Legal issues and news

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.

PCI has issued guidelines that are helpful, says PXP Financial's Koen Vanpraet.

Business e-mail compromise is a particular risk, says Nvoicepay's Josh Cyphers.

Sen. Pat Toomey, R-Pa., who would likely chair the Banking Committee if the GOP retains control of the chamber, signaled support for helping banks serve marijuana businesses. But he is skeptical of an anti-money-laundering bill backed by the industry and extensions of the Fed's pandemic programs.

Bad actors have taken advantage of the work-from-home shift and bank’s digital channels to increase AML risk, says Jumio's Robert Prigge.

The pilot leverages Keyno’s CVVkey technology that uses a dynamic card verification value 2 (CVV2) code to provide a higher level of security against fraud for online and mobile payments.

The pilot leverages Keyno’s CVVkey technology that uses a dynamic card verification value 2 (CVV2) code to provide a higher level of security against fraud for online and mobile payments.

If the GOP can hold its majority in the chamber, Sen. Pat Toomey, R-Pa., will likely become the panel's chairman. His ardent support for free-market principles could set up partisan clashes with Democrats over pandemic relief, money laundering rules and more.

Warren Buffett's company has been pulling back from the scandal-ridden bank as it prepares to unveil strategic changes.

New analysis from SentiLink showed that the industry may be more vulnerable to some fraud threats than it realizes.

With the increased shift toward digital payments, which has only been accelerated by the COVID-19 pandemic, manual data analysis and threat detection methods have failed to stop the fraudsters, says The ai Corporation's Oliver Tearle.

With time running out, industry actors are looking for ways to maintain the integrity of the infrastructure while recognizing a new banking framework following a no-deal Brexit, says GlobalSign's Arvid Vermote.

Former CEO John Stumpf agreed to pay a $2.5 million penalty to settle civil charges tied to the bank’s fake-accounts scandal. Former community bank head Carrie Tolstedt did not agree to a settlement and is now facing a lawsuit that alleges she committed fraud.

A former Fifth Third executive recently accused the company of failing to deliver on a promise to make him president because he’s in his mid-50s. The case offers important lessons in hiring and succession planning as the banking industry cuts costs and seeks out younger, digital-savvy managers.

Big financial institutions are worried that online wagers made with credit cards pose a heavy risk of money laundering. The possibility of tougher rules under the incoming Biden administration has only compounded their concerns.