Legal issues and news

Facebook Inc. housed dozens of cybercriminal groups that set up shop on the platform as online marketplaces to sell a variety of illegal services, such as stolen credit card information, account theft and spamming tools, a team of researchers found.

Commercial Bank of Ivanovo, in which former North Carolina Representative Charles Taylor owns an 80% stake, regularly broke anti-money-laundering regulations and used “schemes” to artificially inflate its capital, according to a central bank statement.

The number of IoT devices is growing quickly, but not all are properly connected to security systems, according to Pip Courcoux, sales and product manager for CLIQ Systems at Abloy UK.

As more stores either close down or try to ban the use of cash, they aren't necessarily driving cash users to cards and mobile wallets. Instead, they are driving some to an environment that is, counterintuitively, more cash-friendly than ever: e-commerce.

Compliance officers should demand better means to quickly gather, organize, and view data regarding accounts and transactions that may be partaking in financial crime, argues Elsa Chan, head of Americas for ComplyAdvantage.

System breaches similar to events at Equifax and Marriott could just as easily happen to credit unions, leading Mastercard and the credit union service organization, PSCU, to take protective measures.

The Massachusetts senator introduced legislation Wednesday that would require executives of large corporations to serve jail time when their companies commit crimes, including for violations of civil law.

American Banker won 11 journalism awards during the past week, including its first Grand Neal, the highest of the honors announced at this year's Jesse H. Neal business journalism awards.

Edward Rostohar was arrested after his wife informed authorities he stole from CBS Employees Federal Credit Union and was preparing to flee the country.

The bank's decision to select its general counsel as successor to Tim Sloan, albeit on a temporary basis, focused attention on its frayed relationships with the Federal Reserve and the OCC.

The chairwoman of the House Financial Services Committee said Tim Sloan's resignation as CEO was "long overdue" but that other executives and directors should be removed as well.

CUSO Financial Services, which was acquired by Atria Wealth Services in 2017, is being sued for allegedly violating FINRA rules.

The pair subject to the regulator's March prohibition orders both pleaded guilty and were ordered to pay more than $320,000 in restitution, among other punishments.

The bank said it will look outside the company for a replacement; HUD alleges the social media giant allowed real estate firms to target groups in their advertising.

Tim Sloan couldn't hang on any longer. Here are insights about why he left now, what role policymakers played in the decision and will continue to have in the company's future, and who in the world would want to lead Wells Fargo.

Swedbank fires its CEO as New York State DFS probes alleged money laundering; the underperforming unit will be overseen by CEO Jes Staley.

MoneyGram is investing more time and technology in helping law enforcement agencies spot the scammers moving money on its network.

Users don’t have all the tools they need to ensure the security of their mobile devices, so it’s all the more important for providers of mobile financial services to help users by hardening mobile apps with technology, writes Samuel Bakken, senior product manager at OneSpan.

Mainstream firms are joining the push to let cannabis firms use banks; the companies say they can help banks make lending decisions quicker.

First it was the signatures. Now the biggest U.S. banks could be looking to get rid of card numbers, too.