Financial crimes

The ongoing turmoil in the Middle East has highlighted the complexities of successful anti-money-laundering compliance in a conflict zone. U.S. banks need to step up their game in order to stay safe.

CIBanco SA, Intercam Banco SA and brokerage Vector Casa de Bolsa SA are all "of primary money-laundering concern," FinCEN said. Treasury Secretary Scott Bessent said they are "vital cogs in the fentanyl supply chain."

Der Spiegel and other European publications say the company continued to serve porn sites and money launderers even after regulators cracked down on it.

The Federal Reserve Board banned a former relationship banker in Arkansas after he was caught stealing customer funds; Benchmark Federal Credit Union plans to merge with Franklin Mint Federal Credit Union to form a $2.1 billion-asset institution; Robin Vince, CEO of Bank of New York Mellon since 2022, has been elected chairman of the board; and more in this week's banking news roundup.

Shell companies, stablecoin and a Bahaman bank that took orders from a gang of fraudsters all took part in a scheme that bilked U.S. victims of millions.

Congressional Democrats offered a bill Friday requiring the Treasury Department to apply the anti-money-laundering requirements of the Corporate Transparency Act more fully and help educate small businesses on how to comply with reporting of beneficial ownership information.

Maryland passes legislation to oversee the earned wage access industry; Truist Financial adds ex-Morgan Stanley Finance Chief Jonathan Pruzan to its board; The Citizens Bank agrees to buy a First Capital Bank branch in North Carolina; and more in this week's banking news roundup.

Upgrading its anti-money-laundering controls is the Canadian bank's top priority following historic failures that led to a $3.1 billion penalty and a U.S. asset cap.

Bribed overseas contractors accessed internal systems, triggering a monthslong breach with costs reaching up to $400 million.