News Topic: AML

The New Jersey company's profit growth was constrained by an 11% increase in compensation and benefits and an 85% jump in consulting fees tied to compliance and other issues. ... Read full article

The Delaware company reported loan growth and, for the first time in months, no charges tied to an outstanding regulatory order. ... Read full article

Kosta Peric, deputy director of digital payments and financial services for the poor at the Gates Foundation, discusses his efforts to expand access to low-cost financial services in developing countries. ... Read full article

Readers sound off an attempt to block prepaid regulations, threats to consumer privacy, FSOC’s political bent, the proper use for SARs, and more. ... Read full article

Unlike other “suspicious activity report” categories, a new proposal to add a “cyber-event” category would requires institutions to detect and report digital mischief whether directed at a customer’s account or the bank itself. ... Read full article

Readers weigh in on a notable OCC personnel change, the Scottrade breach, the ability of corporate owners to still be anonymous and more. ... Read full article

Banks tend to blame regulatory costs for de-risking without being honest about the need to improve anti-money-laundering procedures. ... Read full article

A legal dispute between Wells Fargo and one of the largest bitcoin exchanges underlines persistent doubts U.S. banks have about participating in digital currency. ... Read full article

The allowance by some states for companies to incorporate without disclosing beneficial owner information significantly hampers anti-money-laundering efforts and drives up bank costs. ... Read full article

Data and analytics tools can help banks detect financial patterns that may indicate that human trafficking is occurring. ... Read full article

Community banks, which could be the hardest hit if economic tensions between the U.S. and Mexico escalate into a tariff battle, are urging policymakers to refrain from rash action, and big banks are already trimming exposures. ... Read full article

Cash that flowed from Russia through a vast money-laundering network sometimes ended up passing through the world's largest banks, including Citigroup, Bank of America, and HSBC, the Guardian reported, citing a cache of financial records it reviewed. ... Read full article

Some in the industry are faulting The Clearing House Association's plan to make anti-money-laundering rules more efficient. ... Read full article

House Democrats want to know if the Department of Justice is doing a proper investigation into an alleged money-laundering scheme by Deutsche Bank. ... Read full article

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms. ... Read full article

A trade group owned by the nation's largest banks wants Congress to require state governments to collect information about the true ownership of the companies they incorporate. Such a law could reduce the banking industry’s cost of complying with ... Read full article

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms. ... Read full article

Any money laundering investigation could ultimately entangle banks that have done business with President Trump and his various firms over the years. ... Read full article