AML

Money-laundering report alleges banks profited by aiding criminals

09/20/20

A new investigation by the International Consortium of Investigative Journalists says JPMorgan Chase, Deutsche Bank and several other global institutions kept moving illicit funds after receiving warnings from U.S. officials.

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Trump vs. Biden: What’s at stake for banks

09/17/20

The future of Fannie Mae and Freddie Mac, the Fed’s supervisory regime for the biggest financial institutions, reform of the Community Reinvestment Act and a host of other industry-related issues are on the ballot this November.

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Fincen plans major overhaul of anti-money-laundering rules

09/16/20

The Financial Crimes Enforcement Network is seeking to create a better-defined standard for effective AML compliance programs and is considering whether to impose formal requirements that banks assess their laundering risk.

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Regulators issue guidance on AML enforcement actions

08/13/20

The federal banking agencies clarified that minor violations of Bank Secrecy Act rules will typically not result in a cease-and-desist order.

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Senior House banking Democrat holds on in primary, another loses

08/05/20

Rep. Carolyn Maloney, D-N.Y., was finally declared the winner weeks after election day, while Rep. Lacy Clay of Missouri was defeated by a progressive challenger.

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De novo started by gamblers rolls dice on banking them

07/30/20

Lexicon Bank in Las Vegas, whose chairman was a professional gambler, is actively courting poker players to open deposit accounts for their tournament winnings.

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Congress, keep AML reform in the defense spending bill

07/29/20

Legislation that would force transparency around company ownership would be better than another burdensome anti-money-laundering rule.

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Banks smell victory on key anti-laundering measure

07/27/20

After the House passed a defense spending bill that included the provision ahead of negotiations with the Senate, industry representatives are optimistic Congress will finally shift the burden of reporting true-owner information from banks to their business clients.

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HSBC, ABN Amro join large funding round for AML software startup

07/23/20

Quantexa, which uses artificial intelligence to detect money laundering and other financial crime, is already being used by HSBC and Standard Chartered Bank.

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House passes AML reforms in defense spending bill

07/22/20

The National Defense Authorization Act, approved in a vote late Tuesday, includes measures to require companies to disclose their true owners at the point of incorporation and to improve information-sharing between banks and the government.

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