News Topic: AML

A money-laundering scandal at Denmark's largest bank has prompted increased regulatory scrutiny at larger banks, so criminals may try to filter dirty money at smaller institutions, a regulator warned. ... Read full article

The fundraising is a sign of the rise in the anti-money-laundering market, which is expected to reach $4.26 trillion worldwide in less than a decade. ... Read full article

Theft and money laundering are both thriving in the crypto world, according to a report released Tuesday by CipherTrace. ... Read full article

The company continues to be restricted from pursuing acquisitions until the Federal Reserve lifts its enforcement order requiring it to strengthen anti-money-laundering controls. ... Read full article

The class-action suit filed on behalf of people who lost money in the scam accuses Bank of America of failing to spot suspicious activity, including deposits of hundreds of thousands of dollars into accounts with small or negative balances. ... Read full article

With more permanent fixes not yet gaining enough traction, recent attempts to clarify marijuana banking rules through appropriations are also falling flat. ... Read full article

The company said the aim of a redesign and additional automation is to make its compliance software easier for bankers to use. ... Read full article

From a major CFPB deadline to a long-anticipated fintech report, there's a lot to watch for in the days to come. ... Read full article

The legislation unveiled this week left out a requirement — included in an earlier version — for new companies to report their true owners. ... Read full article

In his inaugural hearing as comptroller of the currency, Joseph Otting defended his decision not to publicly rebuke banks for Wells Fargo-like problems. ... Read full article

The House Financial Services Committee is preparing to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information. ... Read full article

Republican congressmen Blaine Luetkemeyer and Steve Pearce say their new legislation would update anti-money-laundering and counterterrorism requirements for small financial institutions. ... Read full article

Legislation with bipartisan support would raise the threshold for reporting suspicious activity, a goal banks have long sought. ... Read full article

Financial institutions can improve monitoring of suspicious activity and potentially risky customers using algorithms, but they need to treat this new technology with caution. ... Read full article

No surprises expected from the annual Fed reviews; Elad Roisman is seen as the pick to replace Michael Piwowar on the panel. ... Read full article

California lawmakers have voted to authorize the establishment of state-chartered banks for the limited purpose of serving the marijuana industry. ... Read full article

Speaking at an industry conference Thursday, Wells Fargo CEO Tim Sloan left open the possibility that employees intentionally falsified important regulatory documents. ... Read full article

The Senate bill is a huge win for the banking industry, but there are still plenty of unresolved legislative issues of interest to financial institutions. ... Read full article