AML

New York's new AML rules clarify how institutions should monitor transactions and screen sanctions lists issued by the US Office of Foreign Assets Control (OFAC). But critically, it goes a lot further, writes Sophie Lagouanelle, Head of Solutions at Accuity.

As silos complicate know your customer compliance and onboarding, low-code technology can provide a boost, according to Reetu Khosla, global head of life-cycle management and KYC for Pegasystems.

The regtech firm Arachnys, which recently raised $10 million from QED Investors and others, draws from a collection of 23,000 data sources to help banks protect themselves from money launderers and other criminals.

The company is offering short-term installment loans to its clients’ customers; even institutions not accused of wrongdoing may pay a price.

Profits at big banks should be solid if not spectacular; the Vermont senator proposes a hard cap on assets held by the biggest banks.

The agencies issued a joint statement on the types collaborative arrangements that a bank could employ to make BSA/AML compliance more efficient.

Sen. Warren proposes a bill that would extend the law to credit unions while stiffening penalties; the Spanish bank taps UBS’s Andrea Orcel.

The plan identified five risk areas — including cybersecurity — that will be on the agenda for agency examiners next year.

Large retailers want the right to reject rewards cards at the point of sale to avoid higher swipe fees; Germany's financial regulator appoints an auditor to monitor the Deutsche Bank's progress.

The Danish bank updates amount laundered; Goldman near deal for its Simon app.

The comments came on the same day that Denmark’s largest bank announced the resignation of CEO Thomas Borgen and said that as much as $234 billion flowed through its tiny Estonian unit between 2007 and 2015.

Marianne Lake could be JPM’s eventual choice to succeed Dimon; three agencies investigating money laundering allegations against Danske Bank.

The prospects are tough for Thomas Borgen of Danske Bank, whose Estonian unit has been described as a central pipeline for laundering as much as $9 billion between 2007 and 2015 in dirty money, mostly from Russia.

Goldman’s next CEO names a new president and replaces the CFO; insurance giant shares remain at a 25% discount to book value.

The agency said it would not apply the data collection requirement for existing accounts that automatically renew or roll over, such as certificates of deposit or commercial credit cards.

The financial press ponders how a replay of the 2008 crisis can be avoided; losing HNA's 7.6% stake may be a blessing in disguise, but DB's funding costs remain a worry.

Businesses without the substantial resources of a Danske Bank are sitting ducks for even more esoteric scams, like transaction laundering, writes Ron Teicher, CEO of EverCompliant.

Agency’s first supervisory report under Mulvaney finds little change; the nonbank lender surpasses Citigroup and Bank of America in home loans.

It is critical that banks blend data science and their industry knowledge to better identify and mitigate compliance risk, says a director at Promontory Financial Group.