Feb 16, 2017

Big banks angling for easier rules on money laundering

Big banks are acting fast to change money-laundering rules that have been a pain since the the U.S. government began leaning heavily on the banking sector to stop the financing of terrorism and other crime after the September, 11th attacks.

Reuters reports that the Clearing House, a trade group representing big banks, plans to release a proposal as early as today to no longer require banks to flag all suspicious transactions, and instead require them to investigate specific customers at the behest of law enforcement.

Why it matters: Some of the biggest fines charged to banks in recent years have been for money laundering infractions related to terrorism or drug trafficking rather than financial-crisis misdeeds. Republican national security hawks may not warm to this sort of deregulation.

Go deeper

Updates: George Floyd protests continue past curfews

Protesters on Tuesday evening by the metal fence recently erected outside the White House. Photo: Olivier Douliery/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued Tuesday night across the U.S. for the eighth consecutive day — prompting a federal response from the National Guard, Immigration and Customs Enforcement and Customs and Border Protection.

The latest: The Army moved 1,600 soldiers from out of state into D.C. area, the Defense Department confirmed in a statement Tuesday. Protesters were still out en masse after curfews began in cities including Washington, D.C., New York City, Los Angeles and Portland.

Primary elections test impact of protests, coronavirus on voting

Election official at a polling place at McKinley Technology High School in Washington, D.C. Photo: Drew Angerer/Getty Images

In the midst of a global pandemic and national protests over the death of George Floyd, eight states and the District of Columbia held primary elections on Tuesday.

Why it matters: Joe Biden, the presumptive Democratic nominee, needs to win 425 of the 479 delegates up for grabs in order to officially clinch the nomination. There are a number of key down-ballot races throughout the country as well, including a primary in Iowa that could determine the fate of Rep. Steve King (R-Iowa).

Iowa Rep. Steve King defeated in GOP primary

Rep. Steve King. Photo: Alex Wroblewski/Getty Images

State Sen. Randy Feenstra defeated incumbent Rep. Steve King in Tuesday's Republican primary for Iowa's 4th congressional district, according to the Cook Political Report.

Why it matters: King's history of racist remarks has made him one of the most controversial politicians in the country and a pariah within the Republican Party.