News Topic: Money laundering

Brooklyn-based federal prosecutors will staff a new task force to investigate and charge corporations and individuals who use the U.S. banking system to launder money, setting up a bigger role in white-collar cases that have historically been dominated by ... Read full article

Big financial institutions are worried that online wagers made with credit cards pose a heavy risk of money laundering. The possibility of tougher rules under the incoming Biden administration has only compounded their concerns. ... Read full article

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. ... Read full article

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

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 ... Read full article

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. ... Read full article

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. ... Read full article

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

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

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 ... Read full article

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

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. ... Read full article

A key Democrat on the House Financial Services Committee, Rep. Carolyn Maloney has a slim lead over a primary challenger, Suraj Patel, a progressive political activist and New York University Professor. ... Read full article

They have asked the Financial Crimes Enforcement Network, the chief anti-money-laundering regulator, to let them collect customer information and verify it after the loan application is processed in order to speed approvals. ... Read full article

The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks. ... Read full article

Terrorism financing schemes using cryptocurrencies are growing in sophistication, according to researcher Chainalysis, which helps law enforcement track digital-coin transactions. ... Read full article

Yet that figure is relatively low compared with other digital assets such as bitcoin, according to the fintech Elliptic. ... Read full article

Doug Clare explains how the organization uses artificial intelligence to spot crime rings and skimmers. ... Read full article