Money laundering

The Commonwealth Bank of Australia money-laundering scandal has damaged the public's perception of the whole banking sector, according to the head of the industry's lobby group.

A monitor's report detailing HSBC's compliance with a 2012 agreement with U.S. prosecutors to fix faulty money-laundering controls isn't a judicial document and shouldn't be made public, a federal appeals court said.

House Democrats are asking Deutsche Bank Chief Executive Officer John Cryan for documents related to two internal reviews, including one into accounts held by President Trump and his family.

The report in the New York Post alleges that the bank violated anti-money-laundering laws by filing incorrect call reports to hide loans made to foreign nationals.

Cash that flowed from Russia through a vast money-laundering network sometimes ended up passing through the world's largest banks, including Citigroup, Bank of America, and HSBC, the Guardian reported, citing a cache of financial records it reviewed.

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A trade group owned by the nation's largest banks wants Congress to require state governments to collect information about the true ownership of the companies they incorporate. Such a law could reduce the banking industry’s cost of complying with anti-money-laundering rules.

Many customers at Neighborhood National Bank in San Diego offer check-cashing services that draw attention for Bank Secrecy Act compliance.