Financial crimes

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.

A Greek-led organized crime group that stole more than $14.4 million from U.S. banks has been dismantled in a cross-border operation by three international law enforcement agencies.

The most likely picks for comptroller of the currency have pushed tech-driven approaches to financial inclusion and anti-money-laundering, and would bring new perspective to regulating cryptocurrencies.

The most likely picks for comptroller of the currency have pushed tech-driven approaches to financial inclusion and anti-money-laundering, and would bring new perspective to regulating cryptocurrencies.

Marie Fulle was ordered to spend nearly three and a half years in federal prison and pay $1.09 million in restitution for stealing money from an elderly customer with dementia.

Former Fed Chair Janet Yellen told senators that as Treasury secretary she would create a “hub” to examine the effects of a changing climate on financial institutions and create a database of companies' true owners as required by a recent anti-money-laundering bill.

The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was later shut down.

Tier1 Financial Solutions says the acquisition will give it access to midsize financial institutions and that Alessa's product will improve onboarding for Tier1's clients.

Congress acted first when it freed financial firms from having to disclose the beneficial owners of commercial clients. Now it's time for regulators to further ease anti-money-laundering reporting requirements by freeing them from filing duplicative or unnecessary suspicious activity reports.

Congress acted first when it freed financial firms from having to disclose the beneficial owners of commercial clients. Now it's time for regulators to further ease anti-money-laundering reporting requirements by freeing them from filing duplicative or unnecessary suspicious activity reports.