FinCEN Just Ended CTA Beneficial Ownership Reporting. Your AML Program's Due Diligence Obligation Did Not End With It. | Truth Technologies On August 11, 2026, FinCEN issued a final rule permanently removing the requirement for US companies and US persons to report beneficial ownership information under the Corporate Transparency Act.…
Wise Applied for a US Trust Bank Charter. The OCC Said No. The Reason Was AML. | Truth Technologies On July 21, 2026, the OCC denied Wise's application to establish a US national trust bank. The regulator cited significant AML/CFT compliance failures and the proposed leadership team's lack of experience…
UBS Financial Services Just Received the Largest BSA Fine Ever Imposed on a Broker-Dealer. FinCEN Had Already Fined It Once. | Truth Technologies On August 3, 2026, FinCEN assessed a $125 million civil money penalty against UBS Financial Services Inc. for willful violations of the Bank Secrecy Act. It is…
A TD Bank Employee Helped Move $474 Million for a Criminal Network. His Bribe Was $11,000 in Gift Cards. | Truth Technologies On 16 July 2026, a former TD Bank assistant branch manager was sentenced to 46 months in federal prison for helping a criminal network move $474 million through…
The FBI Is Investigating $300 Million in Soccer Money That Moved Through Miami. The Pattern Behind It Is a Compliance Textbook. | Truth Technologies While Argentina's national soccer team has been competing in the 2026 FIFA World Cup, the FBI has reportedly been investigating the Argentine Football Association for possible…
Merrill Lynch Was Fined $7.5 Million for SAR Failures. Its Monitoring System Was Working. The Threshold Was Wrong. | Truth Technologies On 29 June 2026, the SEC fined Merrill Lynch, Pierce, Fenner and Smith Incorporated $7.5 million for failing to file Suspicious Activity Reports across a four-year period. The transaction…
Wise Is Being Investigated in Belgium for €500 Million in Suspicious Transactions. It Is the Third Jurisdiction to Fault Its AML Controls. | Truth Technologies Wise processes 4.7 million transactions a day across more than 160 countries. Its AML controls for fintech payment platforms have now been questioned in three…
Nordea Set Aside €95 Million for Its AML Case. Danish Prosecutors Are Asking for €880 Million. | Truth Technologies Nordea set aside €95 million to cover its AML exposure. Danish prosecutors are asking the Copenhagen City Court for €880 million. That gap, nearly tenfold, tells you everything you need to…
New Zealand's Co-operative Bank Is Facing a $1.4 Million AML Penalty. Its Transaction Monitoring Had Not Been Working Correctly Since 2020. | Truth Technologies The transaction monitoring rules were not operating correctly. The assurance testing was inadequate. The record-keeping did not meet legal requirements. And none of it had been…
FinCEN Fined a Florida Credit Union $300,000 for BSA Failures. It Was Processing $2 Billion a Year for High-Risk MSBs. | Truth Technologies A credit union with $4 million in assets and five employees was processing $2 billion a year in transactions for 56 money services businesses across Central America,…