Legal issues and news

Bank of America is under investigation in connection with its role as the administrator of a state program that was rife with fraud. The fiasco is one of several involving the prepaid card industry over the last 12 years.

Amid Russia’s invasion of its neighbor, cybersecurity officials are warning about the potential for an unconstrained cyberattack on targets in Ukraine to spread around the globe.

Canadian banks have frozen just over 200 accounts under emergency powers invoked by Prime Minister Justin Trudeau that are meant to end protests in Ottawa and at key border crossings, a government official said this week.

Banks are still seeking clarity from law enforcement on how to handle the alleged protesters’ accounts. Finance Minister Chrystia Freeland said some accounts have already been frozen as part of a financial crackdown on those accused of paralyzing the nation's capital.

Coinbase Global, Gemini Trust and Robinhood Markets are among firms helping to build a platform to comply with a U.S. money laundering rule as crypto and financial technology companies seek to satisfy existing requirements and head off stricter oversight.

Faux love interests have netted more than $1 billion from victims in the past five years. Here's what banks can do to shield account holders from fraudsters.

The registry created by the law — whose implementing rules are being written now — is worse than useless, pairing unverified data with severe penalties for misuse. It will confuse bankers, burden small businesses and embolden crooks.

In many cases, it's as difficult to move money as it is to move products around the globe. Firms like Rapyd and BNY Mellon are trying to ease concerns that businesses have about automating payments, with a goal of reducing friction in an increasingly complex global economy.

The Federal Trade Commission recently issued an advisory opinion that could make it easier for consumers to recover their legal costs from banks in situations where they were defrauded by a car dealer.

The Knoble, a nonprofit, is bringing together bank financial crime experts, law enforcement officers and the tech company Prove to help identify criminals and their victims in Los Angeles.