AML

One of the top anti-money-laundering regulators warned credit unions Tuesday that many do not appear to be properly following reporting requirements.

The digital currency industry reacted warily to a model framework for regulating such firms released Tuesday by the Conference of State Bank Supervisors, arguing the language is too vague and treats digital assets like normal money.

K2 Intelligence, an adviser on compliance and cybersecurity, has hired a former FBI cryptocurrency expert and a former regulator who worked on New York's digital currency regulations.

A foreign bank that sued the U.S. Treasury's Financial Crimes Enforcement Network won a preliminary injunction suspending an action that would have cut off the bank's access to dollar funding.

The contradictory nature of data privacy and anti-money-laundering rules in the U.S. and E.U. pose a big challenge for multinational banks. But the financial sector can help fix the problem by establishing industry standards that balance national security with individual rights.

The largest bank in Tanzania has sued the U.S. Treasury Department to halt a rule that designates the bank as a "primary money laundering concern," which cuts off its access to dollar funding and may prove to be a death sentence for the institution.

Before it dissolves in late September, a bipartisan House task force should take a broader look at de-risking, changing technologies, cybersecurity and the private sector's role in deterring terrorism financing.

In his first interview since taking over HSBC's U.S. bank late last year, CEO Patrick Burke contends that the U.S. bank could prove to be HSBC's hidden gem provided it focuses on multinational corporate clients and cooperates better with its global affiliates.

SunTrust Banks participated in a drug sting in South Florida in which law enforcement officers and a former bank branch manager may have behaved improperly, according to a story in the Miami Herald.

Promontory Financial vowed to take the New York Department of Financial Services to court after it effectively banned the consulting firm from working on regulatory issues for banks the department supervises.

The Justice Department is investigating whether Citigroup let customers move illicit cash through its Mexico unit, setting the bank's biggest international operation in the path of an expanding money-laundering probe.

Connecting disparate payment platforms is the Holy Grail of cryptocurrencies. The path to building such a system is not always clear, but must start at the core of the protocol.

Discover Financial Services in Riverwoods, Ill., continued its run of quarterly profit declines in the second quarter, due primarily to higher costs for compliance, marketing and customer rewards.

Buyout heavyweight Accel-KKR just bought a stake in Banker's Toolbox, a software company that helps community banks flag fraud. The PE firm says it was on the hunt for investments in the compliance space given the regulatory climate.

WASHINGTON — The Federal Deposit Insurance Corp. issued a $140 million enforcement action against Banamex USA, a Citigroup subsidiary, on Wednesday for having Bank Secrecy Act and anti-money laundering deficiencies.

Two Florida men with connections to a $200,000-asset New Jersey credit union are being investigated by the FBI for running an unlicensed Bitcoin exchange for the purposes of money laundering.

The Federal Reserve Board issued an enforcement action against one of the biggest banks in China on Tuesday, ordering its New York branch to undergo broad restructuring of its anti-money-laundering compliance program.

A recap of the informed opinions (and the discussions they generated) on BankThink this week, including ways to make megabanks pay for their “too big to fail” subsidy and how banks can help put an end to human trafficking.

Financial monitoring is one of the most effective ways to identify human traffickers. That's why it's crucial that banks work closely with law enforcement officials to put a stop to this criminal activity.

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.