Organization Root Tag

Treasury Secretary Janet Yellen said Monday the agency's Financial Crimes Enforcement Network has received over 100,000 entries for its beneficial ownership information registry, and will set additional regulations to address money-laundering risks in real estate transactions early this year.

The company is poised to report quarterly earnings this week that are expected to reveal revenue growth at seven times the average pace of its peers.  

The majority of those affected are in support functions, reflecting the removal of management layers and improved technology and automation capabilities, the company says.

These executives have taken charge at firms like PayPal, Discover and Early Warning Servcies during a volatile time for the entire industry.

Alberto Musalem, a finance professor with experience in both the public and private sectors, will take over the reins at the regional reserve bank in April.

The North Carolina-based company said it expects to close about 4% of its branch network, or roughly 80 offices, by the end of the first quarter. The closures come amid Truist's $750 million cost-cutting initiative.

James Gorman, chair and CEO of Morgan Stanley, expressed optimism in an interview Wednesday that the proposed Basel III endgame capital proposal would "definitely change" before it is finalized.

In a crowded market for mobile payment apps, the search giant hopes to expand its support of driver's licenses, providing a key method of authentication for more financial services.

Germany, traditionally a cash-heavy economy, is seeing a rise in debit card use. Meanwhile, Indian regulators accuse several crypto exchanges of violating anti-money-laundering rules.

The Alabama-based bank, which reported $135 million in check fraud losses during a six-month period, says that it had changed the period of time it holds a deposit in an effort to become more customer-friendly. "We opened the door too wide, bad people came rushing in, and we didn't close the door timely enough," said CFO David Turner.

Bank investors hope they can party like it's 1995, when the U.S. economy stayed healthy even after aggressive Federal Reserve rate hikes. But a few analysts are a bit more cautious over whether banks' loan books will hold up as well this time.

The Treasury's Financial Crimes Enforcement Network launched its new database identifying U.S. business owners pursuant to the 2021 Corporate Transparency Act Monday, giving existing companies one year to file reports on their true owners and new companies 90 days after their creation to comply.

The bank's cross-border transaction service opens a new lane for customer acquisition in an increasingly competitive niche.

Projects are underway at a number of payment firms including PayPal, Circle and Ripple. Location and regulation will also play a big role in what the market looks like in the next year.

Making it easier for consumers to switch between competing banks will increase competition, resulting in major benefits for account holders.

Though new bank formation slowed somewhat in 2023, with only five de novos opening, the stage appears set for a more active year in 2024 with a number of groups working toward a charter.

2023 saw a recovery in ridership and signs of progress for contactless boarding. But there's still lots of work to do.

Executives at America's largest banks are making rosier predictions about the financial health of U.S. households than they were a year ago, when their forecasts proved to be overly pessimistic.

India softens stance on payment regs; a Dutch neobank turns to gen AI; and more.

After a year marred by the biggest US bank failures since the 2008 financial crisis, the nation's largest lender is on familiar footing — scooping up a rival, reeling in its clients and minting record profits along the way.