AML

The scheme is used by borrowers who don't have enough income to qualify for a regular mortgage, so they apply for a higher-rate non-owner-occupied loan.

After the departure of Financial Crimes Enforcement Network's director last month, the future of the Treasury Department unit remains the subject of fierce speculation within the financial services industry.

WASHINGTON — Marijuana businesses and banks looking to open their doors to the potentially lucrative clients suffered a blow Wednesday after House Republicans blocked an amendment that would have prevented federal regulators from pursuing enforcement actions against banks dealing with the businesses in states with legalized pot.

WASHINGTON — Banks in states with legal marijuana businesses may warm up to them as customers if an amendment to a Senate appropriations bill becomes law.

The Federal Reserve Board is getting an earful from critics within and without the financial industry over its proposal to limit banks' credit exposures to a single entity.

The Financial Crimes Enforcement Network violated the U.S. Constitution by singling out a Tanzanian bank as a money-laundering concern without due process, the bank claimed late last week.

The compliance technology company Trace International has launched what it bills as the first global, commercial beneficial ownership registry.

In her final congressional appearance before she leaves her job at the end of this week, Fincen Director Jennifer Shasky Calvery also advocated for passage of new anti-money-laundering laws being pushed by the Obama administration.

The banking industry has influenced several key features in the final beneficial ownership rule, a top official at the Treasury Department's Financial Crimes Enforcement Network said this week, while defending the rule's effectiveness.

Biscayne Bank in Miami, a community bank that focuses on serving high-net-worth individuals from the Caribbean and Latin America, has been named as an intermediary in the Panama Papers leak.