AML & Fraud - Banking Exchange

The Cost of AML Compliance for US Banks

New data shows the impact of anti-money laundering and BSA compliance on banks’ balance sheets

Fund Data Operations and Banks Have Something To Learn From An Obscure Immigrant Investor Program

Some Americans might be appalled that wealthy foreigners are purchasing the opportunity to become permanent residents of the United States

How to Commit Stimulus Fraud

Officials have dumped an enormous amount of money into the economy in a matter of weeks. That means the environment is ripe for fraud.

Individual Accountability in AML Actions

The Financial Crimes Enforcement Network (FinCEN) has imposed a $450,000 civil money penalty on a former compliance / chief operational risk officer

Israeli Bank Fined $874m Over Links to FIFA Corruption Scandal

Bank Hapoalim and its Switzerland-based subsidiary have admitted money-laundering charges involving soccer officials

Chase Accused of Pushing Small Businesses to the back of The Line

Lawsuit alleges unfair business practices by prioritizing borrowers who were seeking larger loan amounts rather than a good faith effort to take business on a first come first serve basis

MVB Acquires Fraud Prevention Specialist Paladin

Select Bank & Trust adds branches from Entegra, First Citizens completes purchase of MidCoast, and Evans nears completion of FSB acquisition

Cost of Compliance Expected to Hit $181bn

Complex regulations and required manpower are pushing costs higher, but fraud attempts are rising

Machine Learning and AI ‘Crucial’ to Fighting Fraud, Research Shows

Online payment fraud could cost companies more than $200 billion over four years, finds Juniper Research

Authorities Shed New Light on Wells Fargo Fake Accounts Scandal

The bank’s $3 billion fine was accompanied by penalties totaling $21 million for three former executives for their roles in the scandal that ran for 15 years