Legal issues and news

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.

While fintech's advancement creates a pathway for innovation, it also expands exposure to unintended risk, says Flywire's Mike Massaro.

Driver Management will try for a second straight year to gain a board seat at First United.

U.S. financial institutions should prepare for potential new regulations around data privacy and protection, digital identity verification and the use of biometrics, says OneSpan's Michael Magrath.

Some of the world’s biggest banks are urging a U.S. judge not to immediately terminate Libor after a group of borrowers filed suit claiming the benchmark was the work of a “price-fixing cartel.”

Congress acted first when it freed financial firms from having to disclose the beneficial owners of commercial clients. Now it's time for regulators to further ease anti-money-laundering reporting requirements by freeing them from filing duplicative or unnecessary suspicious activity reports.

The widespread shift to e-commerce and touchless payments during the pandemic has escalated fraud risk in those channels, including the possibility of fraudsters combining altered photos with synthetic ID, Experian warns.

The credit reporting firm has been building out its identity and fraud protection business for existing customers, which include many of the world’s largest banks and telecommunications companies.

Security firm Intezer Labs is warning consumers using cryptocurrency wallet apps that a new malware strain is attacking and draining those wallets of crypto assets.

Congress acted first when it freed financial firms from having to disclose the beneficial owners of commercial clients. Now it's time for regulators to further ease anti-money-laundering reporting requirements by freeing them from filing duplicative or unnecessary suspicious activity reports.

With the advances in technology and digitization, and evolving security threats, it’s time for smarter, more robust authentication methods, says Entersekt's Dewald Nolte.

The Office of the Comptroller of the Currency terminated a 2015 consent order that required the bank to improve its controls for combating money laundering.

The CFPB issued two rulemakings in 2020 that the financial services industry and consumer advocates hoped would finally clarify key issues over how collectors contact debtors and deal with legacy debts. But both sides want the incoming Biden administration to make further changes.

The events of 2020 fueled new customer expectations, accelerated digital transformation and allowed B2B companies to react and deliver. But customers’ changing expectations are not going to disappear, says MSTS' Brandon Spear.

With the new Congress sworn in, trade associations are already pushing their legislative wish lists, including more regulatory oversight of fintechs and protecting the industry's tax exemption.

Congress's enactment of the defense spending bill opposed by the White House removes the final hurdle for a key anti-money-laundering provision.

In December, the National Credit Union Administration barred the individuals from working in the financial services sector for taking money from their institutions for personal use.

An impasse over pandemic relief checks for Americans is holding up an override of President Trump's veto of a bill shifting beneficial-owner requirements from banks to their commercial clients.