Money laundering

Issuers and other organizations accept a nominal level of money laundering. Machine learning and artificial intelligence can improve that.

Unlike other “suspicious activity report” categories, a new proposal to add a “cyberevent” category would require institutions to detect and report digital mischief whether directed at a customer’s account or the bank itself.

Readers weigh in on a notable OCC personnel change, the Scottrade breach, the ability of corporate owners to still be anonymous and more.

Banks tend to blame regulatory costs for de-risking without being honest about the need to improve anti-money-laundering procedures.

A legal dispute between Wells Fargo and one of the largest bitcoin exchanges underlines persistent doubts U.S. banks have about participating in digital currency.

The allowance by some states for companies to incorporate without disclosing beneficial owner information significantly hampers anti-money-laundering efforts and drives up bank costs.

The report in the New York Post alleges that the bank violated anti-money-laundering laws by filing incorrect call reports to hide loans made to foreign nationals.

A full changeout of AML and KYC rules would stress compliance. Working to improve current practices would be better for the financial services and payments industries.

Data and analytics tools can help banks and credit unions detect financial patterns that may indicate that human trafficking is occurring.

Data and analytics tools can help banks detect financial patterns that may indicate that human trafficking is occurring.

Community banks, which could be the hardest hit if economic tensions between the U.S. and Mexico escalate into a tariff battle, are urging policymakers to refrain from rash action, and big banks are already trimming exposures.

Cash that flowed from Russia through a vast money-laundering network sometimes ended up passing through the world's largest banks, including Citigroup, Bank of America, and HSBC, the Guardian reported, citing a cache of financial records it reviewed.

Some in the industry are faulting The Clearing House Association's plan to make anti-money-laundering rules more efficient.

House Democrats want to know if the Department of Justice is doing a proper investigation into an alleged money-laundering scheme by Deutsche Bank.

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

Credit unions could be caught in the same net that led to the $586 million settlement the global money transmitter submitted to earlier this year.

A trade group owned by the nation's largest banks wants Congress to require state governments to collect information about the true ownership of the companies they incorporate. Such a law could reduce the banking industry’s cost of complying with anti-money-laundering rules.

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

Any money laundering investigation could ultimately entangle banks that have done business with President Trump and his various firms over the years.

The Treasury Department's Financial Crimes Enforcement Network said Merchants failed to properly monitor money-services businesses that had ownership ties with bank insiders.