Legal issues and news

Bank of America is under investigation in connection with its role as the administrator of a state program that was rife with fraud. The fiasco is one of several involving the prepaid card industry over the last 12 years.

Amid Russia’s invasion of its neighbor, cybersecurity officials are warning about the potential for an unconstrained cyberattack on targets in Ukraine to spread around the globe.

Canadian banks have frozen just over 200 accounts under emergency powers invoked by Prime Minister Justin Trudeau that are meant to end protests in Ottawa and at key border crossings, a government official said this week.

Banks are still seeking clarity from law enforcement on how to handle the alleged protesters’ accounts. Finance Minister Chrystia Freeland said some accounts have already been frozen as part of a financial crackdown on those accused of paralyzing the nation's capital.

Coinbase Global, Gemini Trust and Robinhood Markets are among firms helping to build a platform to comply with a U.S. money laundering rule as crypto and financial technology companies seek to satisfy existing requirements and head off stricter oversight.

Faux love interests have netted more than $1 billion from victims in the past five years. Here's what banks can do to shield account holders from fraudsters.

The registry created by the law — whose implementing rules are being written now — is worse than useless, pairing unverified data with severe penalties for misuse. It will confuse bankers, burden small businesses and embolden crooks.

In many cases, it's as difficult to move money as it is to move products around the globe. Firms like Rapyd and BNY Mellon are trying to ease concerns that businesses have about automating payments, with a goal of reducing friction in an increasingly complex global economy.

The Federal Trade Commission recently issued an advisory opinion that could make it easier for consumers to recover their legal costs from banks in situations where they were defrauded by a car dealer.

The Knoble, a nonprofit, is bringing together bank financial crime experts, law enforcement officers and the tech company Prove to help identify criminals and their victims in Los Angeles.

European regulators are telling the region’s banks to keep a close eye on potential hacking attacks as tensions with Russia rise over Ukraine.

The U.S. Treasury Department defeated a blue-state challenge to a rule that exempts buyers of high-interest loans from state interest rate caps.

Ilya Lichtenstein and his wife, Heather Morgan, were arrested for allegedly masterminding the 2016 scheme. They are scheduled to appear at federal court in Manhattan Tuesday afternoon.

R. David Yost and his soon-to-be-former son-in-law are slugging it out in court over allegations of tax evasion.

Stephen Calk had argued against incarceration, while prosecutors asked for 51 to 63 months behind bars. The ousted bank CEO was convicted of approving $16 million of loans in exchange for Paul Manafort’s help in landing a job in the Trump administration.

The U.S. Treasury Department is looking more closely at potential money laundering and the financing of terrorism through trading high-value art.

The wirehouse and its attorney “manipulated the arbitrator selection process” and “introduced perjured testimony,” according to the ruling.

A Citigroup employee says she provided U.S. regulators with information that led to the bank's paying a $400 million fine. Now, she wants the judge to award her a share of the penalty.

The CEO of Hong Kong's securities regulator said the bank's failures "exposed a culture that encouraged chasing revenue at the expense of basic standards of honesty."