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.
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
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.
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.
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.
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 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."
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.
