A British bank has been fined by U.S. and U.K. authorities $1.1 billion for violating various U.S. sanctions against certain countries and inadequate financial crime controls.
Among the findings, authorities determined Standard Chartered provided services to customers with known Iranian connections between 2007 and 2011. It also had issues with its anti-money laundering controls.
NAFCU has various resources related to Bank Secrecy Act (BSA)/anti-money laundering (AML) requirements available online. In addition, the association’s BSA Seminar is happening Aug. 11-14 in Minneapolis, Minn., where credit union compliance professionals will learn from leading BSA experts and law enforcement officials (learn more here).
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