News Topic: FinCEN

Many financial institutions are unaware that they're banking marijuana-related businesses, pot bankers and regtech experts say. ... Read full article

Rep. Emanuel Cleaver, D-Mo., says he is concerned that banks are freezing accounts of customers if they aren't providing citizenship information. ... Read full article

First Green Bank in Florida had to stop holding deposits for licensed marijuana sellers as a condition of making a deal. ... Read full article

The Treasury secretary told lawmakers that the government needs “to strike the right balance” on Bank Secrecy Act requirements while determining the best way to collect details about account holders. ... Read full article

With more permanent fixes not yet gaining enough traction, recent attempts to clarify marijuana banking rules through appropriations are also falling flat. ... Read full article

The legislation unveiled this week left out a requirement — included in an earlier version — for new companies to report their true owners. ... Read full article

Security Group was fined $5 million for abusive collection tactics; the Dutch payments company is now valued at nearly $16 billion. ... Read full article

Legislation with bipartisan support would raise the threshold for reporting suspicious activity, a goal banks have long sought. ... Read full article

California lawmakers have voted to authorize the establishment of state-chartered banks for the limited purpose of serving the marijuana industry. ... Read full article

Treasury Secretary Steven Mnuchin said that banking records of President Donald Trump's lawyer Michael Cohen appear to have been leaked from a database maintained by his department. ... Read full article

Deadlines imposed by U.S. and EU regulators are giving banks intercontinental whiplash. ... Read full article

A long-anticipated financial rule could help law enforcement root out illegal activity, but it requires banks to keep extra-close tabs on certain business clients. That won't be easy. ... Read full article

Bankers have long complained that anti-money-laundering regulations impose an extra burden without really stopping major crime. D.C. is finally listening. ... Read full article

Financial institutions engaged in virtual currency markets face a number of risks — proceeding carefully is justified. ... Read full article

The comptroller said he is looking to capitalize on the industry's strong profits and high capital reserves to reduce costs and lower exam fees next year. ... Read full article

Efforts by financial institutions to track "beneficial ownership" data in advance of a regulatory deadline next month is complicated by the challenge of getting customers to cough up the information. ... Read full article

Attorney General Jeff Sessions made headlines in January when he tightened federal marijuana enforcement. But the good news for financial institutions looking to service the pot industry is that the rest of the government has responded with a shrug. ... Read full article

Foreign operatives' alleged use of fraudulent financial accounts to try to influence the U.S. political system shows again how difficult it is for banks to truly know their customers. ... Read full article