Money laundering

The Biden administration is asking the Supreme Court to overturn a lower court injunction against the Corporate Transparency Act, which requires businesses to disclose their beneficial owners. The outcome has significant implications for banks' AML compliance burdens.

Since the pandemic, financial scams have surged dramatically. The solutions to rampant fraud are clear; what's missing is the urgency.

Vulnerabilities related to environmental, social and governance issues have become a serious threat vector when it comes to money laundering. Banks must recognize the danger and adapt their systems accordingly.

At TD Bank and some other financial institutions accused of aiding and abetting money laundering, AML and branch employees have colluded and even joked about it in instant messages. Technology is part of the answer to detecting and preventing this.

These banks are expected to draw regulatory scrutiny in the coming year. 

The tiny community bank handled hundreds of millions of bulk cash shipments from Mexico without red-flagging any of them, the agency said. The bank has filed a motion to dismiss.

Banks such as TD, Wells Fargo and Bank of America drew attention this year for money-laundering issues. That's one of several top regulatory news items in 2024.

TD Bank Group's money-laundering-related crimes have sparked questions of how banks should be penalized for moving dirty money. CFPB Director Rohit Chopra said the FDIC should do more.

Members of the Federal Deposit Insurance Corp. board of directors Tuesday debated Consumer Financial Protection Bureau Director Rohit Chopra's proposal limiting capital distributions system-wide during times of stress, as well as penalties for institutions caught engaging in money laundering.