AML

Democrats’ investigation of President Trump has darkened the horizon for legislative activity in Washington, but prospects for a pair of bipartisan measures backed by the industry are surprisingly bright.

Facebook calls an emergency meeting about its planned payments network; Well Fargo report says 200,000 jobs will be lost to robots and technology.

Though a draft has been circulating since this summer, eight senators on Thursday officially released a bill to require companies to disclose their true owners at incorporation.

Wells Fargo still having trouble finding permanent CEO; Some lenders are using the deals to keep their best customers.

Kenneth Blanco expressed concern in a speech about cyber criminals using "synthetic identities" to commit fraud with data stolen from fintech platforms.

Vikram Pandit says digital push could force “creation of 21st century regulation”; Fed will conduct $75 billion overnight repurchase agreement operation.

Fifth Third Bancorp becomes the largest bank to switch from state to OCC regulation; former Deutsche CEO named chairman of Man Group.

As anti-money laundering requirements tighten in many jurisdictions, financial institutions and fraud prevention platforms are ditching legacy AML solutions for newer technology — but alternatives aren’t easy to come by yet.

Swiss financial regulator Finma said Libra would need a payment system license and would be subject to additional rules to take “bank-like” risks into account. The “highest international anti-money laundering standards” would also need to be applied, it said in a statement on Wednesday.

The company sees increasing consumer demand for cryptocurrency, especially in Asia, and gradual acceptance among financial institutions.