TD to Track Some Financial Crime Staff’s Work with Software
Toronto-Dominion Bank has told some anti-financial-crime and risk-management employees it will use software to monitor their work, prompting privacy and consent concerns.
Oversight
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.
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.
U.S. Formally Seeks Dismissal of Halkbank Sanctions Case
The U.S. Department of Justice formally asked a federal judge Wednesday to dismiss its criminal case against Halkbank, telling the court it has no intention of prosecuting the Turkish state-run lender.
EU Proposes 21st Russia Sanctions Package, Targeting Banks and Crypto Networks
The European Union has proposed a sweeping 21st package of sanctions against Russia, with a record-setting wave of bank listings at its core and new measures targeting cryptocurrency platforms, oil traders, and shadow fleet vessels.
Moroccan Bank Pays €175mn to Settle Probe Over Unauthorized Banking
Morocco’s Banque Centrale Populaire (BCP) has agreed to pay €175,215,571 to settle a Belgian criminal investigation into the bank and its French subsidiary over nearly two decades of alleged unauthorized banking operations serving tens of thousands of Belgian clients.
Chile Rethinks Bank Secrecy as Tren de Aragua Probe Points to Insider Recruitment
The arrest of bank employees with alleged ties to Venezuela’s Tren de Aragua criminal organization has reignited debate over Chile’s financial secrecy rules, which are among the most restrictive in the world.