AML

Anti-money laundering (AML) refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money-laundering laws cover a relatively limited range of transactions and criminal behaviors, their implications are far-reaching.

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

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...

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Regulators’ Actions vs Green Dot and Other Banks Highlight Scrutiny Over AML Practices
Regulators’ Actions vs Green Dot and Other Banks Highlight Scrutiny Over AML Practices
July 22, 2024  |  AML

Enforcement actions and fines from regulators — the Federal Reserve, the Office of the Comptroller of the Currency and others — highlight the growing scrutiny...

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

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...

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

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...

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Report: TD Bank Chief Compliance Officer Monica Kowal Leaves Job
Report: TD Bank Chief Compliance Officer Monica Kowal Leaves Job
July 07, 2024  |  Digital-First Banking

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...

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

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...

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

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...

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Singapore Says Banking Sector Is Top Money Laundering Risk
Singapore Says Banking Sector Is Top Money Laundering Risk
June 20, 2024  |  AML

Singapore has identified banks as the entities posing the greatest money laundering (ML) risk to the country. The Monetary Authority of Singapore (MAS), which is a...

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Starling Bank Takes Debtors To Court Amid UK Watchdog Probe
Starling Bank Takes Debtors To Court Amid UK Watchdog Probe
June 19, 2024  |  Banking

Starling Bank is reportedly taking several debtors to court amid a U.K. financial watchdog’s investigation. The neobank has filed petitions against 24 companies that have...

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