AML

Model legislation in the works would give state legislatures a template for regulating virtual currency businesses. The Treasury is lobbying against clear exemptions for firms that don't control customer funds.

Treasury Secretary Jack Lew warned Wednesday that over using economic sanctions could saturate their potency, driving commerce away from the U.S. and threatening the U.S. dollar's status as the world’s reserve currency.

WASHINGTON — After being forced by a court to withdraw its enforcement action against Tanzanian bank FBME, the Treasury Department's Financial Crimes Enforcement Network has once again finalized a rule requiring U.S. institutions to cut off ties with the bank.

Banks have to know a lot about their customers, who generally trust them to keep personal information secure. Who better to serve as digital identity providers in a post-password world?

WASHINGTON – Four Democratic senators sent a letter on Thursday to federal financial regulators asking for clear guidance on how banks can serve the marijuana industry.

Experts see the British bank's decision to downsize its African stake as another example of money-laundering concerns and other risks prompting institutions to get out of emerging markets.

Comptroller of the Currency Thomas Curry's unexpected announcement this week that his agency may craft new guidelines to deal with de-risking is generating concerns from bankers instead of putting them at ease.

The Senate Banking Committee approved the nomination of a top Treasury official in charge of stopping terrorism financing and financial crime during an executive session on Thursday.

There is an urgent need for the Financial Crimes Enforcement Network to bring its process for issuing civil money penalties and cease-and-desist orders in line with the other bank regulators.

The Office of the Comptroller of the Currency is collecting data on the decision-making process of banks that detach themselves from certain business sectors or geographical regions to limit potential heightened scrutiny from regulators, a process often called "de-risking."