Shell-company bill drives wedge between banking, small business


Beneficial-ownership legislation is within the banking industry’s reach, but the prospect of new regulatory burdens for small businesses is forcing lawmakers to choose sides.


The fight against financial crime has just begun


Regulators globally are using "tech sprints" to test new anti-money-laundering solutions. More can be done, but it's a good start.


Crypto firms can't skirt AML compliance: Fincen chief


Kenneth Blanco's tough comments appeared to target payments providers that offer their users anonymity.


Small banks can use tech to make their size an advantage in AML compliance


New tech can help banks with less cumbersome systems track suspicious activity more effectively.


Data aggregators push back against notion they have a fraud problem


Fincen and others say third parties are proving to be treasure chests for crooks who create synthetic identities, but aggregators argue they help detect risk banks can’t see.


Senators formally introduce bipartisan AML reform bill


Though a draft has been circulating since this summer, eight senators on Thursday officially released a bill to require companies to disclose their true owners at incorporation.


Bad actors targeting fintech aggregators: Fincen chief


Kenneth Blanco expressed concern in a speech about cyber criminals using "synthetic identities" to commit fraud with data stolen from fintech platforms.


AI use carries bias risk for financial regulators


Agencies like Fincen and Finra that use machine learning must pay close attention to potential bias in supervisory algorithms, especially with data on women and minorities.


Regulators must issue AI guidance or FDIC will: McWilliams


The FDIC chief said it is critical to give the industry clarity on using emerging technologies, particularly for the thousands of community banks her agency oversees.


Facebook won’t launch crypto service until regulators satisfied, exec says


David Marcus, who oversees Facebook’s digital wallet, plans to tell Congress that the company will roll out Libra only after it has "received appropriate approvals.”