Money laundering

Price hit "a grim reminder" about impact of soft interest rates; despite bitcoin's plunge, blockchain could be prominent in Wall Street's future.

It remains to be seen whether anti-money-laundering provisions will get a deeper look this Congress or whether political optics will divide lawmakers on moving ahead with changes.

In a roundtable discussion, the heads of four banks called on Congress to move on CRA modernization and address the cannabis conundrum, while dismissing arguments that midsize banks need to merge to stay competitive.

The Treasury secretary told the House Financial Services Committee that he has been in coordination with the U.S. bank regulators to soften the impact of the United Kingdom potentially failing to strike a deal on its exit from the European Union.

The agreement with U.S. and U.K. regulators is on top of the $667 million it paid to U.S. authorities in 2012 for its handling of transactions that violated economic sanctions against Iran.

Many U.S. banks, especially in Florida, are struggling to comply with U.S. sanctions against the Maduro regime. Some argue artificial intelligence can make it easier to distinguish between legitimate payments and illicit transactions.

The bank’s biggest shareholder says Wall Street shouldn't yield its next CEO; concern that mistakes that led to the financial crisis are being repeated.

Commercial Bank of Ivanovo, in which former North Carolina Representative Charles Taylor owns an 80% stake, regularly broke anti-money-laundering regulations and used “schemes” to artificially inflate its capital, according to a central bank statement.

Compliance officers should demand better means to quickly gather, organize, and view data regarding accounts and transactions that may be partaking in financial crime, argues Elsa Chan, head of Americas for ComplyAdvantage.

Swedbank fires its CEO as New York State DFS probes alleged money laundering; the underperforming unit will be overseen by CEO Jes Staley.

MoneyGram is investing more time and technology in helping law enforcement agencies spot the scammers moving money on its network.

Mainstream firms are joining the push to let cannabis firms use banks; the companies say they can help banks make lending decisions quicker.

Agency concerned about the number of "risky" mortgages being approved; Brian Kelly, who runs The Points Guy website, can determine if a card succeeds or fails.

Banks and credit unions may be moving one step closer to federal legislation freeing them to serve legal pot businesses, but the path to enactment is still fraught with huge challenges.

Alongside identity-document scanning and other ID verification, the two companies are offering real-time checks of lists of suspicious persons. The goal: keep money launderers out of the banking system.

With heightened scrutiny from regulators and the public for wrongdoing, financial institutions need to put more focus on preventing mistakes in the first place.

Even as regulations are getting tougher, criminals are getting more sophisticated and creative, writes Ron Teicher, CEO of EverCompliant.

Municipal IDs help marginalized groups, such as undocumented immigrants, open checking accounts and become credit union members but concerns over regulatory compliance linger.

Regulators have taken a critical look at AML controls and handed out significant fines to financial institutions found to be lacking, according to Chad Hetherington, global vice president of professional services for NICE Actimize.

With heightened scrutiny from regulators and the public for wrongdoing, financial institutions need to put more focus on preventing mistakes in the first place.