Financial crimes

Banks happy to let cardholders buy weed online, lawyers say


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.



NCUA bans ex-NYPD officer who embezzled from Municipal Credit Union


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.


CRM provider Tier1 buys financial crime software vendor Alessa


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.


NCUA bans two former credit union employees from industry


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.


NCUA bans two for embezzlement, larceny


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


NCUA issues lifetime ban for embezzlement


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


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.


NCUA bans former credit union teller charged with theft


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


Money-laundering report alleges banks profited by aiding criminals


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.