AML

Banks and credit unions may be moving one step closer to federal legislation freeing them to serve legal pot businesses, but the path to enactment is still fraught with huge challenges.

Alongside identity-document scanning and other ID verification, the two companies are offering real-time checks of lists of suspicious persons. The goal: keep money launderers out of the banking system.

With heightened scrutiny from regulators and the public for wrongdoing, financial institutions need to put more focus on preventing mistakes in the first place.

Even as regulations are getting tougher, criminals are getting more sophisticated and creative, writes Ron Teicher, CEO of EverCompliant.

Municipal IDs help marginalized groups, such as undocumented immigrants, open checking accounts and become credit union members but concerns over regulatory compliance linger.

Regulators have taken a critical look at AML controls and handed out significant fines to financial institutions found to be lacking, according to Chad Hetherington, global vice president of professional services for NICE Actimize.

With heightened scrutiny from regulators and the public for wrongdoing, financial institutions need to put more focus on preventing mistakes in the first place.

The Financial Crimes Enforcement Network voluntarily works with tribal law enforcement on anti-money-laundering and counterterrorism initiatives, but is not currently required to do so by statute.

A Deutsche Bank and Commerzbank merger would face many hurdles; the mini-branch will have longer hours and cater to small companies.

The mobile revolution is turning Western Union into a very different company, one that must adjust to new ways to pay while pouring substantial resources into fending off the threat of e-commerce.