July 22, 2024
Financial Technology Protection Act Passes House, Heads to Senate

The House of Representatives passed a bill on Monday (July 22) that is designed to combat the use of financial technology for illicit finance. The Financial Technology Protection Act of...

July 22, 2024
Regulators’ Actions vs Green Dot and Other Banks Highlight Scrutiny...

Enforcement actions and fines from regulators — the Federal Reserve, the Office of the Comptroller of the Currency and others — highlight the growing scrutiny on anti-money laundering (AML) efforts....

July 19, 2024
Federal Reserve Fines Green Dot $44 Million, Alleging Unfair Practices

The Federal Reserve Board said Friday (July 19) that it fined Green Dot $44 million for unfair and deceptive practices and a deficient consumer compliance risk management program. The regulator said in a...

July 12, 2024
BaFin: Solaris SE Must Improve Controls or Face Financial Penalties

German financial regulator BaFin said Friday (July 12) that Solaris SE faces financial penalties if it doesn’t improve its controls. Solaris, which has a banking license in Germany but focuses on providing white-label...

July 07, 2024
The Open Network Blockchain Grows Along with Associated Firm Telegram

In the world of cryptocurrency, a project with ties to the popular messaging app Telegram has been making waves this year. The Open Network (TON) blockchain, which is associated with Telegram...

July 07, 2024
Report: TD Bank Chief Compliance Officer Monica Kowal Leaves Job

TD Bank’s chief compliance officer, Monica Kowal, has reportedly left the bank. Kowal left the bank during the past week, and an internal memo that announced the move in late June did...

July 05, 2024
Global Real-Time Payments to Top $58T by 2028

Real-time payments continue to advance globally. Banks, FinTechs, corporates and governments are all pursuing initiatives to accelerate payments for their citizens and customers. Real-Time Payments in the United States In...

July 03, 2024
Hawk Updates AI Platform to Enhance Financial Crime Detection

Hawk’s artificial intelligence (AI)-powered anti-financial crime platform now includes additional capabilities for spotting risk by identifying links between data points. The company’s new Entity Risk Detection module brings together entity...

July 01, 2024
DEA: Drug Traffickers Found Citi ‘Favorable’ for Money Laundering

Federal investigators say drug traffickers laundered money through Citigroup, believing it had looser fraud measures. As the Financial Times (FT) reported Monday (July 1), a newly unsealed indictment alleges that...