AML

The company said the aim of a redesign and additional automation is to make its compliance software easier for bankers to use.

The House Financial Services Committee was scheduled to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information.

From a major CFPB deadline to a long-anticipated fintech report, there's a lot to watch for in the days to come.

From a major CFPB deadline to a long-anticipated fintech report, there's a lot to watch for in the days to come.

The legislation unveiled this week left out a requirement — included in an earlier version — for new companies to report their true owners.

In his inaugural hearing as comptroller of the currency, Joseph Otting defended his decision not to publicly rebuke banks for Wells Fargo-like problems.

The House Financial Services Committee is preparing to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information.

Republican congressmen Blaine Luetkemeyer and Steve Pearce say their new legislation would update anti-money-laundering and counterterrorism requirements for small financial institutions.

Legislation with bipartisan support would raise the threshold for reporting suspicious activity, a goal banks have long sought.

Financial institutions can improve monitoring of suspicious activity and potentially risky customers using algorithms, but they need to treat this new technology with caution.