Financial crimes

Prosecutors have rested their case against onetime bank CEO Stephen Calk, who allegedly approved millions of dollars in loans in exchange for a potential job in the Trump administration. Federal Savings Bank employees have testified against Calk, whose lawyers have sought to shift blame to underlings

Stephen Calk, a Chicago banker, pushed through $16 million in sketchy loans to Donald Trump's onetime campaign manager because he "wanted a powerful government title," Assistant U.S. Attorney Alexandra Rothman said in her opening statement in Calk's criminal bribery trial.

The cloud-based software vendor has completed a $10 million funding round through BlackFin Capital Partners and Picus Capital.

A 2017 investigation into the fake-accounts scandal — conducted by the board of directors with a major assist from the law firm Shearman & Sterling — was billed as independent and objective. Was it?

The Biden administration wants financial institutions to tell the government more about their customers to help the IRS thwart wealthy tax evaders. But critics say the plan could threaten account data security and the privacy of even low-income consumers.

Six Clovers, a digital payments company founded by two former PayPal developers, designed its Rapid platform to enable fast cross-border transactions using cryptocurrencies backed by government-issued money.

The data analytics provider has deployed cloud hosting to scour international payments for signs of fraud and money laundering.

Financial institutions spent nearly $214 billion last year — an 18% jump from 2019 — to meet regulatory requirements for fighting financial crimes, a new study says. The spending included more staffing to manage risks posed by customer growth.

Prosecutors say Natalie Mayflower Sours Edwards leaked over 50,000 documents, including 2,000 suspicious activity reports, related to payments involving former President Donald Trump's 2016 campaign chairman.

While the eventual emergence from lockdown will help ease the pressure on overworked compliance departments, there is still an obvious need for tools that will make the anti-money laundering process simpler and stress-free, says SmartSearch's Martin Cheek.