Money laundering

Senate sends veto-proof AML reforms to White House

12/11/20

The defense spending bill includes language requiring businesses to report their owners to Fincen.

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Brooklyn federal financial-crime unit steps on Manhattan turf

12/08/20

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 their Manhattan counterparts.

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Banks steer clear of sports gambling even as more states legalize it

11/11/20

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.

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‘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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