AML

Succession plan could be formalized this week; bankers may be getting nervous about extending construction loans.

The Treasury secretary told lawmakers that the government needs “to strike the right balance” on Bank Secrecy Act requirements while determining the best way to collect details about account holders.

A money-laundering scandal at Denmark's largest bank has prompted increased regulatory scrutiny at larger banks, so criminals may try to filter dirty money at smaller institutions, a regulator warned.

The fundraising is a sign of the rise in the anti-money-laundering market, which is expected to reach $4.26 trillion worldwide in less than a decade.

Both South Korea and Japan, for example, are crypto-friendly countries, but they’re also cracking down on anonymous cryptos, citing money laundering risk, according to Bob Rutherford, CEO and founder of Hedge.

Theft and money laundering are both thriving in the crypto world, according to a report released Tuesday by CipherTrace.

The company continues to be restricted from pursuing acquisitions until the Federal Reserve lifts its enforcement order requiring it to strengthen anti-money-laundering controls.

The class-action suit filed on behalf of people who lost money in the scam accuses Bank of America of failing to spot suspicious activity, including deposits of hundreds of thousands of dollars into accounts with small or negative balances.

With more permanent fixes not yet gaining enough traction, recent attempts to clarify marijuana banking rules through appropriations are also falling flat.

The company said the aim of a redesign and additional automation is to make its compliance software easier for bankers to use.