Money laundering

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.


Rep. Maloney fights to hold seat in New York


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.


Banks blame AML rules for emergency loan logjam


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.


Bitcoin doesn’t launder money, Mr. Mnuchin. Money launderers do.


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


Crypto terrorism funding grows more sophisticated, study finds


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


Ripple's XRP used in $400M of crimes, a crypto-tracking firm says


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


What FICO sees through its window into fraud


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


The fight against financial crime has just begun


Regulators globally are using "tech sprints" to test new anti-money-laundering solutions. More can be done, but it's a good start.