Money laundering

Senate sends veto-proof AML reforms to White House


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


Brooklyn federal financial-crime unit steps on Manhattan turf


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.


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


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.


‘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.