U.S. Regulators Propose Customer ID Rule for Stablecoin Issuers
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and four federal banking regulators proposed a rule on Wednesday that would require permitted payment stablecoin issuers to maintain customer identification programs under the GENIUS Act’s anti-money-laundering (AML) framework.
Iran Deal to Give Tehran Immediate Oil Sanctions Relief, and Waivers for Banks
The Trump administration’s emerging post-war framework with Iran grants Tehran immediate sanctions relief for oil sales upon the agreement’s signing, with accompanying waivers covering banking, transportation, and insurance services needed to complete those transactions.
Treasury Urges Banks to Help Fight Illegal Immigration, Expands 314(b) Program
Treasury Secretary Scott Bessent on Friday called on banks to serve as partners in the federal government’s effort to combat payroll fraud, labor exploitation, and other financial crimes tied to undocumented workers.
EU Top Court: OFAC Listing Alone Cannot Justify Refusal of Basic Bank Account
The European Union’s highest court ruled Thursday that a bank may not refuse to open a basic payment account for a consumer solely because the person appears on a U.S. sanctions list, holding that such a refusal is permissible only after an individual assessment of money-laundering and terrorist-financing risk.
Mainland Chinese Rush to Open HK Accounts as Beijing Tightens Grip on Outflows
Chinese investors are hurrying to open bank and brokerage accounts in Hong Kong as Beijing escalates a crackdown on cross-border capital flows, fueling concerns that mainland access to the financial hub could narrow.
DOJ Subpoenas JPMorgan, Bank of America in ‘Debanking’ Probe
The U.S. Justice Department has sent wide-ranging subpoenas to several of the largest U.S. banks, including JPMorgan Chase and Bank of America, seeking information about whether they improperly closed customer accounts for political reasons.
Four Nations Impose Sanctions over West Bank Settler Violence
Britain, Canada, France, and Norway on Tuesday announced coordinated sanctions targeting Israeli networks accused of financing, enabling, and carrying out violence in the Israeli-occupied West Bank.
FinCEN Issues Advisory Warning Banks on Payroll Fraud Tied to Migrants
FinCEN and other U.S. regulators on Friday issued a joint advisory warning banks to be alert to payroll fraud and identity-theft schemes connected to the employment of undocumented migrants, citing more than $2.5 billion in suspicious activity reported to the bureau in 2025.
House Votes to Advance Sweeping Russia Sanctions over GOP Opposition
The House voted Wednesday to take up legislation that would impose sweeping new sanctions on Russia and provide additional aid to Ukraine, as six Republicans and an independent broke with party leaders to join Democrats in forcing the measure to the floor.
Treasury Rejects GAO Findings on Shell-Company Risks Tied to CTA Rollback
A March 2025 Treasury Department rule exempting virtually all U.S. companies from beneficial ownership reporting requirements has created significant gaps in the federal government’s ability to combat shell company abuse, the Government Accountability Office (GAO) has warned in a new report.