Financial crimes

The German bank's New York branch was entangled with U.S. regulators and law enforcement agencies for more than a decade in connection with money laundering and sanctions violations.

Brijesh Goel was convicted Wednesday of tipping off former Barclays Plc trader Akshay Niranjan about deals at Goldman.

Louisiana Credit Union League names new CEO, scammer who helped criminals pose as bankers jailed for 13 years, Jack Dorsey leads funding round for bitcoin voucher company and more in this week's banking news roundup.

The Treasury Department's Financial Crimes Enforcement Network said it is looking into the feasibility of verifying entries in a forthcoming beneficial ownership database, but may be limited by legal and cost considerations.

Nexway, based in France, allegedly processed payments in its own name on behalf of a tech support scam and telemarketing company from 2016 to 2020.

The bank's decision to allow former boss Jes Staley to leave on good terms is under fresh scrutiny as several U.S. legal cases reveal new details of his interactions with Jeffrey Epstein.

Carrie Tolstedt, the former head of retail banking at the scandal-plagued bank, faces 16 months in prison after agreeing to plead guilty to obstructing a bank examination. The plea agreement serves as a warning to senior bank executives who regularly provide information to regulators.

Properly executed, the new anti-money-laundering program has the potential to cripple laundering networks by altering the landscape for financial services professionals.

Tolstedt, a key figure in the bank's fake-accounts scandal, could face prison time after pleading guilty to a criminal charge of obstructing a bank examination. She also agreed to pay a $17 million fine to bank regulators to resolve certain civil charges.

The only way for Fincen to assure that banks have the tools to identify illicit shell companies is for the agency to verify the information in its new beneficial ownership database.

Toronto-Dominion Bank is on the hook for $1.2 after settling litigation over its connection to a massive Ponzi scheme, and Independent Bank Group in Texas agreed to pay $100 million. A third bank, HSBC, settled for a smaller amount.

Under the new policy, firms that come forward with misconduct before it becomes known to the public or prosecutors and then fully cooperate will receive "significant benefits" in any resulting deal, federal prosecutors in New York say.

In the aftermath of Louisiana's largest bank failure, Ashton Ryan Jr. was convicted on all 46 counts against him. U.S. Attorney Duane Evans called the case a "theft of epic proportions."

A judge said he would approve Deutsche Bank's $26.3 million settlement of a lawsuit that accused the bank of misleading investors about how thoroughly it vetted clients, including Jeffrey Epstein and Russian tycoons.

The company settled with the Federal Reserve after self-reporting that it had disbursed $1.1 million in wrongfully obtained Paycheck Protection Program loans.

Authorities gained from Russian sanctions legislation helped law enforcement build the case against Hong Kong-based exchange.

Thieves have become adept at exploiting digital vulnerabilities, conducting heists that resulted in more than $3 billion in losses last year.

Burdensome regulations have decimated correspondent banking relationships, harming the most vulnerable in the U.S. and abroad.

Rules being considered by the Financial Crimes Enforcement Network would needlessly hinder banks seeking to do due diligence on their customers.