How this bank’s anti-laundering blunders became a ‘sales tool’


Nothing like revelations of a client’s Ponzi scheme that lead to your bank paying $4 million in anti-money-laundering fines. That’s what happened at Gibraltar Private Bank & Trust, but its CEO argues its compliance overhaul has given the bank a competitive advantage in cosmopolitan New York and South Florida.


Raft of AML violations lands bitcoin exchange a $110M fine


The fine for BTC-e was the Treasury’s first action against a money-services business located in a foreign country, and the second against a virtual currency exchange.


California struggles for answer to pot banking conundrum


The nation’s largest state set out to bring a once-illicit industry into the financial mainstream but is now running into a Washington, D.C.-size barrier.


New small-business credit score is byproduct of federal rule


The beneficial ownership regulation, meant to catch financial criminals, has produced data that is useful in making small-business loans, LexisNexis Risk Solutions says.


Should banks be criminally liable for not reporting fishy emails?


Unlike other “suspicious activity report” categories, a new proposal to add a “cyber-event” category would requires institutions to detect and report digital mischief whether directed at a customer’s account or the bank itself.


Why big banks want a ban on anonymous shell companies


A trade group owned by the nation's largest banks wants Congress to require state governments to collect information about the true ownership of the companies they incorporate. Such a law could reduce the banking industry’s cost of complying with anti-money laundering rules.


Brown wants Trump’s businesses investigated for AML violations


Any money laundering investigation could ultimately entangle banks that have done business with President Trump and his various firms over the years.


Merchants Bank of California fined $7 million for widespread anti-laundering failings


Merchants was accused by the Treasury Department's Financial Crimes Enforcement Network of failing to properly monitor money services businesses that had ownership ties with bank insiders.


Let the crime-fighters, not banks, fight crime; CFPB sweeps court double-header


The Clearing House asks Fincen to do more to fight AML; two federal courts side with consumer agency in separate cases, including question about its constitutionality