AML

Anti-money-laundering regulations are among the most costly, and few criminals get caught. Banks say there’s a better way.

Anti-money-laundering regulations are among the most costly, and few criminals get caught. Banks say there’s a better way.

Banks submit millions of Bank Secrecy Act filings each year, yet only a fraction are valuable to law enforcement.

New regs force financial institutions to go deeper to stop laundering, but the prize is easier overall enrollment, says NTT Data Services' Edmund Tribue.

Finance ministers call for tight regulation of cybercurrencies; Williams says the Fed must “act quickly to lower rates at the first sign of economic distress.”

The consumer bureau said banks are "uniquely positioned" to know if an elderly customer is being targeted by fraudsters.

Democrats called on the social media company to halt its Libra project, while Republicans said Congress should keep the door open to innovation.

A new project backed by the government of Luxembourg could ultimately be influential in the U.S., where banks have been slow to develop a shared platform for digital identities.

David Marcus, who oversees Facebook’s digital wallet, plans to tell Congress that the company will roll out Libra only after it has "received appropriate approvals.”

The Justice Department is investigating the bank for possible money laundering violations; the Fed chair says Facebook’s plan raises “serious concerns.”