Financial crimes

Swiss financial regulator Finma said Libra would need a payment system license and would be subject to additional rules to take “bank-like” risks into account. The “highest international anti-money laundering standards” would also need to be applied, it said in a statement on Wednesday.

The six biggest banks are expected to issue disappointing forecasts as rates continue to decline; technology stock mutual funds scored with payment plays.

The company sees increasing consumer demand for cryptocurrency, especially in Asia, and gradual acceptance among financial institutions.

James Farrell, who ran New Haven County Credit Union from 1992 to 2015, transferred funds from the CU's general ledger into the account of a local business.

Alan Kaufman was one of six individuals in August to be barred from having any dealings with the affairs of a federally insured financial institution.

New unit will work with foreign governments; standards too soft on those without conventional paychecks.

With lawmakers unlikely to act in the near future to ease financial institutions' regulatory burden, new technologies could be the solution to credit unions’ AML woes.

When lawmakers return from their August recess, a host of unresolved financial policy issues — from marijuana banking to anti-money-laundering rule — will greet them.

Financial crime screening solutions that are fueled by high quality sanctions and screening data will be a crucial component to achieving success in this complex compliance environment, writes Accuity's Nirhjar Daripa.

The FDIC and the OCC relax the rule restricting proprietary trading; home buyers with bad credit, lots of debt, or employment issues are again getting loans.

Following an article by American Banker and ProPublica that detailed how political appointees weakened the penalties paid by two large banks, the Massachusetts senator is demanding more information from the Justice Department.

Treliant and Federal Financial Analytics have established a one-stop shop to guide financial institutions through uncertain business and policy times.

Agencies like Fincen and Finra that use machine learning must pay close attention to potential bias in supervisory algorithms, especially with data on women and minorities.

Employees saw the bank’s cybersecurity unit's shortcomings; the state seeking records related to hidden profits from the family's opioid business.

The broker and the companies he operated allegedly induced veterans to hand over their federal benefits in violation of the law.

The Gulf region poses significant and unique challenges in AML, KYC and other compliance checks, according to Accuity's Nirhjar Daripa.

The lawsuit claims that the board didn't properly supervisor management, which allowed former CEO Edward Rostohar to embezzle more than $40 million.

Bank shares are down more than 9% this month; the Fed has never imposed the countercyclical capital buffer before.

Know Your Customer and open banking create tough barriers for 'near real-time' account opening, says Entersekt's Jennifer Singh.

Under the Illicit Cash Act, anti-money-laundering rules would be clearer — so banks would have no excuses for noncompliance.