On the Heels of Bitcoin Arrests, U.S. Attorney Preet Bharara Urges Financial Institutions not to Become Conduits of Fraud
Targeted News Service |
Perhaps the most significant statement made at the recent
In discussing that morning's developments, keynote speaker
After shutting down
"Shrem was also charged with the willful failure to file suspicious activity reports as required by the BSA. We believe this is the first criminal case involving BSA-violations by Bitcoin exchangers," Bharara said during his keynote.
Bharara stressed the consequence of noncompliance with AML policy by saying, "when antimoney laundering controls fail, it is easier for Ponzi schemes to thrive, for terrorists to plot, for drug kingpins to profit, for rogue nations to evade sanctions, for tax cheats to avoid prosecution." He also cited the "importance of holding institutions, in addition to individuals, accountable for criminal misconduct."
Regarding his office's handling of the recent JPMorgan Chase-Bernard Madoff case, Bharara stated, "just three weeks ago, my office brought criminal charges against
The
When tackling the future of the AML sector, Bharara was very clear: "as financial institutions and the financial markets become more complex and more varied, so do the ways in which proceeds of criminal conduct can be and are being laundered. And the laws and the enforcements must reflect that."
The Superintendent of the
In summarizing the recent conference,
Bharara ended his keynote address also highlighting the importance of conferences like the ACAMS event, saying "Gatherings like this one, with people like you who have dedicated your professional lives so making sure that our companies and financial institutions comply with their legal obligations and do not become conduits for fraud, give me great hope and optimism that we will find a way and people will find the will," Bharara said. He later added, "It gives me confidence that together we can usher in a new age of institutional accountability and responsibility. And that together, we can ensure that our companies set a global standard for operating ethically and with integrity."
As the Bitcoin case unfolds over the next several weeks,
[Category: Banking]
CC AutoTriage8sgm-140219-30VitinMar-4640915
Copyright: | (c) 2014 Targeted News Service |
Wordcount: | 917 |
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News