Fed, Fincen look to require banks to hold more data on transfers


The two agencies proposed amending the Bank Secrecy Act to lower the threshold for transfers occurring outside the U.S. that trigger recordkeeping requirements.


Powell says Fed's digital currency should complement payments system


Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.


The high cost of giving banks too much slack


Examiners are skilled at spotting trouble but often do too little to correct it, as the latest revelations about Citi once again show. Prompt supervisory intervention is essential to protecting the integrity of the financial system.


PPP forgiveness, mainframes still mainstream, Marcus's future: Top stories of the week


House forgiveness plan for Paycheck Protection Program loans is better than nothing, bankers say; why some banks still lean on mainframes; what's next for Goldman Sachs's Marcus; and more from this week's most-read stories.


Pennsylvania bank hit with regulatory order tied to BSA compliance


Atlantic Community Bankers Bank must improve its anti-money- laundering and Bank Secrecy Act policies and procedures.


Financial institutions, government still wary of crypto


Employees in the financial industry and public sector are considerably more worried about the risks posed by digital currency than those in the cryptocurrency field, a new survey finds.


‘Fincen files’ underscore urgency of AML reform


Better dialogue between banks and authorities coupled with stronger anti-money-laundering measures could help address the suspicious activity report flaws revealed by investigative journalists.


One fix to the deluge of suspicious activity reports


Financial institutions and authorities could better track money launderers if legalized-marijuana-related businesses were not included in SARs.


Banks feel more pressure to upgrade AML tech after 'Fincen Files'


Artificial intelligence, machine learning and enhanced data sharing among lenders could go a long way toward spotting suspicious patterns in daily financial activity and bad actors, experts say.


Will ‘Fincen Files’ give banks opening to push for AML reform?


The news media investigation of transactions by nefarious actors puts certain large banks in a negative light, but it also points to inefficient use of suspicious activity reports and other anti-money-laundering issues that the industry has decried for years.