KYC

Bills to fix the National Flood Insurance Program and combat the money-laundering risks from shell companies enjoyed bipartisan support during a House Financial Services Committee debate.

The good news for financial firms is Congress has moved closer to reforming anti-money-laundering rules. But left behind in the effort is the reform most coveted by the industry.

Democrats pressed law enforcement on whether senior Deutsche Bank executives quashed suspicious activity reports filings related to President Trump.

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.

Rep. Carolyn Maloney said Tuesday that her legislation aimed at restricting anonymous shell companies could get a vote in the Financial Services Committee as early as the end of June, after consideration was postponed last week.

House lawmakers postponed a committee vote on legislation to require beneficial ownership disclosures, nearly a year after a different anti-money-laundering bill stalled over a similar provision.

Lawmakers are poised to advance a bill requiring that commercial customers identify their beneficial owners — taking that burden away from their financial institution — but the anti-money-laundering reform arguably most favored by banks has fallen off the radar.

A new study shows credit unions are confident about their ability to comply with recent changes to FinCEN guidance, but a closer look shows some concerns linger, especially regarding training front line staff.

A recent study shows credit unions are likely to be increasingly reliant on vendor partners if they want to maximize efficiency and security in the account-opening process.

The objectives of a Financial Crimes Enforcement Network rule requiring financial institutions to collect “beneficial ownership” details are laudable, but the regulation can be subverted by unscrupulous customers.

Bank and credit union regulators issued a statement giving institutions the go-ahead to try artificial intelligence and other emerging tech to detect money laundering. It's just what some institutions have been waiting for.

As Congress weighs Bank Secrecy Act reforms, some worry that reducing suspicious transaction filings would be a gift to criminals.

Four members of the Senate Banking Committee are trying to reach a compromise on legislation to revamp Bank Secrecy Act procedures after prior legislative efforts failed.

Four members of the Senate Banking Committee are trying to reach a compromise on legislation to revamp Bank Secrecy Act procedures after prior legislative efforts failed.

The credit card company's filings mirror patents Bank of America, Barclays and TD Bank have submitted in the past two years that focus on how funds transfers and data security would augment blockchain technology.

The idea of digitizing cashier's checks is likely to meet resistance, but the Swiss startup says at least two U.S. banks are already showing interest.

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 data strategy at Citizens Bank takes "know your customer" to another level, as Chief Marketing Officer Beth Johnson explains.

Australian credit unions can teach American CUs a thing or two about effective use of blockchain and know-your-customer strategies.