Legal issues and news

The 2020 elections buoyed hopes that Congress would finally make it easier for financial institutions to serve cannabis businesses. But Democrats’ push to decriminalize marijuana — a nonstarter for most Republicans — threatens the more targeted effort.

The Maryland company is closer to addressing claims it lacked sufficient controls under its previous management.

Modern payment processors using AI to interpret and analyze trends and point-of-spend data can detect fraud across ecommerce in real time and provide that knowledge onwards to the bank just as quickly, says Paymentology's Abe Smith.

The company paid Driver Opportunity Partners nearly $10 million for the shareholder's stock and to resolve a longstanding legal battle.

Credit unions are warning members that fraudsters are trying to prey on them by asking for data in exchange for appointments that turn out to be bogus.

Financial crime isn’t going away, and it’s growing worse all the time. That’s why institutions need to move at the speed of fraud, says Quantexa's Clark Frogley.

The single-use element of virtual cards deters hacking, says Nvoicepay's Kristin Cardinali.

Transaction fraud and money laundering are typically siloed areas within banks, but both require a keen eye to finding the right patterns.

Two people were charged with using a New York state employees credit union to process more than $1 billion in suspect financial transactions while failing to file suspicious activity reports or maintain adequate anti-money-laundering controls.

The growth in e-commerce has opened new avenues for crooks, with better tech, compliance and educated consumers needed, says Ecommpay's Paul Marcantonio.

Call center data security and compliance provider Semafone has entered a global reseller partnership with cloud-based communications company Avaya to help secure \work-from-anywhere call center models.

As Fincen implements an anti-money-laundering law requiring businesses to add their beneficial owners to a new database, bankers worry they'll still be on the hook to provide that information on behalf of customers for some time.

As more states legalize online gambling, the credit union is preventing members from using their credit and debit cards on those sites. Others could follow its lead.

CMSPI estimates that retailers lost about $30 billion in potential online sales last year from e-commerce transactions that were declined for a variety of reasons including fraud, insufficient funds, technical problems and errors.

Revlon lenders that received more than half a billion dollars in accidental payments from Citigroup are asking a judge to free up the money he’s already ruled is theirs to keep.

Forter has joined the Adobe Exchange Partner program, enabling Magento Commerce merchants to reduce false declines and block fraud attempts.

After Wells Fargo became the first of the largest U.S. banks to do away with mandatory arbitration for sexual harassment complaints last year, Goldman Sachs Group is being urged to take steps in the same direction.

There are new regulations to address, but many requirements streamline current AML practices, says Mark Srere, an attorney at Bryan Cave Leighton Paisner.

Citigroup hired Ken Blanco, the director of the Financial Crimes Enforcement Network, as chief compliance officer of its newly created financial crimes unit.

One particular type of scheme, swapping, involves thieves stealing and replacing cards before the consumer is aware, says The ai Corporation's James Crawshaw.