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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A $30 billion settlement between Visa Inc., Mastercard Inc. and retailers to cap credit-card swipe fees is likely to be rejected by a federal judge in Brooklyn, a setback in the two decade-long litigation.
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PNC has cut its credit card late fees to $8, and Wells Fargo has eliminated the charges on one new card. The moves signal that issuers are already adjusting to a CFPB rule that's currently on hold amid a court challenge.
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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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City National in Los Angeles, which is being acquired by Royal Bank of Canada, has hired three wealth advisers for its New York office.
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Stifel Financial, the Missouri-based investment bank known for snapping up regional rivals and Wall Street castoffs, agreed to buy Barclays Plc's U.S. wealth- management business.
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First Citizens BancShares in Raleigh, N.C., has hired Brent Ciliano to be its chief investment officer.
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CIT Group has agreed to lend and invest the money mostly in California as well as in the eight states where Mutual of Omaha Bank has branches.
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A group of 64 House lawmakers is pushing congressional leadership to incorporate premium caps and address a new methodology for assessing risk in flood insurance reform legislation.
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The Dallas company said it should be able to avoid restating past financial results. It also reported higher quarterly earnings helped by increased mortgage activity.
CIT Group has embraced a system that mimics a single source of data to help it comply with increased regulatory scrutiny. It could also help the company become more efficient.
Dealmakers say the Federal Reserve's decision to reduce interest rates this month will lower borrowing costs and support banks' credit quality, making it easier for buyers to assess sellers' balance sheets and agree on sale terms.
Federal Reserve Board member Christopher Waller said he would not be deterred from classifying inflation as "transitory" despite the board's recent experience underestimating inflationary pressures.
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The debt ceiling is a law that can only end in disaster. Congress should replace it with a constitutional amendment that requires federal budgets to be balanced and passed on time.
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A better understanding of the likelihood of deposit flight would help banks avoid the kind of run that led to the failure of Silicon Valley Bank.
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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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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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