Legal issues and news

Directors and senior executives have a duty to inculcate risk culture into banks so that everyone works as a team to contain cyber and other risks, including the human vulnerabilities within.

As banks pull out of developing countries, we must seek a healthier balance between preventing money laundering and maintaining banking systems of entire regions.

Using methods akin to fighting external hacking can also address risks of employees committing legal or ethical lapses.

Millennium Bank is said to have been the target of an enforcement action related to its work with the pot industry. The episode shows why many banks remain reluctant to serve the fast-growing cannabis industry.

Nearly half of U.S. consumers say they have been hit by credit card fraud within the last five years, and those breaches are becoming more commonplace, according to a survey released Tuesday.

Offering a new product or considering a merger may boost returns, but the Office of the Comptroller of the Currency says changes in strategy can be risky.

A centralized platform that validates loan and borrower data and tracks ownership of marketplace loans could prevent fraudulent activities and help investors regain confidence.

The scheme is used by borrowers who don't have enough income to qualify for a regular mortgage, so they apply for a higher-rate non-owner-occupied loan.

After the departure of Financial Crimes Enforcement Network's director last month, the future of the Treasury Department unit remains the subject of fierce speculation within the financial services industry.

WASHINGTON — Marijuana businesses and banks looking to open their doors to the potentially lucrative clients suffered a blow Wednesday after House Republicans blocked an amendment that would have prevented federal regulators from pursuing enforcement actions against banks dealing with the businesses in states with legalized pot.

WASHINGTON — Banks in states with legal marijuana businesses may warm up to them as customers if an amendment to a Senate appropriations bill becomes law.

The Federal Reserve Board is getting an earful from critics within and without the financial industry over its proposal to limit banks' credit exposures to a single entity.

A vendor-created messaging network has attracted hundreds of community banks, many of which have decided it is easier to stop financial crime as a group.

Many financial criminals are switching to a more sophisticated kind of identity theft in which they open accounts based on stolen identities, or on composites of information stolen from different people.

The Financial Crimes Enforcement Network violated the U.S. Constitution by singling out a Tanzanian bank as a money-laundering concern without due process, the bank claimed late last week.

Some days the ride-sharing app receives more than a million phishing emails — a stat to which large banks can relate. But after deploying common protocols and open-source software, Uber now rejects most bad emails.

The drumbeat of news about hackers stealing millions of dollars by gaming the Swift interbank messaging system should have been a wake-up call for banking executives, but it's unclear how many of them answered it. Is it too late for them to shore up their defenses?

The compliance technology company Trace International has launched what it bills as the first global, commercial beneficial ownership registry.

In her final congressional appearance before she leaves her job at the end of this week, Fincen Director Jennifer Shasky Calvery also advocated for passage of new anti-money-laundering laws being pushed by the Obama administration.

Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, introduced legislation Thursday to reform consumer credit reporting.