Financial crimes

TD Bank has said it's completed "the majority" of the action items for its U.S. compliance remediation.

The collapse of the illicit escrow marketplace disrupts a major hub for "pig butchering" scams, though experts warn the ecosystem will likely fragment.

As artificial intelligence is integrated into more and more core banking operations, bank boards of directors need to make sure business continuity plans account for the possibility of AI system failures.

It is long past time to revisit the regulatory regime implementing the Bank Secrecy Act. In a good sign, key elements of the Trump administration seem to be in alignment on reform.

Know-your-customer rules are a longtime fixture of bank compliance regimes, but as autonomous AI "agents" increasingly access banking systems, new rules for verifying their status are desperately needed.

While overall payments declined, the financial sector remained the top payer to cybercriminals, surpassing both health care and manufacturing.

JPMorgan's Ben Carpenter will join Evercore as a senior managing director; Wells Fargo appoints Jackie Krese to head syndications within its fund finance group; the SEC is probing Jefferies over its relationship to bankrupt auto parts supplier First Brands Group; and more in this week's banking news roundup.

The Canadian bank still has more work to do as it rolls out additional processes, technology and training. TD will also have to prove to regulators and the U.S. Department of Justice that its actions are sustainable.

While banks welcome the "whole-of-government" approach that led the effort, private sector takedowns remain difficult without federal warrants.

New guidance from the Office of the Comptroller of the Currency released Monday afternoon would streamline Bank Secrecy Act exams for community banks. The agency issued a separate request for information on consolidation and contracting power among core service providers.

Investigators found text messages, photos of cash and a conspirator wearing a diamond Truist logo ring while unraveling the $1 million fraud attempt.

Kunal Mehta, also known by the alias "Shrek," used shell companies and bulk cash drops to clean millions for a cybercrime ring that stole $263 million.

The bank is adding trusted contacts, specialized teams and new tech against scams, but consumer advocates say reimbursement is the key missing piece.

Needham and Provident banks received all regulatory approvals and merge date; JPMorganChase hired veteran tech dealmaker Kevin Brunner from Bank of America; RBC Capital Markets will expand its presence in the equity derivatives market with two senior hires from UBS; and more in this week's banking news roundup.

Senate Banking Committee Republicans, led by committee chair Tim Scott, R-S.C., introduced a bill that would raise the mandatory reporting threshold for certain currency transactions, a move meant to ease banks' anti-money laundering compliance obligations.

Coordinated sanctions target two networks behind so-called pig butchering scams, human trafficking and money laundering for North Korean cybercrime groups.

A new survey finds that fraud losses have jumped significantly in the last year, with digital channels and check fraud posing the biggest threats.

A new interagency guidance clarifies when banks must report suspicious activity, easing compliance workloads and narrowing the reporting requirements to focus on higher-value cases.

The Toronto-based bank announced enterprise-wide and business-specific revenue and expense targets, almost exactly one year after it was hit with more than $3 billion in fines and an asset cap for money-laundering-related blunders.

Prosecutors had asked the judge for a stiff sentence, saying that Javice committed a "brazen fraud" when she convinced JPMorgan to pay far more for her company than it was worth.