The beneficial ownership regulation, meant to catch financial criminals, has produced data that is useful in making small-business loans, LexisNexis Risk Solutions says.
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.
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.
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.
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.
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.
