Three articles on the huge money laundering penalties –

13 Dec 2012

As yesterday’s Reuters article shows, HSBC got hit with a 1.92 billion dollar fine for money laundering shortcomings. http://www.reuters.com/article/2012/12/11/us-hsbc-probe-idUSBRE8BA05M20121211?utm_source=Email+Created+2012%2F12%2F11%2C+4%3A42+PM&utm_campaign=nyc121212&utm_medium=email

This makes Monday’s settlement of $340 million for money laundering problems between Standard Charter bank and the US Justice Department seem like a bargain. http://www.cbsnews.com/8301-505123_162-57558238/u.s-settles-lawsuit-alleging-u.k-bank-money-laundering/?utm_source=Email+Created+2012%2F12%2F11%2C+4%3A42+PM&utm_campaign=nyc121212&utm_medium=email

At least these two banks managed to avoid criminal prosecution and save their US banking charter. First Bank of Delaware wasn’t that lucky back in November. http://blogs.wsj.com/corruption-currents/2012/11/19/first-bank-of-delaware-loses-charter-over-aml-problems/?utm_source=Email+Created+2012%2F12%2F11%2C+4%3A42+PM&utm_campaign=nyc121212&utm_medium=email

In the last 6 months there has been a slew of AML enforcement actions that should have senior bank officials, board of director members and shareholders scared.

Are you prepared for the AML challenges 2013 will bring?