Financial crimes

The FDIC issued a prohibition order against Mark Wong, who was ordered to pay nearly $220,000 in restitution as part of a guilty plea in January.

Without rollbacks of existing anti-money-laundering reporting requirements, a measure designed to make Bank Secrecy Act enforcement more risk-focused would do little to ease banks' regulatory burden.

The agency’s cases against David Julian, Claudia Russ Anderson and Paul McLinko, which allege culpability for the bank’s phony-accounts scandal, are scheduled to go to trial in September.

The 2020 elections buoyed hopes that Congress would finally make it easier for financial institutions to serve cannabis businesses. But Democrats’ push to decriminalize marijuana — a nonstarter for most Republicans — threatens the more targeted effort.

Transaction fraud and money laundering are typically siloed areas within banks, but both require a keen eye to finding the right patterns.

Two people were charged with using a New York state employees credit union to process more than $1 billion in suspect financial transactions while failing to file suspicious activity reports or maintain adequate anti-money-laundering controls.

As Fincen implements an anti-money-laundering law requiring businesses to add their beneficial owners to a new database, bankers worry they'll still be on the hook to provide that information on behalf of customers for some time.

As more states legalize online gambling, the credit union is preventing members from using their credit and debit cards on those sites. Others could follow its lead.

There are new regulations to address, but many requirements streamline current AML practices, says Mark Srere, an attorney at Bryan Cave Leighton Paisner.

Citigroup hired Ken Blanco, the director of the Financial Crimes Enforcement Network, as chief compliance officer of its newly created financial crimes unit.

Alan Kaufman, who will be sentenced in June, faces up to 60 years in prison.

The National Credit Union Administration issued only one prohibition order in March, barring a former branch manager of Greater Iowa Credit Union in Ames from working in the financial services industry.

In an enforcement action that could have reverberations across the sector, the Fed imposed tough penalties on a pair of Wyoming bankers who took confidential information to their new employer.

Lawyers defending two men accused of defrauding banks into processing pot purchases said banks including Citigroup and Bank of America were happy to look the other way when customers used their credit and debit cards to buy marijuana online.

A former Federal Reserve employee admitted to illegally taking documents, including bank stress test data, after deciding to leave the board, U.S. prosecutors said Friday.

Federal Savings Bank, the Chicago bank that lent millions of dollars to Paul Manafort under its founder and former longtime CEO, has now sued the former Trump campaign chairman and his wife, seeking to foreclose upon his mansion in the Hamptons.

Banks need to adjust their money laundering protections to comply with tough new rules in the U.S., says Genpact's Manish Chopra.

Stephen Calk, who is scheduled to face trial in June on bribery charges, allegedly reversed course on whether to make a multimillion-dollar loan to Trump’s campaign chairman following the then-president-elect’s surprise victory in November 2016.

The regulator issued a prohibition order to Joseph Guagliardo, who admitted to taking more than $400,000 from the New York City-based institution over the course of nearly a decade.

Detecting business dealings with banned parties means screening a maze of transactions, and Treasury’s Office of Foreign Assets Control supports calls for the industry to take a risk-based approach. But regulators effectively require banks to track everything, which is unproductive.