Financial crimes

Fifth Third Bancorp becomes the largest bank to switch from state to OCC regulation; former Deutsche CEO named chairman of Man Group.

U.S. prosecutors have accused three JPMorgan traders of rigging futures trades in precious metals for nearly a decade, making millions of dollars for the bank at the expense of counterparties that included the bank’s own clients.

As anti-money laundering requirements tighten in many jurisdictions, financial institutions and fraud prevention platforms are ditching legacy AML solutions for newer technology — but alternatives aren’t easy to come by yet.

The bank is adding senior tech executives from Amazon and Verizon as partners; bank allegedly inflated prices and overcharged investors for mortgage bonds.

Swiss financial regulator Finma said Libra would need a payment system license and would be subject to additional rules to take “bank-like” risks into account. The “highest international anti-money laundering standards” would also need to be applied, it said in a statement on Wednesday.

The six biggest banks are expected to issue disappointing forecasts as rates continue to decline; technology stock mutual funds scored with payment plays.

The company sees increasing consumer demand for cryptocurrency, especially in Asia, and gradual acceptance among financial institutions.

James Farrell, who ran New Haven County Credit Union from 1992 to 2015, transferred funds from the CU's general ledger into the account of a local business.

Alan Kaufman was one of six individuals in August to be barred from having any dealings with the affairs of a federally insured financial institution.

New unit will work with foreign governments; standards too soft on those without conventional paychecks.