Financial crimes

The bank is adding trusted contacts, specialized teams and new tech against scams, but consumer advocates say reimbursement is the key missing piece.

The amount was less than $1 million, but the plot reveals clues that can help spot and fight elderly abuse and other financial crimes.

The Financial Technology Protection Act would create a task force to stop terrorists and criminals from using digital assets, as lawmakers push for stronger oversight for emerging technologies. 

The law, set to go into effect later this year, was introduced to prevent potential money laundering in all-cash purchases made by companies or trusts.

In a speech at the American Bankers Association Washington Summit Wednesday morning, Treasury Secretary Scott Bessent downplayed economic risks from tariffs, floated capital reforms and urged regulatory relief for community banks.

A Washington, DC tax accountant pleaded guilty for submitting falsified documents in his application for a $1.4 million purchase loan, which he later received.

The Toronto-based bank suspended its medium-term growth targets and announced a full-scale review of its strategies following historic anti-money-laundering failures.

In its semiannual supervision and regulation report, the Federal Reserve flagged climbing loan delinquencies and a rising number of large bank citations for governance and controls.

The penalty by the Office of the Comptroller of the Currency is a major setback for the San Francisco bank, which was freed from a separate anti-money-laundering order in 2021. Its stock price fell sharply after the news broke.

New rules from Treasury's Financial Crimes Enforcement Network will mandate reporting for non-financed real estate transfers and expand anti-money-laundering requirements for investment advisors.

Executives at the Toronto-based bank said last year that they planned to add 150 branches in the United States. But when pressed on Thursday, they could not say how much they'll scale back their ambitions due to investigations over TD's anti-money laundering practices.

Donald Trump wanted to get higher on the Forbes billionaires list and save a fortune on loan terms by overvaluing his properties, according to documents presented by New York Attorney General Letitia James at the former president's civil fraud trial. 

Incidents have increased by five times on a quarter-to-quarter basis, starting with the shift in deposit relationships after Silicon Valley Bank failed, CertifID said.

The San Francisco megabank plans to reinstate guidance that drew scrutiny following revelations that women and nonwhite candidates were interviewed for jobs that had been reserved for someone else.

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.

Authorities say a 25-year-old Miami real estate agent may be responsible for the killing of two homeless men and the shooting of a third.

Because there are currently no obligations on the sector to file suspicious activity reports — and no penalties associated with not reporting — there is no real incentive to report, writes the vice president of SmartSearch.

The Office of the Comptroller of the Currency is seeking nearly $19 million from David Julian, Claudia Russ Anderson and Paul McLinko. The trial before an administrative judge is scheduled to begin in South Dakota on Sept. 13.

Financial institutions spent nearly $214 billion last year — an 18% jump from 2019 — to meet regulatory requirements for fighting financial crimes, a new study says. The spending included more staffing to manage risks posed by customer growth.

Federal Savings Bank, the Chicago bank that lent millions of dollars to Paul Manafort under its founder and former longtime CEO, has now sued the former Trump campaign chairman and his wife, seeking to foreclose upon his mansion in the Hamptons.