Money laundering

As anti-money laundering requirements tighten in many jurisdictions, financial institutions and fraud prevention platforms are ditching legacy AML solutions for newer technology — but alternatives aren’t easy to come by yet.

Swiss financial regulator Finma said Libra would need a payment system license and would be subject to additional rules to take “bank-like” risks into account. The “highest international anti-money laundering standards” would also need to be applied, it said in a statement on Wednesday.

The company sees increasing consumer demand for cryptocurrency, especially in Asia, and gradual acceptance among financial institutions.

New unit will work with foreign governments; standards too soft on those without conventional paychecks.

With lawmakers unlikely to act in the near future to ease financial institutions' regulatory burden, new technologies could be the solution to credit unions’ AML woes.

When lawmakers return from their August recess, a host of unresolved financial policy issues — from marijuana banking to anti-money-laundering rule — will greet them.

Financial crime screening solutions that are fueled by high quality sanctions and screening data will be a crucial component to achieving success in this complex compliance environment, writes Accuity's Nirhjar Daripa.

Treliant and Federal Financial Analytics have established a one-stop shop to guide financial institutions through uncertain business and policy times.

Agencies like Fincen and Finra that use machine learning must pay close attention to potential bias in supervisory algorithms, especially with data on women and minorities.

The Gulf region poses significant and unique challenges in AML, KYC and other compliance checks, according to Accuity's Nirhjar Daripa.

Know Your Customer and open banking create tough barriers for 'near real-time' account opening, says Entersekt's Jennifer Singh.

Under the Illicit Cash Act, anti-money-laundering rules would be clearer — so banks would have no excuses for noncompliance.

The FDIC chief said it is critical to give the industry clarity on using emerging technologies, particularly for the thousands of community banks her agency oversees.

Under the Illicit Cash Act, anti-money-laundering rules would be clearer — so banks would have no excuses for noncompliance.

Anti-money-laundering regulations are among the most costly, and few criminals get caught. Banks say there’s a better way.

Anti-money-laundering regulations are among the most costly, and few criminals get caught. Banks say there’s a better way.

Those that were prohibited from working at federally insured institutions include a former credit union employee who pleaded guilty to money laundering and embezzlement.

Banks submit millions of Bank Secrecy Act filings each year, yet only a fraction are valuable to law enforcement.

New regs force financial institutions to go deeper to stop laundering, but the prize is easier overall enrollment, says NTT Data Services' Edmund Tribue.

Finance ministers call for tight regulation of cybercurrencies; Williams says the Fed must “act quickly to lower rates at the first sign of economic distress.”