Financial crimes

Edward Shin, the onetime CEO of Noah Bank in Pennsylvania, was found guilty of charges related to loans the bank made to businesses in which he held a stake.

The agency recently updated a policy document to include technological innovation as a top priority and said it was considering creating a safe harbor for those who develop new products to fight financial crimes.

A bipartisan group of senators Tuesday urged the Treasury Department and the Financial Crimes Enforcement Network to speed up implementation of the Corporate Transparency Act. It's only the latest of several efforts by lawmakers urging regulators to move faster since Fincen missed the statutory implementation deadline in January.

Angela Garcia, who was accused of embezzling $69,000 from the Georgia bank, has been banned from the banking industry.

The number of suspicious activity reports involving cryptocurrency topped 90,000 in 2021, according to the Financial Crimes Enforcement Network. The reason for the uptick may be that crypto is becoming more mainstream.

A former JPMorgan Chase currency trader must spend eight months behind bars after a federal appeals court on Monday refused to overturn his sentence for plotting to manipulate European, Middle Eastern and African currencies. 

Citigroup has been released from a 2012 enforcement action that faulted its anti-money-laundering efforts. But company executives are expected to spend a lot of time over the next few years seeking to resolve a pair of more recent consent orders.

Deutsche Bank's offices in Frankfurt are being searched by law enforcement authorities over reports about potential money laundering that were filed by the lender.