Money laundering

With Dodd-Frank relief near, banks set sights on AML


The Dodd-Frank Act gets more attention when it comes to regulatory burden, but the Bank Secrecy Act and other anti-laundering statutes arguably present even more of a compliance challenge for bankers.


Money-laundering scandal hurts all banks: Aussie lobby chief


The Commonwealth Bank of Australia money-laundering scandal has damaged the public's perception of the whole banking sector, according to the head of the industry's lobby group.


HSBC monitor report will remain sealed, appeals court rules


A monitor's report detailing HSBC's compliance with a 2012 agreement with U.S. prosecutors to fix faulty money-laundering controls isn't a judicial document and shouldn't be made public, a federal appeals court said.


House Dems seek bank documents of Trump accounts


House Democrats are asking Deutsche Bank Chief Executive Officer John Cryan for documents related to two internal reviews, including one into accounts held by President Trump and his family.


BofI Holding disputes report that it’s a target of money-laundering investigation


The report in the New York Post alleges that the bank violated anti-money-laundering laws by filing incorrect call reports to hide loans made to foreign nationals.


Laundered Russian cash flowed through major banks: Report


Cash that flowed from Russia through a vast money-laundering network sometimes ended up passing through the world's largest banks, including Citigroup, Bank of America, and HSBC, the Guardian reported, citing a cache of financial records it reviewed.


'More than parties and pretty pictures': Comments of the week


American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of articles and our social media platforms.


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.


Why this bank is taking on clients other institutions deem too risky


Many customers at Neighborhood National Bank in San Diego offer check-cashing services that draw attention for Bank Secrecy Act compliance.