AML

SmartChoice Credit Union, which holds less than $1 million in assets, has been penalized for failing to properly complete FinCEN searches.

The payments company’s departure from the association leading Facebook’s Libra cryptocurrency plan is the clearest sign that skeptical policymakers are the plan's biggest obstacle.

As Banking Committee Chairman Mike Crapo works on legislation enabling banks to serve cannabis businesses, one area of focus is combating risks tied to “legacy cash” that has accumulated in the marijuana industry.

Officials said Thursday that they will not take regulatory action against state-chartered banks and credit unions solely for serving licensed cannabis businesses.

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.

New unit will work with foreign governments; standards too soft on those without conventional paychecks.

With lawmakers unlikely to act in the near future to ease financial institutions' regulatory burden, new technologies could be the solution to credit unions’ AML woes.

When lawmakers return from their August recess, a host of unresolved financial policy issues — from marijuana banking to anti-money-laundering rule — will greet them.

Financial crime screening solutions that are fueled by high quality sanctions and screening data will be a crucial component to achieving success in this complex compliance environment, writes Accuity's Nirhjar Daripa.

Treliant and Federal Financial Analytics have established a one-stop shop to guide financial institutions through uncertain business and policy times.

Agencies like Fincen and Finra that use machine learning must pay close attention to potential bias in supervisory algorithms, especially with data on women and minorities.