Legal issues and news

Financial institutions considering whether to bank marijuana-related businesses often receive inaccurate information about the emerging industry. Here are five common myths.

The Treasury Department took a step forward Wednesday toward finalizing a highly anticipated customer due diligence rule that is expected to cost financial institutions and their customers between $700 million and $1.5 billion over the next 10 years.

The legal status of marijuana is likely to shift dramatically next year, with around ten states considering some form of decriminalization. But banks will likely have a longer wait until the rules around serving marijuana businesses are cleared up.

Ramamurthi has transformed a 123-year-old institution with one branch serving a dusty Kansas town into a seedbed for disruptive financial technology — not to mention a wildly profitable generator of fee income.

The Consumer Financial Protection Bureau's payday loan proposal threatens many money services businesses on the front lines of stopping money-laundering and terrorist financing.

Credit risk, interest rate risk and cybersecurity concerns pose growing risks to banks in the first half of 2016, according to a semiannual risk report issued Wednesday by the Office of the Comptroller of the Currency.

A startup backed by philanthropist Pierre Omidyar has emerged from stealth mode with technology that promises to provide consistent value and a degree of privacy to electronic money.

News that two suspected terrorists took out a loan with a prominent marketplace lender has fueled fears online lending is more susceptible to terrorist financing. Yet experts said that the criticism directed at the industry appears unfounded. Here's why.

The Dec. 2 mass shooting has shone a light on the sector's vulnerability to borrowers who, exploiting the absence of face-to-face contact on the Internet, lie on their loan applications.

The debate over whether signatures or PINs are a stronger security feature overlooks the fact that neither is the most important defense against fraud.

WASHINGTON — New York Governor Andrew Cuomo proposed a requirement on Tuesday that could put bank compliance officers on the hook if a bank's anti-money-laundering system fails to meet state standards.

Services are cropping up that help banks analyze bitcoin transactions for signs of criminal behavior such as money laundering. But such services come with their own risks.

The Bank for International Settlements acknowledges that people may have legitimate reasons to prefer an anonymous payment system.

WASHINGTON — The Association of Certified Anti-Money Laundering Specialists said Tuesday that former Financial Action Task Force executive secretary Rick McDonell will be taking over as the trade association's executive director.

As shopping goes digital, so does fraud. The rise in technology at shoppers' fingertips provides many new channels for scammers to exploit, often leaving banks holding the bag.

Commercial and retail banking customers in some cases are being marginalized from the financial system, making de-risking a pressing social-policy issue, a Bank of America official said at a Clearing House conference.

How could an agency most people outside of the U.S. have never heard of effectively shut down an overseas bank without much explanation or even a hearing?

Recent U.S. and U.K. assessments of anti-money-laundering and efforts to combat terrorism financing show how the two countries have structured respective approaches to pinpointing key risks.

Peoples Bancorp of North Carolina in Newton has been hit with an enforcement action related to its compliance with anti-money-laundering laws.

East West Bancorp has been placed under an enforcement action for anti-money-laundering compliance weaknesses, as it continues a plan to spend an estimated total of $12 million on program upgrades.