Financial crimes

Comptroller of the Currency Joseph Otting took office only late last year, but he is wasting little time in tackling a series of hot-button topics, including easing anti-money laundering regulations and lowering national bank fees.

Reps. Elijah Cummings and Stephen Lynch sought records related to a banker's communications with former Trump campaign manager Paul Manafort and the Trump campaign, and about his bank's loans to Manafort.

The Seattle bank's improved loan yields offset higher expenses tied to Bank Secrecy Act remediation. Washington Federal had to delay a pending acquisition after issues emerged with its anti-money-laundering compliance.

The comptroller said he is looking to capitalize on the industry's strong profits and high capital reserves to reduce costs and lower exam fees next year.

British banks that deal with the Russian oligarchs and companies on a new American sanctions list will face "consequences," according to a senior U.S. Treasury official.

Comptroller of the Currency Joseph Otting laid out an ambitious regulatory reform agenda Monday, telling a group of community bankers that he is committed to CRA upgrades, new flexibility in BSA compliance and other measures.

GSE reform a likely scratch from this year’s to-do list; banks’ difficulties in speaking emoji; reactions to Mick Mulvaney’s plans for the CFPB; and more.

Efforts by financial institutions to track "beneficial ownership" data in advance of a regulatory deadline next month is complicated by the challenge of getting customers to cough up the information.

Washington Federal, which is working through Bank Secrecy Act issues, also allowed Anchor to consider offers from other potential buyers.

The trio of former credit union employees all pleaded guilty to various charges of fraud and theft.

Two Democrats on the House Oversight Committee asked the panel's Republican chairman to issue a subpoena for documents related to Stephen Calk, whose bank made loans to former Trump campaign manager Paul Manafort.

Attorney General Jeff Sessions made headlines in January when he tightened federal marijuana enforcement. But the good news for financial institutions looking to service the pot industry is that the rest of the government has responded with a shrug.

Wells Fargo gets tipped off by OCC on investigation; HSBC is wading back into U.S. mortgage waters; a bank uses artificial intelligence to combat money laundering; and more.

The measure easily passes with a two-thirds majority; Wells Fargo CEO's pay up by a third, but no cash bonus.

Smaller bank stocks have outperformed the big banks with the prospect of Dodd-Frank rollbacks; Trump “very strongly” pondering TV analyst for adviser role.

American Express Ventures has become an investor in the startup EverCompliant, which helps financial institutions root out e-commerce websites backed by terrorists and drug cartels that are laundering money through payments-processing networks.

OCBC Bank in Singapore has seen a 35% reduction in false positives in its tests of artificial intelligence-based anti-money-laundering software. Other banks could follow its lead, though there are regulatory and customer-protection questions.

Royal Bank of Scotland Group has agreed to pay $500 million to the state of New York after a $5.5B agreement last year with the FHA, and another probe is pending.

The Minneapolis bank has been operating since October 2015 under a consent agreement that stemmed from deficiencies in its efforts to combat money laundering.

California State Treasurer John Chiang, who’s on the boards of the state’s biggest pension funds, was among those who said the changes weren't enough. Chiang also called for CEO Tim Sloan to step down.