Financial crimes

Bank’s alleged lax controls enabled a former customer to launder money in a payday lending scheme; digital currency has made back a chunk of its recent decline.

The bank’s unsullied image took a hit when it admitted to misleading regulators regarding its efforts to combat money laundering.

U.S. Bancorp has agreed to pay $613 million in penalties to state and federal authorities for violations of the Bank Secrecy Act and a faulty anti-money-laundering program.

By taking advantage of the peak sales periods with higher-than-usual transaction volumes such as Valentine’s Day, criminals can use legitimate payment and shipping platforms without raising fraud alerts, writes Ron Teicher, CEO of EverCompliant.

The company must develop and implement a system of internal controls to ensure full Bank Secrecy Act and anti-money-laundering compliance.

Readers react to the Consumer Financial Protection Bureau pulling back from investigating the Equifax breach, opine on the Federal Reserve's tough enforcement against Wells Fargo, weigh in on gender pay issues and more.

Rep. Emanuel Cleaver, D-Mo., sent a letter to two virtual currency trade associations on Thursday asking them what their members are doing to prevent hate groups from using cryptocurrencies to finance themselves.

The U.S. banking arm of the Dutch lender Rabobank has forfeited nearly $370 million for anti-money-laundering deficiencies that authorities say allowed untraceable money transfers on behalf of criminals.

The individuals are forbidden from having anything to do with the affairs of a federally insured financial institution.

Modernized bank technology and improved data sharing would sharpen anti-money-laundering efforts, making crime like human trafficking more risky and less profitable.