News Topic: Financial crimes

Lawyers defending two men accused of defrauding banks into processing pot purchases said banks including Citigroup and Bank of America were happy to look the other way when customers used their credit and debit cards to buy marijuana online. ]] ... Read full article

The regulator issued a prohibition order to Joseph Guagliardo, who admitted to taking more than $400,000 from the New York City-based institution over the course of nearly a decade. ... Read full article

Tier1 Financial Solutions says the acquisition will give it access to midsize financial institutions and that Alessa's product will improve onboarding for Tier1's clients. ... Read full article

In December, the National Credit Union Administration barred the individuals from working in the financial services sector for taking money from their institutions for personal use. ... Read full article

The regulator issued prohibitions for former credit union employees in Virginia and Connecticut. ... Read full article

The National Credit Union Administration issued a prohibition order against a former employee of Members Exchange Credit Union in Mississippi. ... Read full article

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

A former employee of Member's 1st Federal Credit Union was accused of stealing more than $19,000. ... Read full article

A new investigation by the International Consortium of Investigative Journalists says JPMorgan Chase, Deutsche Bank and several other global institutions kept moving illicit funds after receiving warnings from U.S. officials. ... Read full article

The National Credit Union Administration issued one prohibition notice for August. ... Read full article

Quantexa, which uses artificial intelligence to detect money laundering and other financial crime, is already being used by HSBC and Standard Chartered Bank. ... Read full article

Banks' fear of big penalties, the changing tactics of nimble criminals and a greater openness among regulators to new approaches are among the factors driving big investments. ... Read full article

The former CEO at The Federal Savings Bank, who faces a bribery charge in connection with loans to President Trump's onetime campaign chief, is seeking to keep evidence from his phone out of the upcoming trial. ... Read full article

The payments company is working with nonprofit organizations, law enforcement authorities, victims and others to make it harder for the criminals behind the modern slave trade to move money. ... Read full article

The American Bankers Association said it’s offering a new online course because of increased demand by members for training tailored to banking. ... Read full article

Terrorism financing schemes using cryptocurrencies are growing in sophistication, according to researcher Chainalysis, which helps law enforcement track digital-coin transactions. ... Read full article

Stephen Calk and the bank where he formerly served as CEO are both arguing that his bribery trial should be held in Illinois. Prosecutors oppose the move. ... Read full article

Several former high-level Wells Fargo executives are under criminal investigation in connection with the bank's fake-account scandal and could be indicted as soon as this month. ... Read full article