Money laundering

Fincen just proposed the most significant reform to AML compliance in a generation, but its reporting forms are still broken. A handful of key changes would meaningfully reduce compliance burden without reducing investigative value.

Banks weighing stablecoin partnerships need to know whose playbook regulators will endorse before another major crypto theft tests the question.

The Justice Department recategorized state and federally approved cannabis products from Schedule I to Schedule III, a move that falls short of full legalization but could ignite renewed interest from banks and credit unions in servicing state-legal cannabis businesses.

U.S. banks must navigate conflicting signals as Iran's crypto toll demands and rising pig butchering scams exploit the same stablecoin and correspondent banking rails.

The Treasury Department Wednesday proposed a set of rules that would require stablecoin issuers to abide by risk-based anti-money-laundering programs similar to those that banks must employ, as well as secondary market monitoring and independent testing by issuers. 

A TD Bank expert warned RSAC attendees that criminals use cheap printers, stolen data and AI to bypass identity verification in under five minutes.

A rumored executive order that would require banks to verify the citizenship of their account holders would be incredibly burdensome for banks. It would also result in the "debanking" of untold numbers of Americans.

Investors claim JPMorganChase collected fees while ignoring suspicious transfers linked to a $328 million crypto Ponzi scheme.

Before holding financial institutions accountable for new regulatory expectations, clearer guidance is needed on what constitutes appropriate risk-based decision-making versus impermissible "debanking."

Criminals are using AI and professional crime networks to scale attacks, yielding massive operational risks for banks, according to a new report from Nasdaq.

The Financial Crimes Enforcement Network's expectations of banks that file suspicious activity reports have changed. Some banking clients may soon discover that they are less appealing customers than they used to be.

As geopolitical threats loom, the U.S. needs a better-coordinated AML strategy. The Treasury Department's Financial Crimes Enforcement Network should take the lead in implementing needed reforms.

Attorneys from Holland & Knight warn that Treasury is targeting financial services companies in Minneapolis and at the southern border in an AML crackdown.

Renat Abramov, a former relationship manager in Brooklyn, bypassed know-your-customer protocols to open accounts for shell companies involved in a $14.6 billion scheme.

Prosecutors allege Curtis Weston and a bank insider used fraudulent loans to fund stock market trades, leaving the bank with $20 million in losses.

Court documents reveal how a teller used the drive-through window and work email to aid a scheme that bypassed TD's fraud defenses.

Prosecutors argued the 23-year-old courier knew he was aiding criminals, citing texts about "gold rushing" and scammer videos on his phone.

As the Trump administration signals interest in reforming AML regulations, the industry must come together in support of new rules that promote efficiency and effectiveness in the fight against financial crime.

TD Bank has said it's completed "the majority" of the action items for its U.S. compliance remediation.

The collapse of the illicit escrow marketplace disrupts a major hub for "pig butchering" scams, though experts warn the ecosystem will likely fragment.