KYC

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.

The bank sought to evade the consequences of compliance failures including weak scrutiny of transactions that could be tied to North Korea, the N.Y. banking superintendent said in demanding access to communications between the bank and its new supervisor, the OCC.

Deadlines imposed by U.S. and EU regulators are giving banks intercontinental whiplash.