Federal strategy focuses on anti-corruption in financial services
The Biden administration plans to increase anti-corruption efforts in financial services with new anti-money laundering (AML) regulations in corporate banking and cryptocurrency.
The Biden administration plans to increase anti-corruption efforts in financial services with new anti-money laundering (AML) regulations in corporate banking and cryptocurrency.
The threat of government action against banks and cybercriminals is significant, Daniel Hazel, head of customer lifecycle management at intelligent automation fintech WorkFusion, tells Bank Automation News in this episode of “The Buzz” podcast.
The “United States Strategy on Countering Corruption,” released by the White House in December, outlined newly expanded tools for prosecuting money laundering offenses. The Department of Justice can now subpoena select overseas financial records and will also utilize the newly created National Cryptocurrency Enforcement Team to investigate misuse of digital exchanges and assets.
“The ability to subpoena banks who have a correspondent banking relationship in the U.S., and to have that threat hanging over their banking institution, is important,” Hazel tells BAN. “No matter what you say and no matter what any bank would say, the threat of a subpoena by a U.S. court is immense.”
Listen as Hazel discusses the impact of the announcement in this episode of “The Buzz” podcast.
The threat of government action against banks and cybercriminals is significant, Daniel Hazel, head of customer lifecycle management at intelligent automation fintech WorkFusion, tells Bank Automation News in this episode of “The Buzz” podcast.
The “United States Strategy on Countering Corruption,” released by the White House in December, outlined newly expanded tools for prosecuting money laundering offenses. The Department of Justice can now subpoena select overseas financial records and will also utilize the newly created National Cryptocurrency Enforcement Team to investigate misuse of digital exchanges and assets.
“The ability to subpoena banks who have a correspondent banking relationship in the U.S., and to have that threat hanging over their banking institution, is important,” Hazel tells BAN. “No matter what you say and no matter what any bank would say, the threat of a subpoena by a U.S. court is immense.”
Listen as Hazel discusses the impact of the announcement in this episode of “The Buzz” podcast.