Financial crimes

New York's new AML rules clarify how institutions should monitor transactions and screen sanctions lists issued by the US Office of Foreign Assets Control (OFAC). But critically, it goes a lot further, writes Sophie Lagouanelle, Head of Solutions at Accuity.

Kam Wong has been accused of submitting requests for fake expense reimbursements when he ran Municipal Credit Union.

As silos complicate know your customer compliance and onboarding, low-code technology can provide a boost, according to Reetu Khosla, global head of life-cycle management and KYC for Pegasystems.

The regtech firm Arachnys, which recently raised $10 million from QED Investors and others, draws from a collection of 23,000 data sources to help banks protect themselves from money launderers and other criminals.

The company is offering short-term installment loans to its clients’ customers; even institutions not accused of wrongdoing may pay a price.

In seeking to make make ING the most digitally advanced lender in Europe, CEO Ralph Hamers' motto has been to "disrupt yourself before a competitor does it first." It's safe to say the tumult at the company during the last few weeks isn't what Hamers had in mind.

Profits at big banks should be solid if not spectacular; the Vermont senator proposes a hard cap on assets held by the biggest banks.

The agencies issued a joint statement on the types collaborative arrangements that a bank could employ to make BSA/AML compliance more efficient.

A former Ocwen Financial executive is settling Securities and Exchange Commission charges that he engaged in insider trading related to his company's dealings with Altisource Portfolio Solutions following a CFPB enforcement action and its upcoming merger with PHH Corp.

In September, the National Credit Union Administration barred five people from the industry, including one individual who was accused of working to embezzle more than $1 million.

Sen. Warren proposes a bill that would extend the law to credit unions while stiffening penalties; the Spanish bank taps UBS’s Andrea Orcel.

The plan identified five risk areas — including cybersecurity — that will be on the agenda for agency examiners next year.

Large retailers want the right to reject rewards cards at the point of sale to avoid higher swipe fees; Germany's financial regulator appoints an auditor to monitor the Deutsche Bank's progress.

The comments by Tim Sloan, 58, came after reports that the Wells board may be looking to replace him.

The Danish bank updates amount laundered; Goldman near deal for its Simon app.

The New York Post reported Wednesday that Wells Fargo board members met with Trump White House alum Gary Cohn about becoming the bank's next CEO, but were rebuffed. Here's what to conclude from the article.

The comments came on the same day that Denmark’s largest bank announced the resignation of CEO Thomas Borgen and said that as much as $234 billion flowed through its tiny Estonian unit between 2007 and 2015.

The Danish bank found more than $200 billion of suspicious deals at its Estonian branch; merchants can opt out of the deal as another case on network rules continues.

The payments, which total more than $10 million, stem from a 2017 settlement with the Federal Trade Commission. The agency charged that NetSpend deceived consumers by advertising that they could get immediate access to their funds.

Marianne Lake could be JPM’s eventual choice to succeed Dimon; three agencies investigating money laundering allegations against Danske Bank.