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Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.October 19
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Examiners are skilled at spotting trouble but often do too little to correct it, as the latest revelations about Citi once again show. Prompt supervisory intervention is essential to protecting the integrity of the financial system.October 14
Managing PartnerFederal Financial Analytics
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House forgiveness plan for Paycheck Protection Program loans is better than nothing, bankers say; why some banks still lean on mainframes; what's next for Goldman Sachs's Marcus; and more from this week's most-read stories.October 2
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Atlantic Community Bankers Bank must improve its anti-money- laundering and Bank Secrecy Act policies and procedures.October 1
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Employees in the financial industry and public sector are considerably more worried about the risks posed by digital currency than those in the cryptocurrency field, a new survey finds.September 29
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Better dialogue between banks and authorities coupled with stronger anti-money-laundering measures could help address the suspicious activity report flaws revealed by investigative journalists.September 28
President and CEOInstitute of International Finance
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Financial institutions and authorities could better track money launderers if legalized-marijuana-related businesses were not included in SARs.September 24
CEONorth Bay Credit Union
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Artificial intelligence, machine learning and enhanced data sharing among lenders could go a long way toward spotting suspicious patterns in daily financial activity and bad actors, experts say.September 23
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The news media investigation of transactions by nefarious actors puts certain large banks in a negative light, but it also points to inefficient use of suspicious activity reports and other anti-money-laundering issues that the industry has decried for years.September 23
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With lawmakers weighing changes to Bank Secrecy Act requirements, the Government Accountability Office urged the Financial Crimes Enforcement Network to establish written policies for expanding use of the agency’s database.September 22
