Financial crimes

Banks would be better able to comply with anti-money-laundering laws if all 50 states collected information on the owners of new corporations and published it in a national database, Comptroller Joseph Otting said Monday.

A Wells Fargo customer was interrogated, fingerprinted and mistakenly arrested for check forgery after a series of mistakes on the bank's part. He was cleared, and Wells says it made an error, but they are now fighting in civil court.

Advancements are bringing improvements to risk and user experience, but global reach remains a top priority, writes Marc Recker, global head of institutional market management and cash management for Deutsche Bank.

Regulators placed the $3 billion-asset institution into conservatorship less than a year after the New York City-based CU fired President and CEO Kam Wong in the wake of embezzlement charges.

Financial advisory firm hopes to double in size in three years leveraging Goldman’s resources; bank had about £1 billion worth of orders.

National Credit Union Administration Chairman Rodney Hood’s testimony Thursday was reportedly the first time in three years the agency has appeared before the House Financial Services Committee.

Edward Rostohar, who was CEO of CBS Employees Federal Credit Union, could face up to 15 years in prison following a $40 million scheme that brought down the institution.

A federal judge has given preliminary approval to the proposed settlement of a lawsuit under which insurance companies have agreed to pay $240 million for losses the San Francisco bank incurred from the widespread opening of fake accounts.

Royal Bank of Scotland and JPMorgan Chase were also among the five banks that agreed to pay fines for colluding on foreign-exchange trading strategies.

Agency says it will vet Timothy Sloan’s successor; Eric Blankenstein, who came under fire for 2004 racist blogs, to step down.