Financial crimes

The man who took 11 Alabama Credit Union employees hostage during an attempted robbery in January has reportedly told police he needed the money to pay for court costs in in a separate criminal case.

Unlike other “suspicious activity report” categories, a new proposal to add a “cyberevent” category would require institutions to detect and report digital mischief whether directed at a customer’s account or the bank itself.

Readers weigh in on a notable OCC personnel change, the Scottrade breach, the ability of corporate owners to still be anonymous and more.

The 110-page document offers plenty of new details about what went wrong at the megabank but may leave many wanting a truly independent investigation.

A review of activity that long ago would not shed additional light on the scope of misconduct in Wells Fargo's retail banking unit, CFO John Shrewsberry said in an interview.

The San Francisco bank says it's making strides in regaining the trust of its customers, but winning over new ones — as evidenced by a 9% decline in retail banking profits — remains a struggle.

The 110-page document offers plenty of new details about what went wrong at the megabank but may leave shareholders wanting a truly independent investigation.

Banks tend to blame regulatory costs for de-risking without being honest about the need to improve anti-money-laundering procedures.

A legal dispute between Wells Fargo and one of the largest bitcoin exchanges underlines persistent doubts U.S. banks have about participating in digital currency.

A recent study concluded that financial advisers accused of misconduct are fired far more often when female, even though missteps cost less on average than those of male counterparts. Researcher Mark Egan explains the double standard.

The San Francisco bank is trying to turn the page with a new report that mostly pins blame on executives who have either left the company or been demoted, but the report shows the misconduct went further back than previously acknowledged.

The allowance by some states for companies to incorporate without disclosing beneficial owner information significantly hampers anti-money-laundering efforts and drives up bank costs.

The report in the New York Post alleges that the bank violated anti-money-laundering laws by filing incorrect call reports to hide loans made to foreign nationals.

A full changeout of AML and KYC rules would stress compliance. Working to improve current practices would be better for the financial services and payments industries.

Data and analytics tools can help banks and credit unions detect financial patterns that may indicate that human trafficking is occurring.

Low scores make it harder for banks to get regulatory OKs to expand, but Wells is in retrenchment mode anyway.

Data and analytics tools can help banks detect financial patterns that may indicate that human trafficking is occurring.

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

Community banks, which could be the hardest hit if economic tensions between the U.S. and Mexico escalate into a tariff battle, are urging policymakers to refrain from rash action, and big banks are already trimming exposures.

Cash that flowed from Russia through a vast money-laundering network sometimes ended up passing through the world's largest banks, including Citigroup, Bank of America, and HSBC, the Guardian reported, citing a cache of financial records it reviewed.