Money laundering

The class-action suit filed on behalf of people who lost money in the scam accuses Bank of America of failing to spot suspicious activity, including deposits of hundreds of thousands of dollars into accounts with small or negative balances.

With more permanent fixes not yet gaining enough traction, recent attempts to clarify marijuana banking rules through appropriations are also falling flat.

The company said the aim of a redesign and additional automation is to make its compliance software easier for bankers to use.

The House Financial Services Committee was scheduled to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information.

From a major CFPB deadline to a long-anticipated fintech report, there's a lot to watch for in the days to come.

From a major CFPB deadline to a long-anticipated fintech report, there's a lot to watch for in the days to come.

The legislation unveiled this week left out a requirement — included in an earlier version — for new companies to report their true owners.

In his inaugural hearing as comptroller of the currency, Joseph Otting defended his decision not to publicly rebuke banks for Wells Fargo-like problems.

The House Financial Services Committee is preparing to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information.

Republican congressmen Blaine Luetkemeyer and Steve Pearce say their new legislation would update anti-money-laundering and counterterrorism requirements for small financial institutions.

Legislation with bipartisan support would raise the threshold for reporting suspicious activity, a goal banks have long sought.

Financial institutions can improve monitoring of suspicious activity and potentially risky customers using algorithms, but they need to treat this new technology with caution.

Financial institutions can improve monitoring of suspicious activity and potentially risky customers using algorithms, but they need to treat this new technology with caution.

No surprises expected from the annual Fed reviews; Elad Roisman is seen as the pick to replace Michael Piwowar on the panel.

California lawmakers have voted to authorize the establishment of state-chartered banks for the limited purpose of serving the marijuana industry.

Speaking at an industry conference Thursday, Wells Fargo CEO Tim Sloan left open the possibility that employees intentionally falsified important regulatory documents.

The Senate bill is a huge win for the financial services industry, but there are still plenty of unresolved legislative issues of interest to banks and credit unions.

The Senate bill is a huge win for the banking industry, but there are still plenty of unresolved legislative issues of interest to financial institutions.

Deadlines imposed by U.S. and EU regulators are giving banks intercontinental whiplash.

For cryptocurrency entrepreneurs in particular, many of whom are just developing the anti-money laundering programs they are required to have under other FinCEN rules, the CDD rule is worth taking note of, writes Laurel Loomis Rimon, senior counsel at O'Melveny & Myers LLP.