masterminding a Ponzi scheme that duped victims out of nearly $3 million. James Ronald Donahoo, II, of Pleasant Grove, Utah, received the sentence... Read More

There are indications from Washington that hedge funds, long exempt from anti-money laundering reporting rules, may soon be brought into the fold under new rules proposed by the Treasury Department's Financial Crimes Enforcement Network (FinCEN... Read More

A New York man accused of playing a role in the $425 million Ponzi scheme perpetrated by Nicholas Cosmo had his bail revoked by a New York federal judge who called "mind-boggling" his efforts to hide over $1.7 million in illicit scheme proceeds... Read More

WASHINGTON, D.C. - (Mealey's) Standard Chartered Bank (SCB) has agreed to the forfeiture of $227 million to the U.S. Department of Justice and to pay a $100 million penalty to the Federal Reserve Board for violating the International Emergency... Read More

Currency Transaction Reports have been around since the Money Laundering Control Act of 1986, and along with its stricter Suspicious Activity Report progeny implemented in 96, have greatly contributed to a financial institution’s compliance workload... Read More

LONDON - (Mealey's) Financial giant HSBC has agreed to pay $1.9 billion to the U.S. Department of Justice and other federal agencies to settle claims that it instituted "inadequate compliance with anti-money laundering [AML] and sanctions... Read More

Trusts and Company Service Providers (TCSPs) can provide an important link between financial institutions and some of their customers. TCSPs have often been used, wittingly or unwittingly, in the conduct of money laundering activities. The majority of... Read More