A group of Republican lawmakers are petitioning regulators to more thoroughly distance themselves from a federal strategy that reportedly pressured financial institutions to terminate their relationships with third-party payment processors.
Short of abiding by the Community Reinvestment Act and other prohibitions against discriminatory lending, banks still have the right to choose who they'll do business with. While that seems like an obvious statement, it gets drowned out in the debate about "de-risking."
In every longstanding relationship, there comes a point when both parties begin to question something they once thought they had agreed on. Talk to a Bank Secrecy Act officer at a conference, over dinner or in a bar and one point of friction with federal regulators inevitably becomes clear.
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.
Financial institutions may need to update anti-money laundering controls, due diligence and screening associated with their third-party payment processor customers, particularly those based internationally, according to U.S. Treasury guidance issued Monday.
The transfer of billions of dollars in deposits out of large banks to smaller competitors is likely to increase the compliance work and woes of credit unions and community banks.
The push by community banks and other financial institutions to generate fee income with new products is causing some institutions to run afoul of their examiners, according to federal banking regulators.
Faced with raised compliance expectations, many large financial institutions are expanding the types of corporate clients they ask to implement anti-money laundering controls to include import-export businesses, payroll companies and payday lending firms.
A report by an intergovernmental watchdog highlighting the anti-money laundering weaknesses of more than two dozen countries is prompting non-bank financial institutions to drop customers and avoid risky markets.
More than 100 medical marijuana clinics have seen their accounts closed in the last 18 months by at least three U.S. banks concerned about regulatory repercussions, say cannabis advocacy groups.
A Canadian national laundered nearly $380 million and illegally processed payouts from online gambling companies to their U.S.-based customers, according to a federal indictment released Thursday. The indictment seeks more than half-billion dollars in forfeitures.
Bank and credit unions have an additional six months to reformat how they process transactions as part of an effort to enforce government blacklists, the National Automated Clearinghouse Association
Recent enforcement actions and guidance suggest that U.S. banking examiners are ratcheting up their scrutiny of how banks monitor payment processors for anti-money laundering risks.
Oregon residents Laurent Barnabe and Douglas Ferguson were sentenced on money laundering and other charges for their role in a Ponzi scheme run through an offshore bank based in Grenada.
In testimony before the House Financial Services Committee, online payment processors, data security professionals and other experts called for the licensing of Internet gambling businesses but could not agree on whether current technology can successfully verify the identities of online bettors.