Financial crimes

David McLaughlin, founder and CEO of QuantaVerse, discusses how artificial intelligence can improve anti-money-laundering compliance; the problems of de-risking and "defensive filing" of suspicious activity reports; the Clearing House's proposal to reduce banks' AML costs; and more.

Banamex USA will pay $97.4 million to the Justice Department over widespread anti-money-laundering abuses.

The Trump administration must weigh risks to national security in its review of the $1.2 billion deal. Its decision will shed light on whether — given the president’s “America First” rhetoric — Chinese investment is still welcome in the U.S. financial services sector.

The former New Jersey mutual is stepping up efforts to court bigger commercial clients. The move will help Investors diversify its loan book and deploy capital while it is barred from buying banks.

Advocates for the cannabis industry took to Capitol Hill on Wednesday to lobby for bank protections that would help legitimize the industry and give it access to financial services.

The laws that force banks to know their customers are good at catching petty criminals and “wannabe” terrorists, but can’t thwart sophisticated bad actors, argues whistleblower Edward Snowden.

In the way that Gap and Victoria's Secret are ubiquitous in the malls dotting the suburban landscape, it is unlikely fintech partners will be exclusive to one bank.

Money laundering in Latin America is said to be worsening and a corruption probe in Brazil adds to the worries, but Latin American banks are fighting hard to preserve business with U.S. banks.

The beneficial ownership regulation, meant to catch financial criminals, has produced data that is useful in making small-business loans, LexisNexis Risk Solutions says.

The New Jersey company's profit growth was constrained by an 11% increase in compensation and benefits and an 85% jump in consulting fees tied to compliance and other issues.