AML

The Financial Conduct Authority has fined a U.K. unit of HSBC Holdings 64 million pounds ($85 million) after finding “serious weaknesses” in the automated processes it used to monitor suspicious transactions, the latest example of the watchdog’s increasingly assertive stance against the firms it regulates.

The Financial Crimes Enforcement Network proposed standards to determine which companies must report their beneficial owners under a law enacted in January. Banks hope the new requirements will free them of the burden of collecting true-owner information about their customers.

The bank was fined $150 million for anti-money-laundering violations because it missed — or ignored — numerous red flags in its dealings with the convicted sex offender. Here's what it should have done differently.

Banks are traditionally the target of anti-money-laundering regulations and law enforcement’s efforts to crack down on illicit finance. As the cryptocurrency sector grows, policymakers may subject it to customer identification requirements and other measures, analysts say.

Tech companies that help banks detect money laundering have raised hundreds of millions of dollars in recent months because of advances in their products. Observers suggest the vendors will have to diversify their offerings to survive in a crowded field.

The cloud-based software vendor has completed a $10 million funding round through BlackFin Capital Partners and Picus Capital.

The Biden administration wants financial institutions to tell the government more about their customers to help the IRS thwart wealthy tax evaders. But critics say the plan could threaten account data security and the privacy of even low-income consumers.

Six Clovers, a digital payments company founded by two former PayPal developers, designed its Rapid platform to enable fast cross-border transactions using cryptocurrencies backed by government-issued money.

The data analytics provider has deployed cloud hosting to scour international payments for signs of fraud and money laundering.

Prosecutors say Natalie Mayflower Sours Edwards leaked over 50,000 documents, including 2,000 suspicious activity reports, related to payments involving former President Donald Trump's 2016 campaign chairman.