Money laundering

Bankers must identify money launderers and traffickers, and yet although not precluded, the current legal framework actually limits the sharing of data about potential suspicious activity and customers between institutions, says Giant Oak's Gary Schiffman.

Sen. Pat Toomey, R-Pa., who would likely chair the Banking Committee if the GOP retains control of the chamber, signaled support for helping banks serve marijuana businesses. But he is skeptical of an anti-money-laundering bill backed by the industry and extensions of the Fed's pandemic programs.

If the GOP can hold its majority in the chamber, Sen. Pat Toomey, R-Pa., will likely become the panel's chairman. His ardent support for free-market principles could set up partisan clashes with Democrats over pandemic relief, money laundering rules and more.

Big financial institutions are worried that online wagers made with credit cards pose a heavy risk of money laundering. The possibility of tougher rules under the incoming Biden administration has only compounded their concerns.

A final Senate breakdown still depends on the outcome in a few key races, but with Republicans closer to keeping power, Democrats' proposals to cap interest rates, create a postal banking system and establish a public credit reporting agency are likely dead on arrival.

A Federal Reserve-issued digital dollar could speed up payments, expand financial access and reduce financial crime. But it also brings trade-offs that policymakers are only just beginning to consider.

The Paycheck Protection Program and encouraging digital innovation are top priorities for James Edwards, CEO of United Bank in Georgia. He also expects the American Bankers Association to promote diversity and regulatory reform in the next year.

The two agencies proposed amending the Bank Secrecy Act to lower the threshold for transfers occurring outside the U.S. that trigger recordkeeping requirements.

The Department of Justice can still investigate and arrest the developers behind the automatic transactions, says Exante's Anatoliy Knyazev.

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.

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.

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.

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.

The control of crypto exchanges will resemble that of regular financial companies in Europe and the U.S., says Extante's Anatoliy Knyazev.

The combination can address the different threats posed by money muling, which is on the rise with more people at home, says FICO's TJ Horan.

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Atlantic Community Bankers Bank must improve its anti-money- laundering and Bank Secrecy Act policies and procedures.

From a fraud prevention perspective, there are several difficulties in detecting and stopping funeral home fraud, says The ai Corporation’s James Crawshaw.

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.

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.