Money laundering

Guidance on regulatory expectations is helpful, but it is not yet clear whether such guidance gives financial institutions impetus to onboard or keep clients they perceive to be riskier.

The new cryptocurrency allows users to selectively disclose information about their transactions to authorized parties without exposing it to the world. That feature could make blockchains more appealing to financial institutions, but maybe less so for regulators.

When the San Bernardino shooter obtained a loan online, he reportedly used his real name, which wasn't on the government's sanctions-screening list, underscoring the limitations of identity verification technology.

The Consumer Financial Protection Bureau decried an appeals court ruling last week that found its single-director structure unconstitutional, saying the opinion was "wrongly decided" and had "no basis in the text of the Constitution or in Supreme Court case law."

Fintech circles are abuzz about the possibilities for streamlining compliance work following IBM's deal to buy Promontory. Artificial intelligence software could help separate false positives from true violations, for example, or read and parse through lengthy regulations.

Federal Reserve Gov. Lael Brainard said in a speech Friday that distributed ledger technology — known as "blockchain" — has great potential for the payment system and important markets, but most of those applications are still years away from maturity.

WASHINGTON — The Basel Committee will move forward with its final regulatory capital rules by yearend despite threats from the European Union that its members may choose to ignore the standards out of fear that they might stifle growth.

Treasury Secretary Jacob Lew on Friday sought to reassure banks they would not be penalized for the unforeseeable consequences of their presence in certain foreign areas, a fear that has driven a trend called de-risking.

As the financial world comes to grips with the news that the European Union has no intention of implementing the final elements of Basel III, observers are scrambling to figure out how much impact the split could have on U.S. banks and global financial stability.

Strategies include developing formal agreements with partners defining the anti-money-laundering requirements and responsibilities that are expected of them.

In a stunning move, the European Union signaled that it will not follow the Basel Committee's recommendations on standardized credit, operational and market risk rules, citing concerns that the direction of the proposals would unduly increase capital requirements and stifle economic growth.

A federal judge has silenced — at least temporarily — a whistleblower who brought charges of misconduct at the parent company of Bank of Internet USA in San Diego.

Comptroller of the Currency Thomas Curry provided new details Wednesday about guidance expected soon that will attempt to discourage banks from cutting off relationships with foreign financial institutions in certain parts of the world.

Federal Reserve Gov. Daniel Tarullo laid out a sweeping vision of the future of the central bank's hallmark supervisory stress testing program — a vision that involves major concessions to midsize regionals and puts added pressure of the largest and most systemically risky banks.

As the U.S. prepares to face the results of an evaluation by the Financial Action Task Force for its anti-money-laundering and terrorist financing efforts, there are signs that it might receive a bad grade.

Federal Reserve chair Janet Yellen today pushed back against the notion that banks might be "too big to manage", saying that despite concerns raised by the recent scandal at Wells Fargo, there is no inherent reason why large banks cannot meet existing standards of conduct.

WASHINGTON – For the second time, a federal judge has ruled that the Treasury Department’s Financial Crimes Enforcement Network must withdraw a rule designed to cut off the Tanzanian bank FBME from the U.S. financial system.

Big banks' flirtation with the idea of suing the Federal Reserve Board over its stress testing regime carries significant political risk and even if successful could yield at best a pyrrhic victory over the megabanks' primary regulator.

The Federal Reserve's annual stress testing regime violates federal administrative law, a coalition of banking groups said in a white paper released Thursday, likely previewing a court battle that could have far-reaching consequences for the program.

In an interview Friday morning, Federal Reserve Gov. Daniel Tarullo said that enforcement agencies and even the Department of Justice need to hold individuals accountable amid revelations that thousands of Wells Fargo employees opened illegal accounts for customers.