Legal issues and news

“If you get your credit decisions right and you manage fraud well, you can run a very efficient bank. That’s an area where AI is very applicable,” Toronto-Dominion Bank's chief AI officer says.

A defense spending package includes a measure requiring new businesses to report their beneficial owners directly to the Financial Crimes Enforcement Network, shifting the burden away from banks.

Brooklyn-based federal prosecutors will staff a new task force to investigate and charge corporations and individuals who use the U.S. banking system to launder money, setting up a bigger role in white-collar cases that have historically been dominated by their Manhattan counterparts.

Crooks are hiding payment skimmers within plain sight on retailer websites, using social contact buttons in a way that's hard for security protection to spot.

A trial to get underway this week over one of the biggest banking errors in recent memory will be closely watched on Wall Street, and its outcome could have a significant impact on the industry.

Improving data management can also help future-proof data infrastructure and put the appropriate protections in place before it’s too late, says Cohesity's Michael Letschin.

AI can add an extra layer that's hard for fraudsters to beat, says Nuance Communications' Simon Marchand.

There’s no escaping fraud during one of the merriest months of the year as cyber thieves are busy trying to make their own wishes come true.

With the globe pivoting to e-commerce during the ongoing coronavirus pandemic, an array of new opportunities have arisen for fraudsters, and merchants have found themselves being increasingly hit by different forms of chargeback fraud.

Using AI can manage both privacy and security as part of AML reform, says Giant Oak's Gary Shiffman.

The regulator issued prohibitions for former credit union employees in Virginia and Connecticut.

As the pandemic continues to expose vulnerabilities, executives need to alter and reshape their risk management strategies with purchase to pay in mind for future success, says Proactis' Jan van der Pouw.

Organizations need complete control over which network access privileges are assigned to each user or role, says Pulse Secure's Rene Papp.

The Office of the Comptroller of the Currency says JPMorgan Chase’s fiduciary unit lacked sufficient controls to manage risk and avoid conflicts of interest.

The president-elect has legal backing to fire Director Kathy Kraninger thanks to a recent court ruling, but Republicans are prepared to challenge his ability to choose her successor.

Banks are responsible for reporting their business customers' beneficial owners, but a bill that would shift that anti-money-laundering duty to businesses themselves has been added to a must-pass defense spending package.

Bankers must identify money launderers and traffickers, and yet although not precluded, the current legal framework actually limits the sharing of data about potential suspicious activity and customers between institutions, says Giant Oak's Gary Schiffman.

E-commerce fraud prevention provider Forter has raised $125 million in a Series E funding round, pushing the New York-based company's valuation to more than $1.3 billion.

The Ohio company will benefit after settling unpaid judgments tied to nonperforming loans at a bank it bought before the last financial crisis.