KYC

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.

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.

Bank of America and several other large U.S. financial services companies, as part an effort organized by the Thomson Reuters Foundation and Western Union, have published resources to help smaller banks spot signs of forced labor and kidnapping.

IBM claims that by monitoring customer behavior first and foremost, banks can make suspicious activity reporting far more accurate.

The bank's predicament suggests that the Trump administration's hard-line stance on immigration can cause headaches for financial institutions.

Bankers should resist the urge to skirt financial regulations, including know-your-customer and lending standards, to make a sale. The danger of penalties and a possible reputational hit is too great.

Theft and money laundering are both thriving in the crypto world, according to a report released Tuesday by CipherTrace.

The House Financial Services Committee was scheduled to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information.

The legislation unveiled this week left out a requirement — included in an earlier version — for new companies to report their true owners.

The House Financial Services Committee is preparing to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information.