Regulation

The number of suspicious activity reports involving cryptocurrency topped 90,000 in 2021, according to the Financial Crimes Enforcement Network. The reason for the uptick may be that crypto is becoming more mainstream.

Citigroup has been released from a 2012 enforcement action that faulted its anti-money-laundering efforts. But company executives are expected to spend a lot of time over the next few years seeking to resolve a pair of more recent consent orders.

Deutsche Bank's offices in Frankfurt are being searched by law enforcement authorities over reports about potential money laundering that were filed by the lender.

Acting Director Himamauli Das acknowledged concerns from Democratic lawmakers that Fincen was moving too slowly to implement beneficial ownership rules but said the agency "will likely continue to do so, because our budget situation has required us to make significant trade-offs among competing priorities.”

From the threat of cyberattacks to discriminatory lending practices, banks need to pay close attention to a number of significant challenges.

Anchorage Digital Bank has an inadequate AML compliance program and will have to create a committee within 15 days to develop a remediation plan and submit progress reports, according to the Office of the Comptroller of the Currency.

Interest in digital assets is on the rise following an executive order from the White House and a recent report from the Fed.

More than a year into his administration, President Biden has either vacancies or acting heads of each of the bank regulatory agencies. That may not be ideal, but the White House doesn't seem to be eager to put forth permanent replacements.

Credit unions were unable to garner enough support for a bill that would allow them to hold funds for government agencies in the Centennial State.

Even as the Biden administration ramped up sanctions against Russia on Wednesday, Treasury Secretary Janet Yellen faced questions from Republican lawmakers who want to go further. Yellen, meanwhile, stressed the value of working together with allies.