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Bank customers' complaints of sudden account closures track a rise in automated anti-money-laundering decisions and possibly outdated AML rules.
December 4 -
The platform will allow banks to share the names and account information of suspected scammers almost in real time. The American Bankers Association is set to test the system with a group of 20 pilot banks early next year.
November 28 -
In its biannual report on supervision and regulation, the Federal Reserve Board noted an uptick in governance issues with large banks. Regional and community banks, meanwhile, were plagued by IT problems and risk management struggles.
November 10 -
Fincen's final rule issued Tuesday allows reporting companies to use Fincen identifiers as shorthand for a full list of preapproved beneficial ownership data, which the agency says will streamline the reporting process.
November 9 -
The Treasury Department is expanding a whistleblower program, which currently deals only with anti-money-laundering violations, to include tips from employees of financial institutions that result in sanctions-related penalties.
November 5 -
U.S. Attorney Philip R. Sellinger said Oscar Marcelo Nunez-Flores, a New Jersey bank staffer of a bank unnamed in case documents, was arrested Wednesday after he allegedly took bribes to launder millions in drug money to Colombia.
November 1 -
As financial institutions increasingly rely on artificial intelligence for anti-money-laundering and fraud detection, they face challenges in meeting regulators' demands for complete transparency and documentation.
October 25 -
The Treasury Department's Financial Crimes Enforcement Network issued an alert Friday calling on financial institutions to closely monitor and report suspected financial activities related to Hamas, including complex cryptocurrency transactions and through fictitious charities.
October 23 -
The move to create data consortia and proprietary information networks is creating exactly the kind of information silos that money launderers exploit today.
September 22Hummingbird Regtech -
Treasury's Financial Crimes Enforcement Network said most small businesses will need to report information about their beneficial owners at the start of next year; certain financial and government entities are exempt because of their preexisting regulatory requirements.
September 18