KYC

Fully automated compliance is big hurdle for this fintech's APIs

06/14/19

Synapse is working to refine its application programming interfaces to meet know-your-customer and other complex requirements, but it's a tall order, the head of the back-office-services platform says.

[more]

House poised to advance flood insurance reform, beneficial owner rules

06/12/19

Bills to fix the National Flood Insurance Program and combat the money-laundering risks from shell companies enjoyed bipartisan support during a House Financial Services Committee debate.

[more]

Cheat sheet: What Senate AML bill means for financial industry

06/10/19

The good news for financial firms is Congress has moved closer to reforming anti-money-laundering rules. But left behind in the effort is the reform most coveted by the industry.

[more]

Deutsche Bank’s ties to Trump dominate hearing on AML reform

05/21/19

Democrats pressed law enforcement on whether senior Deutsche Bank executives quashed suspicious activity reports filings related to President Trump.

[more]

States could solve beneficial ownership issue: OCC's Otting

05/20/19

Banks would be better able to comply with anti-money-laundering laws if all 50 states collected information on the owners of new corporations and published it in a national database, Comptroller Joseph Otting said Monday.

[more]

Despite delays, beneficial ownership bill will move forward: Maloney

05/14/19

Rep. Carolyn Maloney said Tuesday that her legislation aimed at restricting anonymous shell companies could get a vote in the Financial Services Committee as early as the end of June, after consideration was postponed last week.

[more]

Congress hits new speed bump in effort to restrict shell companies

05/09/19

House lawmakers postponed a committee vote on legislation to require beneficial ownership disclosures, nearly a year after a different anti-money-laundering bill stalled over a similar provision.

[more]

Congress is closer to reforming AML, but will banks be satisfied?

05/08/19

Lawmakers are poised to advance a bill requiring that commercial customers identify their beneficial owners — taking that burden away from their financial institution — but the anti-money-laundering reform arguably most favored by banks has fallen off the radar.

[more]

Banks shouldn’t be middleman in revealing true account owners

12/18/18

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.

[more]

Is regulators' green light on AML tech a game changer?

12/05/18

Bank and credit union regulators issued a statement giving institutions the go-ahead to try artificial intelligence and other emerging tech to detect money laundering. It's just what some institutions have been waiting for.

[more]