The banking industry is watching closely as the New York State Department of Financial Services proposes a groundbreaking "BitLicense" regulatory framework for virtual currency businesses that's designed to help fight fraud.
New guidance from FinCEN addresses know-your-customer concerns surrounding financial transactions linked to legal marijuana businesses. Anti-money-laundering expert Kevin Sullivan sorts through the advice.
JPMorgan Chase will pay more than $2 billion in fines for violations of the Bank Secrecy Act tied to failure to report suspicious activity related to Bernie Madoff's decades-long, multi-billion dollar Ponzi scheme.
A $400,000 settlement in a case against a community bank in North Carolina for violations of the Bank Secrecy Act should serve as a reminder that anti-money-laundering woes are not just a big-bank issue, experts say.
Financial institutions will always be threatened by fraud. Security protocols, fraud and AML prevention and detection techniques must continue to keep pace with potential criminal activity. With millions of dollars and reputational risk at stake, the imperative is there in order to achieve peace of mind.
TD Bank has been ordered to pay $52.5 million in penalties for violations of the Bank Secrecy Act and securities laws as a result of failing to file timely suspicious activity reports related to nearly $1 billion worth of transactions.
Another organized cyber-attack and subsequent cash-out scheme illustrates increasing risks to the U.S. payments chain. One fraud expert says this trend "is of grave concern" for banking institutions and their accountholders.
Authorities have shuttered a digital currency service allegedly used to launder funds stolen in a $45 million ATM cash-out scheme exposed earlier this month. Learn why experts say lax laws paved the way for the fraud.
Recent penalties against financial institutions for violating money-laundering regulations may not be a deterrent, says anti-money-laundering expert Kevin Sullivan. What's needed? Stronger punishments, he says.
Peer-to-peer, near-field communications and barcode scans are revolutionizing mobile payments. What unique risks do these emerging technologies pose to banking institutions? Two FDIC executives offer insights.
The penalties paid out by HSBC and Standard Chartered Bank for violations to money-laundering regulations should serve as a wake-up call, says Kevin Sullivan. In fact, banking institutions should brace for more fines.