Legal issues and news

A bipartisan group of senators Tuesday urged the Treasury Department and the Financial Crimes Enforcement Network to speed up implementation of the Corporate Transparency Act. It's only the latest of several efforts by lawmakers urging regulators to move faster since Fincen missed the statutory implementation deadline in January.

Launch Credit Union claims it reduced fraud by 97% after adopting a real-time solution in 2020.

Angela Garcia, who was accused of embezzling $69,000 from the Georgia bank, has been banned from the banking industry.

Financial losses stemming from sanctions and the threat of cyberattacks are just some of the major concerns from across the industry.

The card network is making new security tools part of its expansion into non-payment services, hoping it can combat fraud that comes from its own account holders.

Although the number of scam attempts is falling, especially in financial services, costs are up, data shows.

Financial institutions need to begin sharing profiles of fraudsters posing as legitimate customers. The technology to do it securely is already available.

The number of suspicious activity reports involving cryptocurrency topped 90,000 in 2021, according to the Financial Crimes Enforcement Network. The reason for the uptick may be that crypto is becoming more mainstream.

A former JPMorgan Chase currency trader must spend eight months behind bars after a federal appeals court on Monday refused to overturn his sentence for plotting to manipulate European, Middle Eastern and African currencies. 

Citigroup has been released from a 2012 enforcement action that faulted its anti-money-laundering efforts. But company executives are expected to spend a lot of time over the next few years seeking to resolve a pair of more recent consent orders.

A JPMorgan Chase financial advisor filed a federal workplace complaint accusing the bank of harboring a culture of “unchecked greed, avarice and misogyny” and undermining her by excluding her from client meetings and taking away her resources.

Deutsche Bank's offices in Frankfurt are being searched by law enforcement authorities over reports about potential money laundering that were filed by the lender.

Acting Director Himamauli Das acknowledged concerns from Democratic lawmakers that Fincen was moving too slowly to implement beneficial ownership rules but said the agency "will likely continue to do so, because our budget situation has required us to make significant trade-offs among competing priorities.”

Whether state-sponsored or masterminded by a 16-year-old, data breaches have become a major cause for concern across the banking world.