Money laundering

The ongoing turmoil in the Middle East has highlighted the complexities of successful anti-money-laundering compliance in a conflict zone. U.S. banks need to step up their game in order to stay safe.

CIBanco SA, Intercam Banco SA and brokerage Vector Casa de Bolsa SA are all "of primary money-laundering concern," FinCEN said. Treasury Secretary Scott Bessent said they are "vital cogs in the fentanyl supply chain."

Shell companies, stablecoin and a Bahaman bank that took orders from a gang of fraudsters all took part in a scheme that bilked U.S. victims of millions.

Congressional Democrats offered a bill Friday requiring the Treasury Department to apply the anti-money-laundering requirements of the Corporate Transparency Act more fully and help educate small businesses on how to comply with reporting of beneficial ownership information.

Upgrading its anti-money-laundering controls is the Canadian bank's top priority following historic failures that led to a $3.1 billion penalty and a U.S. asset cap.

An administration willing to rethink longstanding regulatory norms could implement targeted reforms that unlock the potential for increased investment, innovation and job creation across the country.

Regulators said the payment company did not provide sufficient customer identification and monitoring, increasing risk for its transfer app. This week's fine follows earlier penalties in other states and the federal government.

Victims of a pig butchering scheme recently sued Qbit, a Solid customer that allegedly laundered millions of dollars through Solid accounts.

In a speech at the American Bankers Association Washington Summit Wednesday morning, Treasury Secretary Scott Bessent downplayed economic risks from tariffs, floated capital reforms and urged regulatory relief for community banks.

The decision to stop enforcing the Corporate Transparency Act, which requires the disclosure of the beneficial ownership of businesses, could make the U.S. an attractive environment for fraudsters.