AML

One of the top anti-money-laundering regulators warned credit unions Tuesday that many do not appear to be properly following reporting requirements.

The digital currency industry reacted warily to a model framework for regulating such firms released Tuesday by the Conference of State Bank Supervisors, arguing the language is too vague and treats digital assets like normal money.

K2 Intelligence, an adviser on compliance and cybersecurity, has hired a former FBI cryptocurrency expert and a former regulator who worked on New York's digital currency regulations.

A foreign bank that sued the U.S. Treasury's Financial Crimes Enforcement Network won a preliminary injunction suspending an action that would have cut off the bank's access to dollar funding.

The contradictory nature of data privacy and anti-money-laundering rules in the U.S. and E.U. pose a big challenge for multinational banks. But the financial sector can help fix the problem by establishing industry standards that balance national security with individual rights.

The largest bank in Tanzania has sued the U.S. Treasury Department to halt a rule that designates the bank as a "primary money laundering concern," which cuts off its access to dollar funding and may prove to be a death sentence for the institution.

Before it dissolves in late September, a bipartisan House task force should take a broader look at de-risking, changing technologies, cybersecurity and the private sector's role in deterring terrorism financing.