AML

WASHINGTON — The World Bank is wrapping up a global survey to examine if "de-risking" is leading banks to disassociate from remittance businesses in areas prone to money-laundering activities.

Federal prosecutors are cracking down on violations of the Bank Secrecy Act — often without first clarifying to virtual currency firms and other industries the sort of behavior will get them in trouble.

Trade finance has been quietly making a significant contribution to global growth. But regulations like Basel III could reduce its availability.

BancorpSouth in Tupelo, Miss., has again extended the deadline to complete its acquisitions of Central Community in Temple, Texas, and Ouachita Bancshares in Monroe, La.

Even if the U.S. government eases enforcement against banks processing wire transfers to developing countries, lawsuits brought by the plaintiffs' bar under the Anti-Terrorism Act may make banks continue to avoid providing remittance services to needy communities.

Witnesses testifying on Capitol Hill said legislation requiring incorporating companies to state true owner information would combat launderers.

Bank of the Orient in San Francisco has received a federal cease-and-desist order because of shortcomings in its compliance with anti-money-laundering rules.

While regulators worldwide have urged banks not to "derisk" by cutting off entire industries or geographies, it is rare for policymakers to specifically cite this controversial sector as wrongly underserved.

The Treasury Department gave financial institutions a rare pat on the back in a recent analysis of anti-money-laundering safeguards, saying the system has significantly improved.

Bank of Mingo in Williamson, W.Va., will pay a total of $4.5 million in fines and legal settlements after it was investigated for violating anti-money-laundering laws.