AML

Many U.S. banks, especially in Florida, are struggling to comply with U.S. sanctions against the Maduro regime. Some argue artificial intelligence can make it easier to distinguish between legitimate payments and illicit transactions.

Commercial Bank of Ivanovo, in which former North Carolina Representative Charles Taylor owns an 80% stake, regularly broke anti-money-laundering regulations and used “schemes” to artificially inflate its capital, according to a central bank statement.

Mainstream firms are joining the push to let cannabis firms use banks; the companies say they can help banks make lending decisions quicker.

Banks and credit unions may be moving one step closer to federal legislation freeing them to serve legal pot businesses, but the path to enactment is still fraught with huge challenges.

With heightened scrutiny from regulators and the public for wrongdoing, financial institutions need to put more focus on preventing mistakes in the first place.