Financial crimes

The executive shuffle at the company continues as Credit Suisse America’s Paula Dominick is hired to replace Mike Roemer as chief compliance officer. It also hired or promoted four line-of-business chief risk officers and an enterprise testing leader.

The federal banking agencies clarified that minor violations of Bank Secrecy Act rules will typically not result in a cease-and-desist order.

Rep. Carolyn Maloney, D-N.Y., was finally declared the winner weeks after election day, while Rep. Lacy Clay of Missouri was defeated by a progressive challenger.

The regulator banned a former employee of a Florida-based credit union from working at any federally insured financial institution.

Lexicon Bank in Las Vegas, whose chairman was a professional gambler, is actively courting poker players to open deposit accounts for their tournament winnings.

Legislation that would force transparency around company ownership would be better than another burdensome anti-money-laundering rule.

After the House passed a defense spending bill that included the provision ahead of negotiations with the Senate, industry representatives are optimistic Congress will finally shift the burden of reporting true-owner information from banks to their business clients.

The regulation allows banks to add employees with past convictions for trivial crimes after the industry complained the prior rules were too severe.

Quantexa, which uses artificial intelligence to detect money laundering and other financial crime, is already being used by HSBC and Standard Chartered Bank.

The National Defense Authorization Act, approved in a vote late Tuesday, includes measures to require companies to disclose their true owners at the point of incorporation and to improve information-sharing between banks and the government.

Banks' fear of big penalties, the changing tactics of nimble criminals and a greater openness among regulators to new approaches are among the factors driving big investments.

Unity Bancorp must improve its policies and procedures and increase staff training on following Bank Secrecy Act and anti-money-laundering laws.

Deutsche Bank says it’s on track to meet its financial targets while Commerzbank's top two executives resign; recent Fed stress test results show European banks' poor performance in U.S. continues.

The regulator banned a former CU employee from working in financial services on the basis of allegations that he misused funds when working at an Indiana credit union.

The Supreme Court ruled the Consumer Financial Protection Bureau's leadership structure is unconstitutional and refused to hear a lawsuit over the NCUA's field of membership rule. Credit unions are watching to see what happens now.

The Fed stopped short of banning payouts entirely following bank stress tests; banks get greater freedom to invest in venture capital funds and reduced collateral on swap trades.

A key Democrat on the House Financial Services Committee, Rep. Carolyn Maloney has a slim lead over a primary challenger, Suraj Patel, a progressive political activist and New York University professor.

A key Democrat on the House Financial Services Committee, Rep. Carolyn Maloney has a slim lead over a primary challenger, Suraj Patel, a progressive political activist and New York University professor.

CBTX in Houston must develop policies and procedures, along with a training program, to address deficiencies in its bank's compliance with the Bank Secrecy Act.

Firms won’t have to repay their loans even if they don’t rehire all their laid off workers; Fed chair confirms the shortage is due to the coronavirus but is easing as the economy reopen.