News

The New York Department of Financial Services fined Gemini Trust Company $37 million for multiple compliance failures and required the company to pay back at least $1.1 billion to customers who suffered losses through a third-party relationship, ACAMS moneylaundering.com reported. More Green Dot faces a consent order from the Federal Reserve for alleged compliance lapses, including deficiencies in its anti-money laundering program, which could cost the payment services company $50 million including civil penalties. More A New York court shut down an alleged Ponzi scheme run by a Harvard Business School alumnus in which he defrauded fellow alumni and others out of...