Will ‘Fincen Files’ give banks opening to push for AML reform?


The news media investigation of transactions by nefarious actors puts certain large banks in a negative light, but it also points to inefficient use of suspicious activity reports and other anti-money-laundering issues that the industry has decried for years.


Law enforcement needs better access to BSA reports, watchdog says


With lawmakers weighing changes to Bank Secrecy Act requirements, the Government Accountability Office urged the Financial Crimes Enforcement Network to establish written policies for expanding use of the agency’s database.


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.


Fincen plans major overhaul of anti-money-laundering rules


The Financial Crimes Enforcement Network is seeking to create a better-defined standard for effective AML compliance programs and is considering whether to impose formal requirements that banks assess their laundering risk.


Congress, keep AML reform in the defense spending bill


Legislation that would force transparency around company ownership would be better than another burdensome anti-money-laundering rule.


House passes AML reforms in defense spending bill


The National Defense Authorization Act, approved in a vote late Tuesday, includes measures to require companies to disclose their true owners at the point of incorporation and to improve information-sharing between banks and the government.


Bitcoin doesn’t launder money, Mr. Mnuchin. Money launderers do.


The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks.


Banking hemp no longer requires filing SARs: Regulators


The Financial Crimes Enforcement Network and other regulatory agencies confirmed that the recent legalization of the substance eases banks' anti-money-laundering requirements.


Is it now or never for AML reform?


The 2020 elections and a potential new chair of the Senate Banking Committee in the next Congress could put a deadline on passage of a bill to ease a key anti-money-laundering requirement for banks.


Dems' new tack on gun control: Make banks police sales


A recent bill would require banks to provide data on suspicious firearms transactions as part of anti-money laundering efforts.