AML

The Justice Department is investigating whether Citigroup let customers move illicit cash through its Mexico unit, setting the bank's biggest international operation in the path of an expanding money-laundering probe.

Connecting disparate payment platforms is the Holy Grail of cryptocurrencies. The path to building such a system is not always clear, but must start at the core of the protocol.

Discover Financial Services in Riverwoods, Ill., continued its run of quarterly profit declines in the second quarter, due primarily to higher costs for compliance, marketing and customer rewards.

Buyout heavyweight Accel-KKR just bought a stake in Banker's Toolbox, a software company that helps community banks flag fraud. The PE firm says it was on the hunt for investments in the compliance space given the regulatory climate.

WASHINGTON — The Federal Deposit Insurance Corp. issued a $140 million enforcement action against Banamex USA, a Citigroup subsidiary, on Wednesday for having Bank Secrecy Act and anti-money laundering deficiencies.

Two Florida men with connections to a $200,000-asset New Jersey credit union are being investigated by the FBI for running an unlicensed Bitcoin exchange for the purposes of money laundering.

The Federal Reserve Board issued an enforcement action against one of the biggest banks in China on Tuesday, ordering its New York branch to undergo broad restructuring of its anti-money-laundering compliance program.

A recap of the informed opinions (and the discussions they generated) on BankThink this week, including ways to make megabanks pay for their “too big to fail” subsidy and how banks can help put an end to human trafficking.

Financial monitoring is one of the most effective ways to identify human traffickers. That's why it's crucial that banks work closely with law enforcement officials to put a stop to this criminal activity.

WASHINGTON — The World Bank is wrapping up a global survey to examine if "de-risking" is leading banks to disassociate from remittance businesses in areas prone to money-laundering activities.

Federal prosecutors are cracking down on violations of the Bank Secrecy Act — often without first clarifying to virtual currency firms and other industries the sort of behavior will get them in trouble.

Trade finance has been quietly making a significant contribution to global growth. But regulations like Basel III could reduce its availability.

BancorpSouth in Tupelo, Miss., has again extended the deadline to complete its acquisitions of Central Community in Temple, Texas, and Ouachita Bancshares in Monroe, La.

Even if the U.S. government eases enforcement against banks processing wire transfers to developing countries, lawsuits brought by the plaintiffs' bar under the Anti-Terrorism Act may make banks continue to avoid providing remittance services to needy communities.

Witnesses testifying on Capitol Hill said legislation requiring incorporating companies to state true owner information would combat launderers.

Bank of the Orient in San Francisco has received a federal cease-and-desist order because of shortcomings in its compliance with anti-money-laundering rules.

While regulators worldwide have urged banks not to "derisk" by cutting off entire industries or geographies, it is rare for policymakers to specifically cite this controversial sector as wrongly underserved.

The Treasury Department gave financial institutions a rare pat on the back in a recent analysis of anti-money-laundering safeguards, saying the system has significantly improved.

Bank of Mingo in Williamson, W.Va., will pay a total of $4.5 million in fines and legal settlements after it was investigated for violating anti-money-laundering laws.

The digital currency world is readying itself for more regulatory penalties over the failure to meet Bank Secrecy Act and anti-money-laundering requirements following federal agencies' action against Ripple Labs last month.