U.S. financial institutions should respond to negative media coverage of current and former associates of President Donald Trump by reassessing the compliance challenges affected customers and transactions present but refrain from automatically classifying anyone linked to the head of state as high risk, according to Dan Stipano, former deputy chief counsel for the Office of the Comptroller of the Currency, or OCC. From a broader view, the growing cost of maintaining and upgrading compliance programs and the increasingly dire consequences of compliance failures will continue fueling the "de-risking" trend despite federal efforts to stem it, he said. Stipano, now an...
U.S. Democratic lawmakers introduced a raft of resolutions Friday requesting the production of President Donald Trump's tax returns, bank records and other documents they believe may expose alleged financial crimes or conflicts of interest.
Several global lenders based in Europe have ordered highly sensitive, enterprise-wide internal reviews of their clients and accounts to identify any ties they may have with U.S. officials and individuals close to President Donald Trump, sources told ACAMS moneylaundering.com.
The U.S. financial intelligence unit is taking too long to provide Congress with restricted information that some say may indicate criminal ties between Russia and President Donald Trump, his relatives and associates, say federal lawmakers.
A series of news reports alleging improper, potentially illegal dialogue and other ties between Russian officials and aides of U.S. President Donald Trump should prompt financial institutions to review batches of transactions for suspicious activity.