Financial crimes

Treasury Secretary Jack Lew warned Wednesday that over using economic sanctions could saturate their potency, driving commerce away from the U.S. and threatening the U.S. dollar's status as the world’s reserve currency.

WASHINGTON — After being forced by a court to withdraw its enforcement action against Tanzanian bank FBME, the Treasury Department's Financial Crimes Enforcement Network has once again finalized a rule requiring U.S. institutions to cut off ties with the bank.

Banks have to know a lot about their customers, who generally trust them to keep personal information secure. Who better to serve as digital identity providers in a post-password world?

WASHINGTON – Four Democratic senators sent a letter on Thursday to federal financial regulators asking for clear guidance on how banks can serve the marijuana industry.

Experts see the British bank's decision to downsize its African stake as another example of money-laundering concerns and other risks prompting institutions to get out of emerging markets.

Comptroller of the Currency Thomas Curry's unexpected announcement this week that his agency may craft new guidelines to deal with de-risking is generating concerns from bankers instead of putting them at ease.

The Senate Banking Committee approved the nomination of a top Treasury official in charge of stopping terrorism financing and financial crime during an executive session on Thursday.

There is an urgent need for the Financial Crimes Enforcement Network to bring its process for issuing civil money penalties and cease-and-desist orders in line with the other bank regulators.

The Office of the Comptroller of the Currency is collecting data on the decision-making process of banks that detach themselves from certain business sectors or geographical regions to limit potential heightened scrutiny from regulators, a process often called "de-risking."

Despite billions in revenue annually, legal marijuana businesses have yet to find a solution to the industry’s lack of reliable payments, banking and other financial services.

The Financial Crimes Enforcement Network's revocation of orders finding certain foreign banks to pose substantial money laundering risk shows the agency is trying to evade scrutiny as it pushes the banks out of business, according to observers.

Sunstate Bank in Miami has been released from an enforcement action that had required it to strengthen its anti-money-laundering controls.

A Malvern Bancorp director has resigned following a disagreement over one of the Paoli, Pa., company's clients.

There are good, bad and ugly stories about how marijuana entrepreneurs deal with taxes and other financial management issues while having little access to banking services.

Compliance officers are terrified of a New York State Department of Financial Services proposal that could make them criminally liable for failings in their firm’s anti-money-laundering programs, according to industry representatives.

With the stakes so high for compliance officers, their rights and responsibilities should be clearly defined, including a safe harbor for those who play by the rules.

Inefficient, paper-bound processes, oligopolies that can charge high prices, the Rube Goldberg structure of correspondent banking, and excessive regulation all make it expensive for migrants to send money home. Technology is a big part of the answer.

The Bancorp in Wilmington, Del., named Sepideh Behram to the role of chief compliance officer. Her hiring comes as the $4.8 billion-asset company works to shore up its risk and compliance management.

The pressure on banks to become less risky backfires when they respond by curtailing services that are vital in a functioning financial system.

The marijuana industry is still hampered by its own banking crisis, but the rigidity of federal laws is not stopping all advances in financial services for the sector.