Legal issues and news

The bank was fined $150 million for anti-money-laundering violations because it missed — or ignored — numerous red flags in its dealings with the convicted sex offender. Here's what it should have done differently.

A former vice president in JPMorgan Chase’s anti-corruption unit claimed in a lawsuit that she was marginalized, mistreated and fired from the bank for complaining about compliance failures.

The Cooperative Bank in Massachusetts is working with the tech startup Carefull to monitor accounts for signs that older clients are being swindled by scammers — including people close to them.

Mary Mack testified last week about the cultural problems she encountered after joining the bank's consumer unit in 2016. Recalling small group meetings she held with employees, she said: "People would stand up, and they were fearful."

A former Wells Fargo investment advisor stole nearly $3 million from clients and used the money for personal expenses and to buy gold coins, federal prosecutors said.

The California bank sued a former executive for allegedly taking trade secrets and using them to build a rival fintech. A recent interim ruling frees Aeldra Financial to move ahead with fundraising while the case continues.

Account takeovers and ATM skimming are rampant in cities like Las Vegas and New York. Meanwhile, scammers are targeting travelers as they attempt to pay airlines, cruise ships, car rental companies and hotels.

NatWest Group could face a fine of several hundred million pounds from the U.K.’s financial watchdog after pleading guilty to three criminal charges of money laundering.

The levy targets large financial institutions as a source of revenue. Industry groups argued that it discriminates against out-of-state banks, but the Washington Supreme Court disagreed.

In many cases, stopping fraud in the moment is costly — and any transactions a bank flags incorrectly could alienate its best customers, a Bangor Savings Bank executive said at American Banker's Card Forum.

Wells Fargo reached a settlement with the U.S. Justice Department over claims it overcharged commercial customers who used the bank’s foreign exchange services.

President Biden urged a group of chief executive officers to help improve cybersecurity across the nation’s critical infrastructure and economy, citing a lack of trained professionals to adequately protect the U.S.

Square, the mobile payments company, has joined with other tech companies in a cross-licensing platform to reduce patent lawsuits over cryptocurrency and promote the growth of digital currencies.