Legal issues and news

Bci Miami is one of the first banks in the U.S. to publicly acknowledge using AI this way, when many still consider the technology to be new, risky and unsanctioned by regulators.

A mortgage fraud scheme involving fake employment records, initially thought to be contained to Southern California, is occurring statewide, Fannie Mae said in a new fraud alert.

U.S. authorities are forced to take action on some shady dealings up north; the Systemic Risk Council says weaker capital rules could deflate bank equity.

Real-time graph technology and analytics offer a rare opportunity to revolutionize the entire field of AML in banking and financial services. It will become the industry best practice in the near future and may well become part of the regulatory expectations, according to Gaurav Deshpande, vice president of marketing at TigerGraph.

In alleging former CEO Alan Kaufman breached his fiduciary duties to the NYC-based credit union, NCUA is seeking penalties of $4.5 million.

The marketplace lender recorded an impairment charge tied to the acquisition of a specialty lending business and is still being hit with costs stemming from the scandal that toppled its previous CEO.

The former Trump campaign chair got $16 million in mortgages from The Federal Savings Bank. His trial is shedding new light on what the bank's CEO allegedly received in return.

UniCredit SpA stopped using Facebook Inc. for advertising, alleging the media giant hasn’t acted ethically, a move other large companies have also threatened to make.

But data privacy is likely to deter banks from partnering with the social media company; the online listings company wants to "reshape" the market.

Given how much financial activity occurs every second, every day, it’s important for banks and financial organizations to develop a robust AML strategy that is effective in stopping fraudsters in their tracks, according to Gaurav Deshpande, vice president of marketing at TigerGraph.

The bank's predicament suggests that the Trump administration's hard-line stance on immigration can cause headaches for financial institutions.

The unnamed customer, who was on a list of suspects involved with weapons of mass destruction, used an HSBC credit card to make 12 payments in the second quarter, the company told shareholders Monday.

Bankers at Sonoma Valley Bank were convicted of bank fraud, money laundering and other offenses.

Six months after the Federal Reserve put Wells Fargo on a strict diet — no more growth until it cleans up its act — shareholders are finding it’s not so bad.

A legal battle is being waged between a U.S. bank and its insurer over the insurer’s refusal to pay out on a cyber policy, in the wake of hacks on the bank which led to a loss of over $2.4 million. The case flags the problems of insurance in the fast-moving world of digital security.

The $2.1 billion settlement is likely to be the last of the big toxic mortgage cases from the financial crisis; the move pressures rivals to lower prices.

The agreement was likely the last of the big cases to be cleared by the Justice Department, and Wells paid less than its peers did to resolve the lingering mortgage probes stemming from the meltdown.

Ten years after faulty mortgages upended the global financial system, Wells Fargo agreed to pay $2.09 billion to settle a U.S. probe into its creation and sale of loans that contributed to the disaster.

Wire and other payments fraud affected a record number of businesses last year, and the FBI is warning in particular about real estate scams.

The former SoFi CEO raises funds for his new venture despite recent admissions about dating employees; female employee says Mel Watt harassed her.