Money laundering is the process of illegally concealing the origin of money obtained from illicit activities such as drug trafficking,underground sex work,terrorism,corruption,embezzlement,and gambling,and converting the funds into a seemingly legitimate source,usually through a front organization.
In the United States,banking had begun by the 1780s,along with the country's founding. It has developed into a highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street,it is centered on various financial services,such as private banking,asset management,and deposit security.
Citigroup Inc. or Citi is an American multinational investment bank and financial services company in New York City. The company was formed by the merger of Citicorp,the bank holding company for Citibank,and Travelers in 1998;Travelers was spun off from the company in 2002.
HSBC Holdings plc is a British universal bank and financial services group headquartered in London,England,with historical and business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets,ahead of BNP Paribas,with US$2.919 trillion as of December 2023.
Standard Chartered PLC is a British multinational bank with operations in consumer,corporate and investment banking,and treasury services. Despite being headquartered in the United Kingdom,it does not conduct retail banking in the UK,and around 90% of its profits come from Asia,Africa,and the Middle East.
Deutsche Bank AG is a German multinational investment bank and financial services company headquartered in Frankfurt,Germany,and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange.
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter,regulate,and supervise all national banks and federal thrift institutions and the federally licensed branches and agencies of foreign banks in the United States. The acting Comptroller of the Currency is Michael J. Hsu,who took office on May 10,2021.
The Office of the Superintendent of Financial Institutions is an independent agency of the Government of Canada reporting to the Minister of Finance created "to contribute to public confidence in the Canadian financial system". It is the sole regulator of banks,and the primary regulator of insurance companies,trust companies,loan companies and pension plans in Canada.
QBE Insurance Group Limited is an Australian multinational general insurance and reinsurance company headquartered in Sydney,Australia. QBE offers commercial,personal and specialty products and risk management products. The company employs around 13,500 people in 27 countries.
Stuart A. Levey was the first Under Secretary for Terrorism and Financial Intelligence within the United States Department of the Treasury. He was sworn in on July 21,2004 as a political appointee of President George W. Bush. President Barack Obama asked Levey to remain in his position and Levey was one of only a small number of Senate-confirmed Bush appointees who served in the Obama Administration. After leaving the government,Levey joined the private sector as chief legal officer of HSBC,CEO of Diem Association and chief legal officer of Oracle.
The New York State Insurance Department (NYSID) was the state agency responsible for supervising and regulating all insurance business in New York State. It was regarded in the industry as one of the most state-of-the-art insurance regulatory agencies.
Wells Fargo &Company is an American multinational financial services company with a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide. It is a systemically important financial institution according to the Financial Stability Board,and is considered one of the "Big Four Banks" in the United States,alongside JPMorgan Chase,Bank of America,and Citigroup.
The Mega International Commercial Bank is the second largest bank in Taiwan by tier 1 capital and a subsidiary of Mega Financial Holding Company. It has 108 branches in Taiwan and 39 overseas units. The bank is the sole domestic US dollar/Euro settlement bank designated by the Bankers Association.
Bank regulation in the United States is highly fragmented compared with other G10 countries,where most countries have only one bank regulator. In the U.S.,banking is regulated at both the federal and state level. Depending on the type of charter a banking organization has and on its organizational structure,it may be subject to numerous federal and state banking regulations. Apart from the bank regulatory agencies the U.S. maintains separate securities,commodities,and insurance regulatory agencies at the federal and state level,unlike Japan and the United Kingdom. Bank examiners are generally employed to supervise banks and to ensure compliance with regulations.
The New York State Banking Department was created by the New York Legislature on April 15,1851,with a chief officer to be known as the Superintendent. The New York State Banking Department was the oldest bank regulatory agency in the United States.
Promontory Financial Group,a wholly owned subsidiary of IBM,is a global consulting firm that advises clients on a variety of financial services matters,including regulatory issues,compliance,risk management,liquidity,restructuring,acquisitions,due diligence,internal investigations and cyber security.
The New York State Department of Financial Services is the department of the New York state government responsible for regulating financial services and products,including those subject to the New York insurance,banking and financial services laws.
A BitLicense is the common term used for a business license for virtual currency activities,issued by the New York State Department of Financial Services (NYSDFS) under regulations designed for companies. The regulations are limited to activities involving the state of New York or a New York resident. People residing in,located in,having a place of business in,or conducting business in the State of New York count as New York Residents under these regulations. The license was introduced and designed by Benjamin Lawsky,New York's first Superintendent of Financial Services,in July 2014. Chartered entities do not require an explicit BitLicense,but may instead proceed with virtual currency activities via limited purpose trust charters approved by the NYDFS.
Gemini Trust Company,LLC (Gemini) is an American cryptocurrency exchange and custodian bank. It was founded in 2014 by Cameron and Tyler Winklevoss.
The FinCEN Files are documents from the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN),that have been leaked to BuzzFeed News and the International Consortium of Investigative Journalists (ICIJ),and published globally on 20 September 2020. The 2,657 leaked documents include 2,121 suspicious activity reports (SARs) covering over 200,000 suspicious financial transactions between 1999 and 2017 valued at over US$2 trillion by multiple global financial institutions.
