Financial crimes

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.

The National Credit Union Administration issued only one prohibition order in April.

The visibility of automated transactions provides a clear view of the flow of transactions, says Hummingbird's Joe Robinson.

Wall Street firms have urged the Biden administration to ease the industry’s burden in complying with a flood of financial sanctions the U.S. has levied in recent years as a primary tool of foreign policy toward Russia, China, Iran and other adversaries.

Without rollbacks of existing anti-money-laundering reporting requirements, a measure designed to make Bank Secrecy Act enforcement more risk-focused would do little to ease banks' regulatory burden.

The FDIC issued a prohibition order against Mark Wong, who was ordered to pay nearly $220,000 in restitution as part of a guilty plea in January.

Without rollbacks of existing anti-money-laundering reporting requirements, a measure designed to make Bank Secrecy Act enforcement more risk-focused would do little to ease banks' regulatory burden.

The agency’s cases against David Julian, Claudia Russ Anderson and Paul McLinko, which allege culpability for the bank’s phony-accounts scandal, are scheduled to go to trial in September.

The 2020 elections buoyed hopes that Congress would finally make it easier for financial institutions to serve cannabis businesses. But Democrats’ push to decriminalize marijuana — a nonstarter for most Republicans — threatens the more targeted effort.

Transaction fraud and money laundering are typically siloed areas within banks, but both require a keen eye to finding the right patterns.