Financial institutions should plan out how they will investigate news of terrorist attacks, grand-corruption schemes and other high-profile crimes that often bear compliance ramifications, a senior U.S. official said. Identifying which compliance employees will comb through account and transactional data to determine the extent of their institutions' links to serious financial crimes ahead of time is "good practice," Koko Ives, chief of the U.S. Federal Reserve's Bank Secrecy Act and anti-money laundering section, said at a recent industry event. "You may or may not see anything, but you should have processes in your bank for how you are going to...
Some of the country's largest financial institutions are increasingly seeking to hire more data analysts in efforts to make better sense and use of complex sets of transactional and customer information, say sources.
Several of the world's largest financial institutions are years into the process of rethinking and updating how they share the personal information of their customers across borders to thwart illicit finance.
With national governments this week mustering responses to a massive leak of privileged documents, the international groups that direct the global fight against money laundering have remained relatively quiet, and could stay so.
Federal officials intend to investigate whether financial institutions knowingly laundered bribe payments for several indicted leaders of the world's top soccer organization, FBI Director James Comey said Wednesday.
In the wake of regulatory crackdowns and multiple criminal probes, financial institutions operating in Mexico are spending millions of dollars to upgrade their anti-money laundering programs, say bank staff.