Legal issues and news

Fraudsters have increasingly targeted financial services, online dating sites and social media since the end of the holiday season.

Fraudsters have increasingly targeted financial services, online dating sites and social media since the end of the holiday season.

A Greek-led organized crime group that stole more than $14.4 million from U.S. banks has been dismantled in a cross-border operation by three international law enforcement agencies.

A federal judge denied the Office of the Comptroller of the Currency's motion to have the case thrown out, saying concerns about the agency's rulemaking process to reform the Community Reinvestment Act have merit.

The company also reported a large fourth-quarter loss that reflected a significant increase in its loan-loss provision.

Come away better prepared for what’s ahead after hearing Satish Kini and David Sewell of Debevoise & Plimpton and Darin Jarrett, Deputy BSA/AML Officer at American Express, in conversation with Bonnie McGeer, Executive Editor of American Banker, as they explore: •How the new administration might change the BSA/AML Act •Are there easy wins in relieving the burden of suspicious activity reports without undermining effectiveness? •New ways that companies are innovating within AML compliance and risk •What banks are doing to drive next-gen efficiency and effectiveness of risk and compliance

Compliance is expensive and complicated, though there are some emerging solutions, says Adflex CEO Pat Bermingham.

The most likely picks for comptroller of the currency have pushed tech-driven approaches to financial inclusion and anti-money-laundering, and would bring new perspective to regulating cryptocurrencies.

The most likely picks for comptroller of the currency have pushed tech-driven approaches to financial inclusion and anti-money-laundering, and would bring new perspective to regulating cryptocurrencies.

By holding themselves accountable and following smart standards, organizations will be able to provide consumers with strong security and peace of mind the next time they swap those paper menus for a set of scannable squares on their phone, says Nok Nok's Phil Dunkelberger.

The Maryland company agreed to improve its risk and compliance controls, estimating that it will cost $2 million to make changes.

The agency has amassed more in fines than it has returned to wronged customers. With Democrats now in power, some hope the bureau will allocate the unused money more aggressively.

Marie Fulle was ordered to spend nearly three and a half years in federal prison and pay $1.09 million in restitution for stealing money from an elderly customer with dementia.

PaymentSource's Daniel Wolfe sits down with Carey O'Connor Kolaja, AU10TIX's new CEO to discuss the rise in synthetic fraud, the fastest-growing financial crime, and how payments security has been changed by the pandemic.

Former Fed Chair Janet Yellen told senators that as Treasury secretary she would create a “hub” to examine the effects of a changing climate on financial institutions and create a database of companies' true owners as required by a recent anti-money-laundering bill.

E-commerce merchants may need more data to ensure they are not turning down sales from first-time online shoppers.

The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was later shut down.

Tier1 Financial Solutions says the acquisition will give it access to midsize financial institutions and that Alessa's product will improve onboarding for Tier1's clients.

Fake card numbers are 'tested' at online sites for validity, producing real and dangerous results, says Acqra Limited's Jessica Lenung.