Can AI help banks thwart elder abuse?


Banks use anti-money-laundering and fraud systems to try to catch scams that prey on senior citizens. A few, including Wells Fargo, are working on artificial intelligence that could spot them even earlier.


Barr eases pot banking concerns, but banks still in limbo


Attorney General-nominee William Barr signaled this week he was not likely to crack down on financial institutions serving pot businesses, but even if he is confirmed and sticks with his assurance, the situation is far from resolved


Banks shouldn’t be middleman in revealing true account owners


The objectives of a Financial Crimes Enforcement Network rule requiring financial institutions to collect “beneficial ownership” details are laudable, but the regulation can be subverted by unscrupulous customers.


Agencies push banks to use AI, other means to fight launderers


The federal regulators said in a joint statement that they will take a bank's level of innovation into account in supervising its anti-money-laundering procedures.


Ease banks’ AML reporting burden? FBI, Fincen say not so fast


As Congress weighs Bank Secrecy Act reforms, some worry that reducing suspicious transaction filings would be a gift to criminals.


Senators holding private bipartisan discussions on AML reform deal


Four members of the Senate Banking Committee are trying to reach a compromise on legislation to revamp Bank Secrecy Act procedures after prior legislative efforts failed.


Maxine Waters vows scrutiny of Trump-Deutsche Bank ties if chair


Democrat Maxine Waters, in line to take over the House Financial Services Committee, told colleagues she would undertake a deep dive into President Donald Trump's "money trail," beginning with ties to Deutsche Bank.


Banks lobby to change accounting rule; digital trade platform coming


Banks ask Congress for help with a rule that forces them to estimate loan losses; The network will allow banks to "exchange and verify trade information."


Treasury employee accused of leaking bank records on Manafort, Gates


The U.S. has arrested a Treasury Department employee for leaking confidential bank records pertaining to Paul Manafort, Rick Gates, the Russian Embassy and Maria Butina, who's been accused of being a Russian agent.


Regulators clarify how institutions can share AML resources


The agencies issued a joint statement on the types collaborative arrangements that a bank could employ to make BSA/AML compliance more efficient.