Financial crimes

The Financial Crimes Enforcement Network thanked the $22.4 billion-asset credit union for its BSA reporting, which contributed to solving one of several crimes.

IBM is set to announce new tools on Wednesday aimed at reducing the compliance burden of financial institutions and sifting through the mounds of data they collect by using Watson, its cognitive computer.

As payments get more complex, money laundering and other risks increase. Audits and advanced regulatory technology can help companies keep up, writes Performline CEO Alex Baydin.

Recent NCUA prohibition orders have included restitution payments ranging from $14 million to $18 million, but it remains to be seen whether such stiff penalties will curb the incidence of fraud at CUs.

This is the second consecutive month that restitution payments for accompanying prohibition orders have exceeded $10 million.

Wells Fargo streamlines Western unit, shifts executives as post-scandal overhaul continues; Goldman Sachs gets grief for "cynical" purchase of Venezuelan bonds at deep discount.

The bank agreed to improve anti-laundering controls deemed "unsafe" by the Fed, including oversight of so-called mirror trades that may have helped foreign customers hide large sums of money.

Retail banking chief Mary Mack made several changes, including restructuring leadership in the Western region, where some of the worst incidents in the Wells scandal were said to have occurred.

Jo Ann Barefoot, a former deputy comptroller of the currency, discusses her regtech startup Hummingbird.

Readers weigh in on a proposal for encouraging small bank installment loans, a firm that uses AI to reduce false alarms, what security improvements are needed for sharing customer data, and more.