Money laundering

The cloud-based software vendor has completed a $10 million funding round through BlackFin Capital Partners and Picus Capital.

The Biden administration wants financial institutions to tell the government more about their customers to help the IRS thwart wealthy tax evaders. But critics say the plan could threaten account data security and the privacy of even low-income consumers.

Six Clovers, a digital payments company founded by two former PayPal developers, designed its Rapid platform to enable fast cross-border transactions using cryptocurrencies backed by government-issued money.

The data analytics provider has deployed cloud hosting to scour international payments for signs of fraud and money laundering.

Prosecutors say Natalie Mayflower Sours Edwards leaked over 50,000 documents, including 2,000 suspicious activity reports, related to payments involving former President Donald Trump's 2016 campaign chairman.

While the eventual emergence from lockdown will help ease the pressure on overworked compliance departments, there is still an obvious need for tools that will make the anti-money laundering process simpler and stress-free, says SmartSearch's Martin Cheek.

The visibility of automated transactions provides a clear view of the flow of transactions, says Hummingbird's Joe Robinson.

Wall Street firms have urged the Biden administration to ease the industry’s burden in complying with a flood of financial sanctions the U.S. has levied in recent years as a primary tool of foreign policy toward Russia, China, Iran and other adversaries.

Without rollbacks of existing anti-money-laundering reporting requirements, a measure designed to make Bank Secrecy Act enforcement more risk-focused would do little to ease banks' regulatory burden.

Without rollbacks of existing anti-money-laundering reporting requirements, a measure designed to make Bank Secrecy Act enforcement more risk-focused would do little to ease banks' regulatory burden.

The 2020 elections buoyed hopes that Congress would finally make it easier for financial institutions to serve cannabis businesses. But Democrats’ push to decriminalize marijuana — a nonstarter for most Republicans — threatens the more targeted effort.

Transaction fraud and money laundering are typically siloed areas within banks, but both require a keen eye to finding the right patterns.

Two people were charged with using a New York state employees credit union to process more than $1 billion in suspect financial transactions while failing to file suspicious activity reports or maintain adequate anti-money-laundering controls.

As Fincen implements an anti-money-laundering law requiring businesses to add their beneficial owners to a new database, bankers worry they'll still be on the hook to provide that information on behalf of customers for some time.

As more states legalize online gambling, the credit union is preventing members from using their credit and debit cards on those sites. Others could follow its lead.

There are new regulations to address, but many requirements streamline current AML practices, says Mark Srere, an attorney at Bryan Cave Leighton Paisner.

Banks need to adjust their money laundering protections to comply with tough new rules in the U.S., says Genpact's Manish Chopra.

Detecting business dealings with banned parties means screening a maze of transactions, and Treasury’s Office of Foreign Assets Control supports calls for the industry to take a risk-based approach. But regulators effectively require banks to track everything, which is unproductive.

A Greek-led organized crime group that stole more than $14.4 million from U.S. banks has been dismantled in a cross-border operation by three international law enforcement agencies.

The most likely picks for comptroller of the currency have pushed tech-driven approaches to financial inclusion and anti-money-laundering, and would bring new perspective to regulating cryptocurrencies.