Money laundering

Wells Fargo gets tipped off by OCC on investigation; HSBC is wading back into U.S. mortgage waters; a bank uses artificial intelligence to combat money laundering; and more.

Smaller bank stocks have outperformed the big banks with the prospect of Dodd-Frank rollbacks; Trump “very strongly” pondering TV analyst for adviser role.

American Express Ventures has become an investor in the startup EverCompliant, which helps financial institutions root out e-commerce websites backed by terrorists and drug cartels that are laundering money through payments-processing networks.

OCBC Bank in Singapore has seen a 35% reduction in false positives in its tests of artificial intelligence-based anti-money-laundering software. Other banks could follow its lead, though there are regulatory and customer-protection questions.

The Minneapolis bank has been operating since October 2015 under a consent agreement that stemmed from deficiencies in its efforts to combat money laundering.

Money launderers are opportunists and the real estate sector is a weak link when it comes to regulation, writes Jay Ryan, an executive vice president at Accuity.

The Seattle company first disclosed an issue in September, when it withdrew an application to buy Anchor Bancorp.

Shares of the Providence, R.I., company plunged Monday after a news report that it faces possible legal risks from the latest charges filed against Paul Manafort, the former campaign manager for President Trump.

Foreign operatives' alleged use of fraudulent financial accounts to try to influence the U.S. political system shows again how difficult it is for banks to truly know their customers.

U.S. Bank's $600 million fine for AML lapses quickly drew readers attention, while acting CFPB Director Mick Mulvaney got the Cordray treatment on Capitol Hill and big banks made moves to speed real-time payments.