New sanctions require banks to up their games
‘For regional banks, the ultimate question may be whether they want to deal with this or simply de-risk.’
Browsing: Derisking
A Field Guide to Coming AML/BSA Reforms
Recent legislative changes will keep banks’ Bank Secrecy Act officers busy for years to come. Here’s a CEO’s-eye view of AML/BSA changes on the horizon.
Podcast: Global Correspondent Banking at a U.S. Community Bank
With $1.57 billion in assets, HAB Bank isn’t big — but it’s a community bank with global reach. The New York-based institution provides correspondent banking services for 140 banks in 20 countries, primarily in South Asia and East Asia. Saleem Iqbal discusses how HAB Bank competes in this global marketplace.
Basel: Decline in Global Correspondent Banking Relationships Accelerates
The number of worldwide correspondent banking relationships continues to decline, according to new figures released today by the Basel, Switzerland-based Financial Stability Board.
Basel: Global Correspondent Banking Relationships Continue Disappearing
The number of worldwide correspondent banking relationships continues to decline, according to new figures released today by the Basel, Switzerland-based Financial Stability Board.
GAO Urges Regulators to Review Effects of BSA/AML Regulations
Confirming that the U.S.’ Southwest border is at high risk for money laundering activity, the Government Accountability Office found in a recent review that bank branches in that region filed more than twice as many Suspicious Activity Reports than banks in other high risk areas.
House Passes Bill Preventing Future ‘Choke Point’ Efforts
Although the Justice Department has ended its controversial “Operation Choke Point” initiative, the House tonight overwhelmingly passed a bill that would prevent it from being resurrected.
Lawmakers Call for Formal Clarification for Banks on ‘Operation Choke Point’
A group of Republican lawmakers wrote to the heads of the Department of Justice, Federal Reserve and OCC today asking them to clarify their position on the DOJ’s Operation Choke Point, an Obama-era policy that seeks to curtail disfavored businesses by working through regulators to pressure banks to end customer relationships.
Basel: Global Correspondent Banking Relationships Continue Decline
The number of worldwide correspondent banking relationships continues to decline, according to new figures released yesterday by the Basel, Switzerland-based Financial Stability Board.
Florida Banker: BSA/AML Rules Must Change with the Times
The regulatory framework put in place to prevent money laundering and stop the financing of terrorist activity should be updated to reflect the changes that have taken place over the past several decades, banker Lloyd DeVaux, president and CEO of Sunstate Bank in Miami, Fla., said today in a hearing before the House Financial Services Committee.