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The Office of the Comptroller of the Currency says JPMorgan Chase’s fiduciary unit lacked sufficient controls to manage risk and avoid conflicts of interest.
November 24 -
Banks are responsible for reporting their business customers' beneficial owners, but a bill that would shift that anti-money-laundering duty to businesses themselves has been added to a must-pass defense spending package.
November 20 -
Bankers must identify money launderers and traffickers, and yet although not precluded, the current legal framework actually limits the sharing of data about potential suspicious activity and customers between institutions, says Giant Oak's Gary Schiffman.
November 20Consilient -
Sen. Pat Toomey, R-Pa., who would likely chair the Banking Committee if the GOP retains control of the chamber, signaled support for helping banks serve marijuana businesses. But he is skeptical of an anti-money-laundering bill backed by the industry and extensions of the Fed's pandemic programs.
November 17 -
If the GOP can hold its majority in the chamber, Sen. Pat Toomey, R-Pa., will likely become the panel's chairman. His ardent support for free-market principles could set up partisan clashes with Democrats over pandemic relief, money laundering rules and more.
November 16 -
Warren Buffett's company has been pulling back from the scandal-ridden bank as it prepares to unveil strategic changes.
November 16 -
Former CEO John Stumpf agreed to pay a $2.5 million penalty to settle civil charges tied to the bank’s fake-accounts scandal. Former community bank head Carrie Tolstedt did not agree to a settlement and is now facing a lawsuit that alleges she committed fraud.
November 13 -
Big financial institutions are worried that online wagers made with credit cards pose a heavy risk of money laundering. The possibility of tougher rules under the incoming Biden administration has only compounded their concerns.
November 11 -
A final Senate breakdown still depends on the outcome in a few key races, but with Republicans closer to keeping power, Democrats' proposals to cap interest rates, create a postal banking system and establish a public credit reporting agency are likely dead on arrival.
November 6 -
A Federal Reserve-issued digital dollar could speed up payments, expand financial access and reduce financial crime. But it also brings trade-offs that policymakers are only just beginning to consider.
November 4