The long-smoldering issue of legal cannabis businesses lacking access to banking and payment services will take center stage in a key Senate committee hearing next week, the scheduling of which...
On July 11, 2019, the Financial Stability Board (FSB) invited international financial institutions to complete an online survey disclosing chosen effective practices adopted to manage and recover...
A foreign exchange and payment service provider has lost its bid to claim damages from Royal Bank of Scotland (RBS), after the UK lender terminated its business accounts on suspicion they were...
UK payment providers have welcomed industry-led attempts to improve their access to bank account services, but called on government and regulators to give greater support to a sector still...
The influential Wolfsberg Group has published an update to its guidance on due diligence for correspondent banking relationships, after recent reports from international bodies revealed de-risking...
With legal cannabis companies still struggling to gain access to banking and payment services, a new lawsuit is alleging a California-based company disguised the true nature of cannabis delivery...
The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) is doubling down on efforts to stem cybercrime and keep watch over what it deems to be "high-risk" non-bank money services...
A two-speed approach to arrest the decline in correspondent banking relationships is emerging, an influential monitoring group warned on Wednesday, with some jurisdictions making leaps in...
The number of correspondent banking relationships around the world has dropped by nearly a quarter over the last seven years, according to new data collected by SWIFT.
On May 22, 2019, the Financial Supervisory Authority (Finansinspektionen – FI) announced that it intends to abide by and implement the European supervisory authorities’ (ESAs) common guidelines on...
The UK government has rejected calls to reconsider the anti-money laundering (AML) supervisory role of the country’s tax regulator, speed up action on de-risking and focus on calculating the true...
Despite the perception that U.S. legalized marijuana has a payments problem, industry executives and analysts believe an increasing number of financial institutions are quietly opening their doors...
U.S. banks and payments providers eyeing state-legalized cannabis businesses must battle with both a lack of legal clarity at the federal level and difficulties carrying out due diligence on...
A Lebanese money dealer who allegedly moved around tens of millions of dollars a week in laundered drug money was slapped with sanctions by the U.S. Treasury on Thursday.
On April 10, 2019, UK Finance released a report, jointly drafted with EY Financial Services, titled “Third-Party Risk Management: Keeping control in a rapidly changing world”, which recognises the...
A top Federal Reserve lawyer is sounding the alarm over trade-based money laundering, calling on banks across the globe to step up their efforts on the front lines of combating what has become a...

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