Legal issues and news

Banks have to know a lot about their customers, who generally trust them to keep personal information secure. Who better to serve as digital identity providers in a post-password world?

WASHINGTON – Four Democratic senators sent a letter on Thursday to federal financial regulators asking for clear guidance on how banks can serve the marijuana industry.

Experts see the British bank's decision to downsize its African stake as another example of money-laundering concerns and other risks prompting institutions to get out of emerging markets.

Technology at many banks has been assembled haphazardly over years. That makes for complex systems with lots of connections. Those points are prime targets for cybercriminals to find a way in.

As one of the most antagonistic lobbying battles in Washington escalates -- where financial institutions like JPMorgan Chase and Visa are sparring with companies such as Walmart over credit card swipe fees -- a powerful ally is again sticking up for the retailers.

Comptroller of the Currency Thomas Curry's unexpected announcement this week that his agency may craft new guidelines to deal with de-risking is generating concerns from bankers instead of putting them at ease.

The Senate Banking Committee approved the nomination of a top Treasury official in charge of stopping terrorism financing and financial crime during an executive session on Thursday.

There is an urgent need for the Financial Crimes Enforcement Network to bring its process for issuing civil money penalties and cease-and-desist orders in line with the other bank regulators.

The Office of the Comptroller of the Currency is collecting data on the decision-making process of banks that detach themselves from certain business sectors or geographical regions to limit potential heightened scrutiny from regulators, a process often called "de-risking."

Despite billions in revenue annually, legal marijuana businesses have yet to find a solution to the industry’s lack of reliable payments, banking and other financial services.

The Financial Crimes Enforcement Network's revocation of orders finding certain foreign banks to pose substantial money laundering risk shows the agency is trying to evade scrutiny as it pushes the banks out of business, according to observers.

Sunstate Bank in Miami has been released from an enforcement action that had required it to strengthen its anti-money-laundering controls.

A Malvern Bancorp director has resigned following a disagreement over one of the Paoli, Pa., company's clients.

There are good, bad and ugly stories about how marijuana entrepreneurs deal with taxes and other financial management issues while having little access to banking services.

Cybercriminals and hackers are increasingly targeting people, and not just technology, in an attempt to breach financial institutions.

Commercial bank clients are increasingly looking to replace physical corporate cards with virtual ones to streamline bookkeeping and limit risk. The adoption of such solutions is a good sign for mobile payments overall.

Compliance officers are terrified of a New York State Department of Financial Services proposal that could make them criminally liable for failings in their firm’s anti-money-laundering programs, according to industry representatives.

With the stakes so high for compliance officers, their rights and responsibilities should be clearly defined, including a safe harbor for those who play by the rules.

Inefficient, paper-bound processes, oligopolies that can charge high prices, the Rube Goldberg structure of correspondent banking, and excessive regulation all make it expensive for migrants to send money home. Technology is a big part of the answer.

The Bancorp in Wilmington, Del., named Sepideh Behram to the role of chief compliance officer. Her hiring comes as the $4.8 billion-asset company works to shore up its risk and compliance management.