Money laundering

‘Fincen files’ underscore urgency of AML reform


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.


One fix to the deluge of suspicious activity reports


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


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


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.


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


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.


Fincen plans major overhaul of anti-money-laundering rules


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.


De novo started by gamblers rolls dice on banking them


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


Congress, keep AML reform in the defense spending bill


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


Banks smell victory on key anti-laundering measure


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.


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


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


House passes AML reforms in defense spending bill


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.