Money laundering

The company, which develops "persona-based intelligence," software counts Visa and American Express among its clients.

The German bank’s money laundering controls are still not up to snuff, among other problems; three Democrats say banks may have shortchanged small-business borrowers.

The European Union is taking another small step toward setting up a common authority to fight money laundering in the bloc, after a string of revelations over the last two years exposed fundamental flaws of its framework.

The administration and Congress are said to be close to adding $310 billion to the small business loan program; the department is looking at whether it can prevent banks from seizing government checks.

A trade group says suspending so-called beneficial owner rules would help financial institutions make more small-business loans through the Paycheck Protection Program.

The bank will be allowed to exceed the limit to enable it to make more small business loans; the CEOs of HSBC and StanChart are also donating part of their pay to coronavirus victim charities.

They have asked the Financial Crimes Enforcement Network, the chief anti-money-laundering regulator, to let them collect customer information and verify it after the loan application is processed in order to speed approvals.

Corporations have tapped more than $124 billion in lines in the past three weeks; rating agency says virus “could wipe out a full year of U.S. banking profits.”

Some banks have closed branches or restricted access and bank tech resources are being overwhelmed; bank pays a record SKr4 billion ($400 million) for issues.

Financial institutions’ legislative agenda was already a low priority in Congress. Lawmakers’ efforts to stabilize the economy have shifted attention even farther away from bills that would benefit the industry.

Bankers express confidence despite coronavirus concerns, while consumers ponder cash needs; U.K. will hold off unloading its 62% stake in bank.

The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks.

The company said it expects to enter into the order with the FDIC and its state regulator later this month.

Banks make emergency preparations as HSBC deals with confirmed case; the changes simplify regulations without posing additional systemic risks, the Fed says.

The disease could lead to less lending business and more loan defaults; Sergio Ermotti will join the insurance company as chairman in 2021.

The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks.

The Supreme Court will hear arguments on the agency’s structure; the company, desperate after losing Costco’s business, allegedly pressured and misled applicants.

To appease regulators, challenger banks looking to service crypto businesses can implement effective AML controls and systems, says Fenergo's Rachel Woolley.

The three cease and desist orders and one written agreement had cited separate concerns at JPMorgan Chase, Discover, Deutsche Bank and RBS.