Money laundering

Anchorage Digital Bank has an inadequate AML compliance program and will have to create a committee within 15 days to develop a remediation plan and submit progress reports, according to the Office of the Comptroller of the Currency.

Even as the Biden administration ramped up sanctions against Russia on Wednesday, Treasury Secretary Janet Yellen faced questions from Republican lawmakers who want to go further. Yellen, meanwhile, stressed the value of working together with allies.

Banks must comply quickly with fast-moving sanctions against the Kremlin and have to spot questionable Russian companies and wealthy individuals. At the same time, some need to deal with settlement risk of trades that involve rubles. Sophisticated data sharing and analysis are making it easier to do the job.

The White House's $5.8 trillion spending proposal to Congress includes more dollars for anti-money-laundering enforcement, Small Business Administration loan guarantee programs and affordable housing financed by community development financial institutions.

The Financial Crimes Enforcement Network and the Office of the Comptroller of the Currency slammed the San Antonio bank for anti-money-laundering violations. The penalty is the latest in a series of regulatory problems for USAA.

Four of five bills aimed at countering Russian aggression in Europe won significant bipartisan support from the House Financial Services Committee on Thursday. But the panel adopted a bill intended to expand the Financial Crimes Enforcement Network's ability to hunt down Russian assets over fierce Republican opposition.

The impact of U.S. sanctions against Russia on U.S. banks has so far been limited. But further escalation could lead to anti-money-laundering compliance challenges and invite cyberattacks, among other consequences.

Canadian banks have frozen just over 200 accounts under emergency powers invoked by Prime Minister Justin Trudeau that are meant to end protests in Ottawa and at key border crossings, a government official said this week.

Banks are still seeking clarity from law enforcement on how to handle the alleged protesters’ accounts. Finance Minister Chrystia Freeland said some accounts have already been frozen as part of a financial crackdown on those accused of paralyzing the nation's capital.

Coinbase Global, Gemini Trust and Robinhood Markets are among firms helping to build a platform to comply with a U.S. money laundering rule as crypto and financial technology companies seek to satisfy existing requirements and head off stricter oversight.