Financial crimes

The New York State Department of Financial Services has fined Mega International Commercial Bank in Taiwan $180 million in connection with allegations that it violated New York’s anti-money-laundering laws.

Investors Bancorp in Short Hills, N.J., has joined the ranks of banks flagged by regulators for Bank Secrecy Act issues.

WASHINGTON — The Dodd-Frank Act of 2010 has not had a negative impact on community banks, contrary to assertions by Republicans and many bankers, according to a group of White House economists.

WASHINGTON — The biggest banks are supporting a bill that would ensure that all U.S. companies submit beneficial ownership information to authorities, arguing it would help combat money laundering and terrorist financing.

With supervisory pressures continuing to mount, a piecemeal approach to handling banks’ regulatory demands is costly and ineffective.

Elliptic, a startup that monitors the bitcoin network for suspicious patterns, has introduced anti-money-laundering data into its service through a partnership with LexisNexis Risk Solutions.

In a political season teeming with tension around income inequality, racial economic disparities and animus toward the banking industry, reforming the Community Reinvestment Act seems like it should be a cornerstone of the debate. Yet the law has been almost entirely absent from the discussion. Here's why.

Four years after the first states legalized marijuana, most bankers still want nothing to do with it.

As banks pull out of developing countries, we must seek a healthier balance between preventing money laundering and maintaining banking systems of entire regions.

Millennium Bank is said to have been the target of an enforcement action related to its work with the pot industry. The episode shows why many banks remain reluctant to serve the fast-growing cannabis industry.

Offering a new product or considering a merger may boost returns, but the Office of the Comptroller of the Currency says changes in strategy can be risky.

The scheme is used by borrowers who don't have enough income to qualify for a regular mortgage, so they apply for a higher-rate non-owner-occupied loan.

After the departure of Financial Crimes Enforcement Network's director last month, the future of the Treasury Department unit remains the subject of fierce speculation within the financial services industry.

WASHINGTON — Marijuana businesses and banks looking to open their doors to the potentially lucrative clients suffered a blow Wednesday after House Republicans blocked an amendment that would have prevented federal regulators from pursuing enforcement actions against banks dealing with the businesses in states with legalized pot.

WASHINGTON — Banks in states with legal marijuana businesses may warm up to them as customers if an amendment to a Senate appropriations bill becomes law.

The Federal Reserve Board is getting an earful from critics within and without the financial industry over its proposal to limit banks' credit exposures to a single entity.

The Financial Crimes Enforcement Network violated the U.S. Constitution by singling out a Tanzanian bank as a money-laundering concern without due process, the bank claimed late last week.

The compliance technology company Trace International has launched what it bills as the first global, commercial beneficial ownership registry.

In her final congressional appearance before she leaves her job at the end of this week, Fincen Director Jennifer Shasky Calvery also advocated for passage of new anti-money-laundering laws being pushed by the Obama administration.

The banking industry has influenced several key features in the final beneficial ownership rule, a top official at the Treasury Department's Financial Crimes Enforcement Network said this week, while defending the rule's effectiveness.