A recent regulatory penalty citing a Brown Brothers Harriman executive made a compliance director at Bank of America wonder about his future personal liability, attendees of a business forum heard Tuesday.
Mexican officials will extend until February an upcoming deadline for nonbank companies to implement anti-money laundering controls, according to sources with knowledge of the matter.
U.S. lawmakers proposed legislation Wednesday to combat the pilfering of tax refunds, now the most common type of identity theft-related fraud in the country.
New York City investigators are concerned that several start-up companies selling mobile payment products may be giving criminals an easy means to defraud banks and individuals.
Border banks are accepting potentially fraudulent copies of cash declaration forms to justify bulk cash deposits by individuals traveling from Mexico into the United States, say law enforcement officials.
The Internal Revenue Service's Criminal Investigations division is shifting resources to better investigate the "alarming" growth of stolen tax refunds, according to a senior IRS official.
Critics of a U.S. Treasury Department plan to strengthen beneficial ownership reporting by financial institutions aired their concerns to Obama administration officials at a rare public hearing Tuesday.
The disclosure that U.S. officials have solicited and directly received data from foreign banks on transactions tied to Iran is spurring talks among European lawmakers, according to Alexander Alvaro, an EU Parliament supervisor.
Less than 10 percent of banks have joined their efforts to fight fraud and money laundering despite calls by the U.S. financial intelligence unit to do so, according to an upcoming report.
Instances of cybercrime and identity theft in New York City rose 50 percent over the past five years, while some municipal precincts are citing the violations more than any other crimes.
The number of suspicious activity reports filed on potential identity theft increased over 120 percent between 2004 and 2009, the head of the U.S. Treasury Department's financial intelligence unit said Monday.
Reports of check fraud tied to identity theft rose in 2009 even as instances of related loan and credit fraud fell, according to a study released Friday by the Identity Theft Resource Center.
U.S. investigators arrested the former chief executive officer of a Manhattan-based bank Monday for allegedly embezzling money from a fraudulent loan and attempting to cheat the government out of federal bailout funds.
Massive spending to support the wars in Iraq and Afghanistan has been accompanied by a surge in fraud, corruption and money laundering involving military personnel and contractors.
Two measures passed by a Congressional committee this month that could change the way banks notify customers of data breaches are unlikely to become law this year, according to a Senate staffer.
The formation of a federal task force aimed at fighting financial crime will likely mean more money laundering investigations at banks, according to a U.S. Treasury Department official.
While the effects of the global recession on the fight against corruption remain unclear, international officials have begun to wonder whether the stimulus efforts meant to spur the economy will also drive financial crime, according to Joseph Myers.
As many as 85 percent of banks have implemented adequate compliance systems aimed at rooting out identity thieves and limiting the number of data breaches, according to analysts.
The Federal Trade Commission Wednesday again pushed back the enforcement deadline of a controversial rule requiring financial institutions and "creditors" to take steps to prevent identity theft-related data breaches.
Banking employees can't always get standard photo IDs or signatures from clients, particularly if the person who wants to open an account or transact business is disabled or illiterate.