FinCEN

Efforts by financial institutions to track "beneficial ownership" data in advance of a regulatory deadline next month is complicated by the challenge of getting customers to cough up the information.

Attorney General Jeff Sessions made headlines in January when he tightened federal marijuana enforcement. But the good news for financial institutions looking to service the pot industry is that the rest of the government has responded with a shrug.

Foreign operatives' alleged use of fraudulent financial accounts to try to influence the U.S. political system shows again how difficult it is for banks to truly know their customers.

The bank’s unsullied image took a hit when it admitted to misleading regulators regarding its efforts to combat money laundering.

Attorney General Jeff Sessions did not keep the rest of Washington apprised of his plan to rescind an Obama-era memo on pot. Now Fincen and other federal banking agencies are dealing with the backlash from that decision.

The Office of the Comptroller of the Currency’s semiannual report on industry risk said tougher competition between banks, leading to looser underwriting, could arise from the economic expansion.

As senators weigh anti-money-laundering reforms, they reiterated their desire to include cryptocurrencies as part of legislative discussions.

The Maryland credit union will offer business services to the medical cannabis industry.

Treasury Secretary Steven Mnuchin on Friday warned traders and firms offering services related to cryptocurrencies like bitcoin that anti-money-laundering and know-your-customer rules apply to them — and regulators are watching closely.

Sen. Mark Warner, D-Va., said Tuesday that policymakers need to take a hard look at cryptocurrencies. Senate Banking Chairman Mike Crapo agreed the issue was ripe for a hearing.

The Dodd-Frank Act gets more attention when it comes to regulatory burden, but the Bank Secrecy Act and other anti-laundering statutes arguably present even more of a compliance challenge for bankers.

A U.S. alcohol maker's $191 million investment in Canadian cannabis could raise difficult questions for the banks that have lent big sums of money to the company.

Until FinCEN decides to explicitly regulate transaction laundering, we will not see an organized effort at the state level, writes Ron Teicher, CEO of EverCompliant.

A U.S. alcohol maker's $191 million investment in Canadian cannabis could raise difficult questions for the banks that have lent big sums of money to the company.

The Treasury Department on Wednesday named Kenneth A. Blanco, a longtime criminal prosecutor with the Justice Department, the director of the Financial Crimes Enforcement Network.

First Green Bank in Florida started researching the business after its chairman saw how medical marijuana had helped his wife cope with a severe injury. The bank is now turning a profit a year after adding its first pot-related client -- and there could be lessons there for credit unions.

The Florida bank started researching the business after Ken LaRoe, its chairman, saw how medical marijuana had helped his wife cope with a severe injury. First Green is now turning a profit on this business a year after adding its first pot-related client.

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 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.

The nation’s largest state set out to bring a once-illicit industry into the financial mainstream but is now running into a Washington, D.C.-size barrier.