KYC

Elliptic, a startup that monitors the bitcoin network for suspicious patterns, has introduced anti-money-laundering data into its service through a partnership with LexisNexis Risk Solutions.

Millennium Bank is said to have been the target of an enforcement action related to its work with the pot industry. The episode shows why many banks remain reluctant to serve the fast-growing cannabis industry.

The rules, meant to deter crimes like money laundering, offer banks and others a rare chance to gather valuable information that helps create personalized experiences millennials want.

Comments by JPMorgan Chase's Jamie Dimon have added fuel to the long-discussed idea of a national database that would make it easier for banks to vet customers for anti-money-laundering and other risks.

Along with publishing the long-awaited beneficial ownership rule, the Treasury and Justice Departments urged Congress to pass legislation to put the U.S. on par with foreign partners in the fight to curb the flow of illicit funds.

Requirements that banks share anti-money-laundering information should extend to fraud and cyber risks, to connect the dots between bad actors and their transfer of money.

De-risking can be curbed with tools that help lower the cost of complying with anti-money-laundering rules but do not sacrifice the effectiveness of controls.

Hypur, a startup seeking to help banks serve businesses deemed high compliance risks (e.g. marijuana), has recruited a former Department of Justice lawyer to help build credibility. Its signature product: a payments platform to replace cash transactions.

Recent prosecutions against lenders accused of usury violations will test the government's use of a law more commonly known in organized crime cases.

Banks should prepare for renewed scrutiny of their anti-money-laundering efforts in the wake of the headline-grabbing leak of the Panama Papers.

If you're ever wondered about the scope of risks facing your financial institution from "insiders" potentially involved in shell company dealings, the Panama Papers provide some insight.

Banking industry representatives immediately raised significant questions about Donald Trump's plan to block remittances to Mexico, including the appropriateness of using financial institutions as a tool to carry out immigration policy, as well as how the policy would be executed.

Model legislation in the works would give state legislatures a template for regulating virtual currency businesses. The Treasury is lobbying against clear exemptions for firms that don't control customer funds.

Banks have to know a lot about their customers, who generally trust them to keep personal information secure. Who better to serve as digital identity providers in a post-password world?

The way we verify people are who they say they are must evolve to reflect new technologies like peer-to-peer platforms and the Internet of Things and the ways millennials live and work.

There are good, bad and ugly stories about how marijuana entrepreneurs deal with taxes and other financial management issues while having little access to banking services.

Inefficient, paper-bound processes, oligopolies that can charge high prices, the Rube Goldberg structure of correspondent banking, and excessive regulation all make it expensive for migrants to send money home. Technology is a big part of the answer.

The marijuana industry is still hampered by its own banking crisis, but the rigidity of federal laws is not stopping all advances in financial services for the sector.

The Federal Housing Finance Agency may face legislation or a lawsuit in the near future as it tries to force captive insurance companies to exit the Federal Home Loan Bank System.

International money transfers have not enjoyed the improvements in transparency and cost that are benefiting other products. That must change to move the remittance market forward.