Financial institutions are struggling to understand and meet federal expectations linked to anti-money laundering risk modeling five years after regulators published recommendations on the topic, say sources.
U.S. national banks must formally declare their risk limits and ensure the independence of their boards of directors, the Treasury Department ruled Thursday.
A number of large U.S. and international banks are dropping customer accounts and services tied to high-risk geographical regions and lines of business in response to regulatory pressure, including enforcement actions.
A new U.S. Treasury Department strategy to improve bank oversight will entail more closely reviewing how consistently examiners evaluate risk modeling and transaction monitoring programs, say regulators.
A former brother-in-law of the late U.S. Sen. Ted Kennedy faces money laundering charges, Chicago's former city comptroller was indicted for bribery and money laundering, and more, in this week's roundup.
Increasingly vulnerable to sophisticated computer hacking, community banks should reassess their defenses against cybercriminals, U.S. Treasury Department officials told bankers Tuesday.
The U.S. Treasury Department Friday fined a Sioux Falls, SD bank branch $10 million for not properly reporting instances of suspected structuring and terrorist financing.
The U.S. regulator of national banks is reviewing how it will penalize so-called "pillar violations" of anti-money laundering laws after the agency revamped its enforcement policies ahead of congressional criticism.
The U.S. regulator of national banks has begun stress testing midsize financial institutions for adequate safety and soundness controls, including anti-money laundering and sanctions checks, say financial lobbyists and compliance officers.
Plans by the U.S. regulator of large banks to link anti-money laundering violations with federal insurance rates will likely translate into more resources and responsibilities for compliance staff, say Bank Secrecy Act officers.
The U.S. Treasury Department's regulator of large banks will revise how it examines for anti-money laundering compliance within months, the agency's chief told a congressional panel Tuesday.
A U.S. Treasury Department division charged with reviewing how financial institutions make use of complex risk models has begun asking questions about how companies calculate money laundering risks.