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Fraud and AML in banking

Note from the editor

The coronavirus pandemic has made it ever more crucial for banks to put up their best efforts to fight fraud. Business loan-related fraud reports to the Financial Crimes Enforcement Network seemed to set record highs in 2020 with every successive month.

Additionally, the value and popularity of digital currencies have grown exponentially, opening a gray area of risk.

Further, the legalization of pot continues to evolve in several states, yet its continued listing as a Schedule 1 drug at the federal level leaves financial institutions reluctant to bank cannabis companies. And there's a heavy Bank Secrecy Act/anti-money laundering lift for institutions that do.  

Banking Dive has collected a number of pieces that lay out some of the burgeoning issues that warrant focus on fraud and AML. We give you a look at one potential regulator and two thought leaders who will keep close eyes on the arena. We also provide a few examples of where some banks — and crypto companies — have succeeded or stumbled on fraud and AML, and spotlight some challenges financial institutions can anticipate as 2021 wears on.

We hope you find them valuable to better serve your customers' needs.

Dan Ennis Editor

Citi hires FinCEN chief to lead compliance in bank's new unit

CFPB pick Rohit Chopra walks fine line on bank enforcement

Biden's nominee pledges a strong hand on fair lending and mortgage servicing, stiffer penalties for fraud and misconduct, and a watchful eye on big tech.

Colorado credit union spinoff has ambitions beyond pot banking

Partner Colorado CEO Sundie Seefried plans to launch lending products for cannabis companies. She's also eyeing the growing crypto and psychedelic mushroom space.

House lawmakers reintroduce cannabis banking bill

Goldman crypto trading desk relaunch portends softer industry stance on Bitcoin

A Citi report spotlights a digital currency at a "tipping point," and New York's attorney general issued a stern warning to investors regarding "bubbles" and scams.

Tether, crypto exchange Bitfinex to pay $18.5M to settle NY probe

Bank of America flags 640K accounts on suspected unemployment benefits fraud

Capital One to pay an extra $290M over anti-money laundering lapse

Greenwood taps fintech veteran to head compliance, risk

Lynn Tillman-Cherry said she expects the digital bank will adopt a regtech solution for its compliance program, with a focus on emerging technologies such as artificial intelligence.

Fed, FinCEN want to make banks report international transfers of as little as $250

Everything you need to know about fraud and AML in banking

Loan-related fraud reports to the Financial Crimes Enforcement Network set record highs in 2020 with every successive month. Discover how banks and crypto companies are combatting fraud and the challenges financial institutions can anticipate as 2021 wears on.

included in this trendline
  • Citi hires FinCEN chief to lead compliance in bank's new unit
  • CFPB pick Rohit Chopra walks fine line on bank enforcement
  • Colorado credit union spinoff has ambitions beyond pot banking
Our Trendlines go deep on the biggest trends. These special reports, produced by our team of award-winning journalists, help business leaders understand how their industries are changing.
Davide Savenije Editor-in-Chief at Industry Dive.