Yellen’s banking agenda: Confront climate risks, launch AML registry


Former Fed Chair Janet Yellen told senators that as Treasury secretary she would create a “hub” to examine the effects of a changing climate on financial institutions and create a database of companies' true owners as required by a recent anti-money-laundering bill.


Capital One fined $290M for ‘willful’ anti-money-laundering failures


The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was later shut down.


Next step in AML overhaul: Simplify SARs


Congress acted first when it freed financial firms from having to disclose the beneficial owners of commercial clients. Now it's time for regulators to further ease anti-money-laundering reporting requirements by freeing them from filing duplicative or unnecessary suspicious activity reports.


Wells Fargo released from one enforcement order, still has 10 to go


The Office of the Comptroller of the Currency terminated a 2015 consent order that required the bank to improve its controls for combating money laundering.


Week ahead: Credit union groups outline 2021 priorities


With the new Congress sworn in, trade associations are already pushing their legislative wish lists, including more regulatory oversight of fintechs and protecting the industry's tax exemption.


Senate override of Trump veto clears way for shell-company reform


Congress's enactment of the defense spending bill opposed by the White House removes the final hurdle for a key anti-money-laundering provision.


Stimulus battle stands in way of AML measure becoming law


An impasse over pandemic relief checks for Americans is holding up an override of President Trump's veto of a bill shifting beneficial-owner requirements from banks to their commercial clients.


Credit Suisse flagged for anti-money-laundering shortcomings


The Federal Reserve and the New York State Department of Financial Services have ordered the Swiss bank’s U.S. arm to improve oversight and better monitor the activities of its customers.


Bankers hope shell-company reforms are prelude to broader AML overhaul


Congress’s passage of a measure requiring startup companies — instead of their banks — to identify true owners was arguably the industry’s biggest legislative achievement in 2020. Now the industry is urging lawmakers to revisit proposals that would ease other anti-money-laundering reporting requirements.


Wells Fargo set to be freed from AML consent order


The bank's release from a five-year-old enforcement action would mark progress in CEO Charlie Scharf's efforts to resolve its sprawling regulatory problems. But 10 more consent orders, including an asset cap imposed by the Federal Reserve in 2018, remain in place.