Legal issues and news

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.

From the threat of cyberattacks to discriminatory lending practices, banks need to pay close attention to a number of significant challenges.

J.P. Morgan Chase Bank N.A. was sued by a unit of the French maker of Ray-Ban glasses, which claims the bank ignored red flags as international cybercriminals drained $272 million from its New York bank account.

The industry is preparing for a grueling federal rulemaking process to implement the Corporate Transparency Act, which was intended to streamline anti-money-laundering compliance. Analysts say the devil will be in the regulation’s myriad details.

Fraud has evolved to defeat existing federal Customer Identification Program requirements. It’s time for regulators to modernize them.

Anchorage Digital Bank has an inadequate AML compliance program and will have to create a committee within 15 days to develop a remediation plan and submit progress reports, according to the Office of the Comptroller of the Currency.

The U.K. seized 2 million pounds ($2.61 million) from a London-based fintech firm, saying that the funds were linked to a $150 million U.S. wire fraud conspiracy.

The annual event, while not specifically tied to the war in Ukraine, could prove to be opportune for financial institutions.