Bankers hope shell-company reforms are prelude to broader AML overhaul


Congress’s passage of a measure requiring startup companies — instead of their banks — to identify true owners was arguably the industry’s biggest legislative achievement in 2020. Now the industry is urging lawmakers to revisit proposals that would ease other anti-money-laundering reporting requirements.


OCC proposes to let certain banks skip money-laundering reports


The agency said it may exempt certain institutions from having to file suspicious activity reports if they have “innovative solutions intended to meet Bank Secrecy Act requirements more efficiently and effectively." But in those circumstances, law enforcement may still require SARs.


Senate sends veto-proof AML reforms to White House


The defense spending bill includes language requiring businesses to report their owners to Fincen.


Congress about to relieve banks of a key AML burden


Banks are responsible for reporting their business customers' beneficial owners, but a bill that would shift that anti-money-laundering duty to businesses themselves has been added to a must-pass defense spending package.


Banks steer clear of sports gambling even as more states legalize it


Big financial institutions are worried that online wagers made with credit cards pose a heavy risk of money laundering. The possibility of tougher rules under the incoming Biden administration has only compounded their concerns.


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.


‘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.


Banks report record spike in fraud as U.S. business aid flows


U.S. banks and credit unions reported skyrocketing levels of suspected business-loan fraud last month, a period that coincided with growing awareness of scams involving government small-business aid programs.


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.