Legal issues and news

Bank agrees to pay $97 million as DOJ drops criminal charges involving money laundering at Citi uni; digital currency price roars past $2,200 as Japanese catch the bitcoin bug.

David McLaughlin, founder and CEO of QuantaVerse, discusses how artificial intelligence can improve anti-money-laundering compliance; the problems of de-risking and "defensive filing" of suspicious activity reports; the Clearing House's proposal to reduce banks' AML costs; and more.

Banamex USA will pay $97.4 million to the Justice Department over widespread anti-money-laundering abuses.

The case, PHH Corp. v. CFPB, is being watched closely because depending on the outcome, it could give President Trump the power to immediately fire Richard Cordray, the CFPB's director.

The U.K.’s Payment Systems Regulator is escalating its inquiry into the role banks play in preventing money-transfer scams where consumers are tricked into sending funds to fraudsters.

The Trump administration’s examination of Dodd-Frank Act powers to allow regulators to seize and unwind a failing megabank is drawing criticism from supervisors at home and abroad.

The Trump administration must weigh risks to national security in its review of the $1.2 billion deal. Its decision will shed light on whether — given the president’s “America First” rhetoric — Chinese investment is still welcome in the U.S. financial services sector.

Family Savings CU helped police catch a suspect in a crime spree worth more than $43,000, but analysts say card skimming remains so pervasive that it may be nearly impossible to stop.

Bradley Linskens, the former top examiner of Wells Fargo at the Office of the Comptroller of the Currency, sued the agency Tuesday over records requests he had made related to his removal earlier this year.

The former New Jersey mutual is stepping up efforts to court bigger commercial clients. The move will help Investors diversify its loan book and deploy capital while it is barred from buying banks.

Advocates for the cannabis industry took to Capitol Hill on Wednesday to lobby for bank protections that would help legitimize the industry and give it access to financial services.

State regulators felt they were strung along by the mortgage servicing giant Ocwen Financial after years of promises that were never fulfilled, resulting in successive enforcement actions against the company.

New York established the nation’s first cybersecurity regs for FIs, but the recent WannaCry ransomware attacks provide lessons for CUs well beyond the Empire State.

Up-to-date operating systems, anti-phishing tools and good backup should keep banks and CUs safe from ransomware. Can your institution check off those boxes?

Up-to-date operating systems, anti-phishing tools and good backup should keep banks safe from ransomware. Can your bank check off those boxes?

The laws that force banks to know their customers are good at catching petty criminals and “wannabe” terrorists, but can’t thwart sophisticated bad actors, argues whistleblower Edward Snowden.

President Trump’s aim to scale back financial regulations may make it easier for student loan borrowers to maintain federal class actions.

The U.S. shift to EMV technology has dramatically reduced levels of counterfeit card fraud, but merchants and the card networks are divided on whether it caused the expected shift of fraud to digital channels.

The regulator said that the Bank of Lake Mills, Freedom Stores and Military Credit Services violated the FTC Act.

There's an outbreak of email and telephone hoaxes in France falsely attributed to the country's central bank, as criminals multiply attempts to steal credentials from French companies and consumers, the Bank of France said.