Money laundering

A smaller provision for loan losses helped counteract declining loan volume and higher expenses during the third quarter.

The civil money penalty from the Office of the Comptroller of the Currency follows a 2015 consent order against the bank, which became a subject of federal questioning after it suspended its business with check cashers.

New York's new AML rules clarify how institutions should monitor transactions and screen sanctions lists issued by the US Office of Foreign Assets Control (OFAC). But critically, it goes a lot further, writes Sophie Lagouanelle, Head of Solutions at Accuity.

As silos complicate know your customer compliance and onboarding, low-code technology can provide a boost, according to Reetu Khosla, global head of life-cycle management and KYC for Pegasystems.

The regtech firm Arachnys, which recently raised $10 million from QED Investors and others, draws from a collection of 23,000 data sources to help banks protect themselves from money launderers and other criminals.

The company is offering short-term installment loans to its clients’ customers; even institutions not accused of wrongdoing may pay a price.

In seeking to make make ING the most digitally advanced lender in Europe, CEO Ralph Hamers' motto has been to "disrupt yourself before a competitor does it first." It's safe to say the tumult at the company during the last few weeks isn't what Hamers had in mind.

Profits at big banks should be solid if not spectacular; the Vermont senator proposes a hard cap on assets held by the biggest banks.

The agencies issued a joint statement on the types collaborative arrangements that a bank could employ to make BSA/AML compliance more efficient.

Sen. Warren proposes a bill that would extend the law to credit unions while stiffening penalties; the Spanish bank taps UBS’s Andrea Orcel.