Money laundering

‘Fincen files’ underscore urgency of AML reform

09/28/20

Better dialogue between banks and authorities coupled with stronger anti-money-laundering measures could help address the suspicious activity report flaws revealed by investigative journalists.

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One fix to the deluge of suspicious activity reports

09/24/20

Financial institutions and authorities could better track money launderers if legalized-marijuana-related businesses were not included in SARs.

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Banks feel more pressure to upgrade AML tech after 'Fincen Files'

09/23/20

Artificial intelligence, machine learning and enhanced data sharing among lenders could go a long way toward spotting suspicious patterns in daily financial activity and bad actors, experts say.

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Will ‘Fincen Files’ give banks opening to push for AML reform?

09/23/20

The news media investigation of transactions by nefarious actors puts certain large banks in a negative light, but it also points to inefficient use of suspicious activity reports and other anti-money-laundering issues that the industry has decried for years.

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Fincen plans major overhaul of anti-money-laundering rules

09/16/20

The Financial Crimes Enforcement Network is seeking to create a better-defined standard for effective AML compliance programs and is considering whether to impose formal requirements that banks assess their laundering risk.

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De novo started by gamblers rolls dice on banking them

07/30/20

Lexicon Bank in Las Vegas, whose chairman was a professional gambler, is actively courting poker players to open deposit accounts for their tournament winnings.

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Congress, keep AML reform in the defense spending bill

07/29/20

Legislation that would force transparency around company ownership would be better than another burdensome anti-money-laundering rule.

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Banks smell victory on key anti-laundering measure

07/27/20

After the House passed a defense spending bill that included the provision ahead of negotiations with the Senate, industry representatives are optimistic Congress will finally shift the burden of reporting true-owner information from banks to their business clients.

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HSBC, ABN Amro join large funding round for AML software startup

07/23/20

Quantexa, which uses artificial intelligence to detect money laundering and other financial crime, is already being used by HSBC and Standard Chartered Bank.

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House passes AML reforms in defense spending bill

07/22/20

The National Defense Authorization Act, approved in a vote late Tuesday, includes measures to require companies to disclose their true owners at the point of incorporation and to improve information-sharing between banks and the government.

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