KYC

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

The bank sought to evade the consequences of compliance failures including weak scrutiny of transactions that could be tied to North Korea, the N.Y. banking superintendent said in demanding access to communications between the bank and its new supervisor, the OCC.

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.

Everytown for Gun Safety says that its recommended guidelines are similar to banks' know-your-customer principles.

A startup called Spring Labs has launched a blockchain network with the goal of getting lenders and data providers to share data to help verify customers' identity.