News Topic: Financial crimes

Technology-driven systems aren’t enough to root out anti-money-laundering violations. Congress should consider creating a program that would encourage those with knowledge of illegal behavior to come forward. ... Read full article

CBTX said an unauthorized person obtained personal information for about 7,800 customers. ... Read full article

Bank hit, but CEO Jes Staley escapes NYS fine for trying to unmask a whistleblower; Malaysia will pursue criminal complaints against Goldman in other countries. ... Read full article

Richard Harra was also fined $300,000 for painting a false picture of the bank’s financial health at the height of the financial crisis. ... Read full article

Malaysia files criminal charges against Goldman Sachs over 1MDB; Wall Street banks hit by market volatility while small banks face margin compression. ... Read full article

Bank of America and several other large U.S. financial services companies, as part an effort organized by the Thomson Reuters Foundation and Western Union, have published resources to help smaller banks spot signs of forced labor and kidnapping. ... Read full article

IBM claims that by monitoring customer behavior first and foremost, banks can make suspicious activity reporting far more accurate. ... Read full article

Paul Manafort turned to Jared Kushner for help in an attempt to secure a Trump administration job for a Chicago banker at the center of Manafort’s fraud trial. ... Read full article

Steve Calk, the head of The Federal Savings Bank, was a "co-conspirator" in an effort to defraud the Chicago bank, a prosecutor said at the trial of former Trump campaign chair Paul Manafort. Could Calk be charged with a crime? ... Read full article

Stephen Calk, the CEO of The Federal Savings Bank, expedited approval of a mortgage to the onetime Trump campaign chair in hopes of winning a job as Treasury secretary or housing secretary, a former bank employee testified Friday. ... Read full article

The former Trump campaign chair got $16 million in mortgages from The Federal Savings Bank. His trial is shedding new light on what the bank's CEO allegedly received in return. ... Read full article

The new chair of the Conference of State Bank Supervisors argues that state regulators will keep protecting consumers if the CFPB curtails oversight. ... Read full article

The House Financial Services Committee is preparing to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information. ... Read full article

Republican congressmen Blaine Luetkemeyer and Steve Pearce say their new legislation would update anti-money-laundering and counterterrorism requirements for small financial institutions. ... Read full article

A river of drug-cartel money flowed through the U.S. arm of Dutch banking giant Rabobank, and now federal investigators are pursuing criminal cases against former senior executives for allegedly covering it up. ... Read full article

Kam Wong, chief executive at the high-profile, $2.9 billion credit union that serves the NYPD, among other municipal workers, has been charged with fraud. ... Read full article

Attorneys for then President Robert Harra said he is innocent and will file an appeal. The case centers on a scheme said to have been carried out during the crisis years, before the bank was sold to M&T. ... Read full article

Modernized bank technology and improved data sharing would sharpen anti-money-laundering efforts, making crime like human trafficking more risky and less profitable. ... Read full article