Kunal Mehta, also known by the alias "Shrek," used shell companies and bulk cash drops to clean millions for a cybercrime ring that stole $263 million.
The latest generation of anti-money-laundering software uses agentic AI to help alleviate AML alert fatigue. Experts say this use of the technology is promising, though they offer some caveats.
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Longtime payments chief Takis Georgakopoulos is leaving the bank. New co-heads Umar Farooq and Max Neurkirchen are inheriting a powerhouse, but they face lots of challenges.
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An iOS 18 update will enable a Tap to Pay-like system for peer-to-peer payments. Meanwhile, will BNPL rules be different in Australia than in the U.S.?
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Illinois' recent move to prohibit the inclusion of taxes and tips in credit card interchange fees suggests that electronic transactions are too expensive and also that there are too many entities working unilaterally to reduce those costs.
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BancPlus in Ridgeland, Miss., has hired two Morgan Stanley financial advisers to lead its new wealth-management unit.
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itBit, the startup Bitcoin exchange whose backers include former FDIC chairman Sheila Bair, has become the first digital currency firm to receive a trust charter under New York banking law.
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The German bank's massive strategic overhaul will include cutting key businesses and leaving 10 countries, but it plans to invest in the U.S. despite all the regulatory troubles it has had here.
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Recent Fannie Mae and Freddie Mac activities are “not the kind of day-to-day behavior that you would expect from companies” under federal control, the head of the Federal Housing Finance Agency said.
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Shares in the lender fell after it reported lower third-quarter profits, said nonperforming assets rose and cautioned that it had lost multifamily loan deals to competitors offering easier terms.
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Credit unions in the Garden State are frequently at the bottom of national rankings for key financial metrics. Further consolidation is likely needed to help bolster these results.
During the ascension of marketplace lending, banks responded to the competitive threat in several different ways. Now some banks are better positioned than others to take advantage of the online sector's recent woes.
After the bank's 2014 spinoff from Royal Bank of Scotland, its executives worked to shore up weaknesses. Now they're concentrating on how to close the gap with regional banking peers.
In a settlement with bank trade groups that sued the Consumer Financial Protection Bureau, the Trump administration has agreed to drop the credit card late fee rule with prejudice.
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The Chinese government has forced banks to deny Chinese emigrants access to their retirement savings. What Beijing will demand next is anybody's guess.
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Already well-established in other countries, a conduct risk authority would monitor banks for the kind of risky behavior that the current examination regime might miss.
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While the central bank's reverse-repurchase facility generally works to stabilize the financial system, under certain circumstances it would spark a rapid flow of deposits out of banks. A growth cap would prevent that problem.
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The Department of Government Ethics on Saturday released financial disclosures for former Federal Reserve Gov. Adriana Kugler, showing she had executed several individual stock trades in 2024, including during Fed blackout periods, an apparent violation of Fed ethics rules. The Federal Reserve Inspector General has launched an investigation.
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BNY estimates the market for stablecoins, tokenized deposits and other assets will reach a combined value of $3.6 trillion in four years, while Standard Chartered says the entire banking industry will soon be "tokenized." The trend is creating pressure to update strategies and technology.
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The payments fintech recently introduced AI agents to its lineup of products banks and credit unions can pick from and add to their existing technology stacks.
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Haiqu's new encoding technique allows quantum computers to process high-dimensional financial data, showing improved performance in spotting anomalies.
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The Virginia-based bank had been an example of what can go wrong when banks partner with fintechs. After being released from an OCC enforcement action, Blue Ridge is now focused on operating as a traditional community bank, said CEO Billy Beale.
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The payments company is expanding the transfer app in an effort to entice more consumers to use the service as their primary banking relationship
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Industry groups and consumer advocates are continuing to push for regulators to interpret the GENIUS Act's prohibition on stablecoin interest as broadly as possible, while crypto firms push for a narrower interpretation, arguing that increased competition would benefit consumers.
Federal Reserve Governor Stephen Miran said emerging stresses in housing and private credit markets warrant a reduction to short-term interest rates. While preferring a 50 basis point cut in December, Miran said he would settle for a 25 basis point reduction.
The 23rd annual ranking of women leaders in the banking industry.
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