AML

Unlike a visiting sports team, foreign banks can't just blame local referees they perceive as biased for penalties or fines.

By replacing human judgment with other identity technologies, higher levels of verification accuracy can be achieved in a fraction of the time, writes Romana Sachová, co-chair of the Security and Biometrics Workgroup at Mobey Forum.

Credit bureau says records of 143 million consumers were compromised; state agency penalizes Habib Bank for enabling terror financing.

New York’s banking regulator ordered Habib Bank Ltd. to pay $225 million and surrender its license to operate in the state, effectively removing Pakistan’s largest lender from the U.S. financial system.

Nothing like revelations of a client’s Ponzi scheme that lead to your bank paying $4 million in anti-money-laundering fines. That’s what happened at Gibraltar Private Bank & Trust, but its CEO argues its compliance overhaul has given the bank a competitive advantage in cosmopolitan New York and South Florida.

The 3-year-old order was related to Discover Bank’s programs for combating money laundering. A related agreement with the Federal Reserve Bank of Chicago remains in effect.

A data-driven approach to money laundering prevention can help increase profits and improve regulatory compliance, writes Edmund Tribue, risk and regulatory practice leader at NTT Data Services.

CFPB and OCC are looking at auto lenders’ policies regarding so-called GAP insurance; banks want greater collateral from retailers.

Payment processors and banks are being called on to cut off funds to white supremacist groups, but there are practical and legal limits to what firms can do.

Basel Institute says enforcement is the problem; wealth adviser says bank steered clients away from her to white colleagues and blocked her promotion.

The Commonwealth Bank of Australia money-laundering scandal has damaged the public's perception of the whole banking sector, according to the head of the industry's lobby group.

Democrats sent a letter to House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Tex., asking that he investigate potential financial ties between President Trump and Russia.

Stephen Sanger is expected to leave as nonexecutive chairman; Barry Rodrigues, a former Citigroup and American Express executive, will join the British bank in November.

Special counsel Robert Mueller is said to be drawing on ongoing investigations, including one by federal prosecutors into whether former Trump campaign manager Paul Manafort laundered money from eastern Europe into New York properties.

Readers react to USAA teaming up with Amazon’s Alexa, how a new Wells Fargo’s scandal could affect arbitration rules, a digital identity startup’s ambitions, and more.

The bank agreed to pay $4.6 million to settle charges it didn't tell consumers why their checking account applications were rejected; Winklevoss brothers to supply bitcoin data to Chicago exchange.

The Buffalo, N.Y., bank has been freed from an enforcement order that required an upgrade of its anti-money-laundering compliance systems. The Fed had ordered the upgrade as a condition for approval of its acquisition of Hudson City Bancorp.

The New Jersey company reported lower quarterly profit that included professional fees tied to addressing an informal order from regulators.

GlobalID stands out from scores of similar companies and projects by attempting to wed self-sovereignty with regulatory compliance. If its technology works, it could alleviate a major cost for banks.

The fine for BTC-e was the Treasury’s first action against a money-services business located in a foreign country, and the second against a virtual currency exchange.