The Treasury secretary told lawmakers that the government needs “to strike the right balance” on Bank Secrecy Act requirements while determining the best way to collect details about account holders.
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.
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.
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.
With more permanent fixes not yet gaining enough traction, recent attempts to clarify marijuana banking rules through appropriations are also falling flat.
