News Topic: AML

New York’s banking regulator ordered Habib Bank Ltd. to pay $225 million and surrender its license to operate in the state, effectively removing Pakistan’s largest lender from the U.S. financial system. ... Read full article

Nothing like revelations of a client’s Ponzi scheme that lead to your bank paying $4 million in anti-money-laundering fines. That’s what happened at Gibraltar Private Bank & Trust, but its CEO argues its compliance overhaul has given the bank a ... Read full article

The 3-year-old order was related to Discover Bank’s programs for combating money laundering. A related agreement with the Federal Reserve Bank of Chicago remains in effect. ... Read full article

CFPB and OCC are looking at auto lenders’ policies regarding so-called GAP insurance; banks want greater collateral from retailers. ... Read full article

Payment processors and banks are being called on to cut off funds to white supremacist groups, but there are practical and legal limits to what firms can do. ... Read full article

Basel Institute says enforcement is the problem; wealth advisor says bank steered clients away from her to white colleagues and blocked her promotion. ... Read full article

The Commonwealth Bank of Australia money-laundering scandal has damaged the public's perception of the whole banking sector, according to the head of the industry's lobby group. ... Read full article

Democrats sent a letter to House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Tex., asking that he investigate potential financial ties between President Trump and Russia. ... Read full article

Stephen Sanger is expected to leave as nonexecutive chairman; Barry Rodrigues, a former Citigroup and American Express executive, will join the British bank in November. ... Read full article

Special counsel Robert Mueller is said to be drawing on ongoing investigations, including one by federal prosecutors into whether former Trump campaign manager Paul Manafort laundered money from eastern Europe into New York properties. ... Read full article

Readers react to USAA teaming up with Amazon’s Alexa, how a new Wells Fargo’s scandal could affect arbitration rules, a digital identity startup’s ambitions, and more. ... Read full article

The bank agreed to pay $4.6 million to settle charges it didn't tell consumers why their checking account applications were rejected; Winklevoss brothers to supply bitcoin data to Chicago exchange. ... Read full article

The New Jersey company reported lower quarterly profit that included professional fees tied to addressing an informal order from regulators. ... Read full article

GlobalID stands out from scores of similar companies and projects by attempting to wed self-sovereignty with regulatory compliance. If its technology works, it could alleviate a major cost for banks. ... Read full article

The Buffalo, N.Y., bank has been freed from an enforcement order that required an upgrade of its anti-money-laundering compliance systems. The Fed had ordered the upgrade as a condition for approval of its acquisition of Hudson City Bancorp. ... Read full article

The fine for BTC-e was the Treasury’s first action against a money-services business located in a foreign country, and the second against a virtual currency exchange. ... Read full article

A monitor's report detailing HSBC's compliance with a 2012 agreement with U.S. prosecutors to fix faulty money-laundering controls isn't a judicial document and shouldn't be made public, a federal appeals court said. ... Read full article

Despite assurances that the Department of Justice crackdown on banks' third-party relationships is ceasing, lawmakers say it is still having an impact. ... Read full article