U.S. Regulators Warn Banks on Borrowers without Work Authorization
Three federal banking regulators on Monday told banks and credit unions to weigh whether borrowers who lack legal authorization to work in the United States can reliably repay their loans, warning that such lending “may present elevated credit risk.”
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.
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.
U.S. Sanctions Cuba’s State Oil Company as U.N. Flags Rising Child Death Rate
The United States on Thursday sanctioned Union Cuba-Petroleo, Cuba’s state-owned oil and gas company, escalating the Trump administration’s pressure campaign against Havana under an executive order issued last month.
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.
Isle of Man’s Online Gambling Boom Is Upended Amid Asian Scam Probe
The Isle of Man, which built online gambling into one of the largest pillars of its economy, is grappling with a sprawling scandal after one of its flagship licensees was linked to scam operations run from the island.
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.
Crime Groups Now Have Hands on Every Part of Global Gold Supply Chain
Criminal syndicates have embedded themselves so deeply in the global gold supply chain that the regulatory frameworks designed to contain them are fundamentally inadequate, according to a new report by the Global Initiative Against Transnational Organized Crime (GI-TOC).