AML

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.

Criminals are inventing new ways to hide dirty money amid transactions for digital goods bought and sold on everything from Amazon to game-app sites. Banks need to wake up to the threat, says Ben Duranske, Facebook Payments' former compliance chief.

The white-shoe firm is relaxing its “stuffy” dress code for a more “flexible” one; the CFPB plans to toughen rules on energy-saving project lenders.

Criminals are inventing new ways to hide dirty money amid transactions for digital goods bought and sold on everything from Amazon to game-app sites. Banks need to wake up to the threat, says Ben Duranske, Facebook Payments' former compliance chief.

The decision shows how hard it is to prosecute an individual banker; reports say Nordea, the Nordic area’s largest bank, handled suspicious transactions.

Revolut has caught the attention of U.K. regulators over money laundering compliance, a predicament that sheds light on issues faced by the entire digital financial services industry.