News Topic: AML

The FDIC chief said it is critical to give the industry clarity on using emerging technologies, particularly for the thousands of community banks her agency oversees. ... Read full article

Under the Illicit Cash Act, anti-money-laundering rules would be clearer — so banks would have no excuses for noncompliance. ... Read full article

Anti-money-laundering regulations are among the most costly, and few criminals get caught. Banks say there’s a better way. ... Read full article

Anti-money-laundering regulations are among the most costly, and few criminals get caught. Banks say there’s a better way. ... Read full article

Banks submit millions of Bank Secrecy Act filings each year, yet only a fraction are valuable to law enforcement. Inside the effort to change that. ... Read full article

Finance ministers call for tight regulation of cybercurrencies; Williams says the Fed must “act quickly to lower rates at the first sign of economic distress.” ... Read full article

The consumer bureau said banks are "uniquely positioned" to know if an elderly customer is being targeted by fraudsters. ... Read full article

Democrats called on the social media company to halt its Libra project, while Republicans said Congress should keep the door open to innovation. ... Read full article

A new project backed by the government of Luxembourg could ultimately be influential in the U.S., where banks have been slow to develop a shared platform for digital identities. ... Read full article

David Marcus, who oversees Facebook’s digital wallet, plans to tell Congress that the company will roll out Libra only after it has "received appropriate approvals.” ... Read full article

For the second straight day, concerns about Facebook's cryptocurrency project dominated lawmakers’ questioning of Federal Reserve Chairman Jerome Powell. ... Read full article

The Justice Department is investigating the bank for possible money laundering violations; the Fed chair says Facebook’s plan raises “serious concerns.” ... Read full article

The Federal Reserve chairman said the social media giant’s cryptocurrency plan “cannot go forward” without improved regulatory controls. ... Read full article

Dallas Fed chief says lower interest rates may require stricter rules to ward off riskier lending; after financial crisis, debt backed by HELOCs disappeared. ... Read full article

Nearly half the nation's state regulators have agreed to a new multistate licensing business for money servicers, including fintechs. ... Read full article

Sterling Bancorp must enhance its BSA policies and hire an outside firm to review its account activity. ... Read full article

While a bill to require firms to identify their owners has gained bipartisan support, some small companies argue it is burdensome and would subject them to harsh penalties. ... Read full article

Banks shouldn’t have trouble this year, but the rules may change next year; U.S. authorities are probing possible AML compliance violations at the German bank. ... Read full article