Money laundering

While a bill to require firms to identify their owners has gained bipartisan support, some small companies argue it is burdensome and would subject them to harsh penalties.

Deutsche Bank is being investigated by U.S. federal authorities for potential lapses in money laundering compliance, The New York Times reported, citing unidentified people with knowledge of the inquiry.

Banks shouldn’t have trouble this year, but the rules may change next year; U.S. authorities are probing possible AML compliance violations at the German bank.

The company will create a regulated subsidiary offering a digital wallet; San Francisco Fed wants CRA credit for loans that help prepare for climate change.

The National Credit Union Administration's controversial risk-based capital proposal could see further delays or changes as thousands of industry professionals head to CU conferences across the country.

Hard sell ahead for BB&T-SunTrust as ‘Truist’ lands with a thud; Citizens looks to poach BB&T-SunTrust talent; what the Senate AML bill means for banks; and more from this week’s most-read stories.

Visa, Mastercard and PayPal are each putting up $10 million to back the cryptocurrency; company “gearing up” to reboot its flagging small business lending unit.

Bills to fix the National Flood Insurance Program and combat the money-laundering risks from shell companies enjoyed bipartisan support during a House Financial Services Committee debate.

Speaking during an event on Wednesday, Hood touched upon charter expansions, regulatory relief and the industry's tax-exempt status.

Several prospects, including JPM’s Gordon Smith, are reluctant to take on a thankless job; lower interest rates, quiet trading will yield disappointing results.

With campaigning for the 2020 presidential election already underway, it could become increasingly difficult for the industry to move meaningful legislation through Congress.

The president says the Fed is giving China a competitive advantage; bank stocks gained after tariffs on Mexican imports nixed.

The good news for financial firms is Congress has moved closer to reforming anti-money-laundering rules. But left behind in the effort is the reform most coveted by the industry.

The legislation includes a beneficial owner requirement and steps to study the utility of industry reporting, but avoids relieving banks’ burden to file data on suspicious transactions.

Despite tension between the U.S. and trading partners, bank are doing booming business in financing cross-border commerce; some Republican lawmakers are getting antsy at the pace of rollbacks for bank regulations, and are pushing regulators for a sense of urgency.

Digital Asset Holdings eyes blockchain for 'smart contracts'; readying for a marathon is like competing for a big client.

The seven Democrats sought details on the Fed's response to allegations the bank suppressed suspicious activity reports on businesses tied to President Trump and Jared Kushner.

Its CEO says organic growth is preferable, but after spending five years tackling a series of enforcement actions tied to BSA compliance, the Pennsylvania bank has options.

Christian Sewing ready to make "tough cutbacks" while UBS may need a new strategy; SEC says Robert C. Morgan misled banks with fake loan papers.

Congress is considering multiple bills that could ease suspicious activity reports and beneficial ownership requirements, though its unclear how much support each measure has.