AML

The banking industry has influenced several key features in the final beneficial ownership rule, a top official at the Treasury Department's Financial Crimes Enforcement Network said this week, while defending the rule's effectiveness.

Biscayne Bank in Miami, a community bank that focuses on serving high-net-worth individuals from the Caribbean and Latin America, has been named as an intermediary in the Panama Papers leak.

A long-awaited final rule published this week that requires banks to keep better track of the owners of companies with accounts at their institutions is too little, too late in combating money laundering and terrorism financing, according to financial crime specialists.

Advocates for the marijuana industry fanned out across Capitol Hill on Thursday, urging lawmakers to make it easier for pot businesses to be bank customers.

It is imperative for regulators and lawmakers to approach the online small business loan market with care and an understanding of how these lenders expand access to credit.

Along with publishing the long-awaited beneficial ownership rule, the Treasury and Justice Departments urged Congress to pass legislation to put the U.S. on par with foreign partners in the fight to curb the flow of illicit funds.

Requirements that banks share anti-money-laundering information should extend to fraud and cyber risks, to connect the dots between bad actors and their transfer of money.

De-risking can be curbed with tools that help lower the cost of complying with anti-money-laundering rules but do not sacrifice the effectiveness of controls.

In a speech Sunday, Federal Reserve Bank of New York President William Dudley gave credence to concerns that post-crisis regulatory reforms may have dried up liquidity in the Treasury and corporate bond markets, but said more examination is needed to guide effective policy.

The prosecution of former House Speaker Dennis Hastert illustrates why it makes sense to require bankers to share suspicions with the authorities.