Regulation

The deal advances Plaid’s standing as an aggregator of Canadian consumers’ banking data as the country weighs regulations of such activity.

The agency recently updated a policy document to include technological innovation as a top priority and said it was considering creating a safe harbor for those who develop new products to fight financial crimes.

The central bank has a long history of diluting the effectiveness of the Community Reinvestment Act.

A bipartisan group of senators Tuesday urged the Treasury Department and the Financial Crimes Enforcement Network to speed up implementation of the Corporate Transparency Act. It's only the latest of several efforts by lawmakers urging regulators to move faster since Fincen missed the statutory implementation deadline in January.

Angela Garcia, who was accused of embezzling $69,000 from the Georgia bank, has been banned from the banking industry.

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.