Financial crimes

With lawmakers weighing changes to Bank Secrecy Act requirements, the Government Accountability Office urged the Financial Crimes Enforcement Network to establish written policies for expanding use of the agency’s database.

Matthew Raphaelson, Kenneth Zimmerman and Tracy Kidd, all of whom were senior executives in the company’s consumer banking unit, have agreed to pay six-figure fines in connection with Wells Fargo’s unauthorized account scandal.

A new investigation by the International Consortium of Investigative Journalists says JPMorgan Chase, Deutsche Bank and several other global institutions kept moving illicit funds after receiving warnings from U.S. officials.

The future of Fannie Mae and Freddie Mac, the Fed’s supervisory regime for the biggest financial institutions, reform of the Community Reinvestment Act and a host of other industry-related issues are on the ballot this November.

The Financial Crimes Enforcement Network is seeking to create a better-defined standard for effective AML compliance programs and is considering whether to impose formal requirements that banks assess their laundering risk.

The company's outgoing CFO discussed ways the asset cap is stunting growth, but provided no updates at an industry conference on when the restriction might be lifted or the types of jobs it will cut.

The 57 charges involve $175 million allegedly stolen from the small-business loan program. Defendants are accused of lying on their applications and using funds to buy cars, jewelry and other luxury items.

The bank discovered the actions, all of which were tied to the SBA's Economic Injury Disaster Loan program, after noticing that suspicious amounts of money had been deposited into checking accounts owned by bank employees, according to a person with knowledge of the matter.

The bank said the conduct includes “instances of customers misusing Paycheck Protection Program Loans, unemployment benefits and other government programs.”

The National Credit Union Administration issued one prohibition notice for August.