PYMNTS

MARCH 4, 2020

The Financial Crimes Enforcement Network (FinCEN) has fined Michael LaFontaine, former chief operational risk officer at U.S. Bank , with a $450,000 civil penalty for his negligence in failing to intercept breaches of the Bank Secrecy Act (BSA), FinCEN announced on Wednesday (March 4). . Department of Justice (DOJ) to penalize U.S.

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

JULY 29, 2019

As noted by the Financial Crime Enforcement Network (FinCEN), the number of reports of BEC rose to a monthly average of more than 1,100 in 2018, where the tally had been 500 in 2016. That translates to a value of attempted BEC threats that jumped from $110 million monthly in 2016 to $301 million monthly in 2018. billion.

Business Email Compromise 55

Business Email Compromise Scams Fincen Crime 55

PYMNTS

DECEMBER 3, 2019

After further evaluation of the USDA interim final rule, the Financial Crimes Enforcement Network (FinCEN) will issue additional guidance. The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), FinCEN , the OCC and the Conference of State Bank Supervisors participated in issuing the definitions and guidelines.

Suspicious Activity Report (SAR) 55

Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

PYMNTS

DECEMBER 14, 2018

Among those agencies, alphabetically speaking: the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN) and the National Credit Union Administration.

Financial Crimes 59

Financial Crimes Crime Fincen Office of the Comptroller of the Currency 59

PYMNTS

FEBRUARY 18, 2019

too has been a target for real estate money laundering and to combat that FinCEN, the U.S. the report noted that in 2018 legislation was introduced that calls on foreign owners to identify who they are. The property will typically be rented out or remodeled with the bad money and then sold off for profits. As for the U.K.,

Money Laundering 73

Money Laundering Governance Government Fincen 73

PYMNTS

FEBRUARY 1, 2021

The alleged offenses spanned more than four years between April 2014 and September 2018. The bill would also encourage the sharing of information and data between regulators and extend more authority to the Financial Crimes Enforcement Network (FinCEN) so it can uncover companies that skirt the rules.

AML 60

AML FDIC Fincen Money Laundering 60

PYMNTS

DECEMBER 28, 2018

The Big KYC Trend From 2018. Avoka CMO Don Bergal told PYMNTS what global markets can expect in 2019 in terms of bank KYC happenings. See what Bergal had to say below.

Money Laundering 74

Money Laundering Small Business Fincen Compliance 74

Fintech News

JULY 17, 2024

20) of 2018 to introduce AML/CFT obligations for VASPs, with various regulatory authorities providing specific requirements within their jurisdictions. The United Arab Emirates has amended Federal Decree-Law No. (20) billion in 2024.

Money Laundering 107

Money Laundering Law Enforcement AML Non-Bank 107

PYMNTS

FEBRUARY 4, 2019

The issue dates to 2014, when the procedures were first rolled out by FinCEN, which intentionally left out specific authentication standards that FIs must follow. The Dutch market faced the highest AML violation penalties in a decade in 2018. A DIY Approach To AML/KYC. Following a joint investigation with U.S.

AML 64

AML Money Laundering Due Diligence Fincen 64

PYMNTS

DECEMBER 12, 2018

To that end, the number of banking firms that actively provide services for marijuana firms has grown by 20 percent since the dawn of 2018. Treasury Department’s Financial Crimes Enforcement Network (or FinCEN for short). That’s according to data published at the end of last month, per data from the U.S.

Fincen 68

Fincen Legal Credit Union Financial Crimes 68

CB Insights

JUNE 27, 2018

Other regulatory agencies like the CFTC and FinCEN are approaching the sector in different ways. FinCEN thinks cryptoassets are money, while CFTC sees commodities. FinCEN, the Financial Crimes Enforcement Network, takes a different view.

Regulations 39

Regulations Fincen Bitcoin Cryptocurrency 39

The Payments Association

JANUARY 29, 2025

billion penalty from the Financial Crimes Enforcement Network (FinCEN) and a $1.8 Delayed action on known errors: Junior staff raised concernsabout these monitoring gaps as early as 2017 and 2018, but leadership failed to act swiftly. October 2024: TD Bank$3 BillionAML TD Bank was fined $3 billion, including a $1.3

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

Stax

NOVEMBER 27, 2023

Financial Crimes Enforcement Network (FinCEN), stipulates that customers and financial institutions ensure KYC compliance to limit illegal activities like money laundering, which is why KYC is seen as a component of AML. Between 2008 to 2018, $26 billion was handed out in fines, with 91% coming from the U.S. Within the U.S.,

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

PYMNTS

OCTOBER 13, 2017

Further due diligence comes with the Financial Crimes Enforcement Network’s (FinCEN) beneficial ownership rule, which, in 2018, will mandate that banks verify who owns the companies in their customer bases.

Risk 46

Risk Consumer Financial Protection Bureau (CFPB) Due Diligence Third-Party Sender 46

CB Insights

MAY 8, 2018

While the prices of cryptocurrencies and cryptoassets have fallen from their 2017 peaks, equity investment into blockchain startups is on pace to hit all-time highs in 2018. US regulatory agencies, including the SEC, CFTC, and FinCEN, have generally reacted skeptically and unfavorably toward the new financing mechanism.

Blockchain 75

Blockchain Technology Cryptocurrency Use Case 75

PYMNTS

AUGUST 13, 2018

That’s the tally that FinCEN Director Kenneth A. Blanco told a conference last week that FinCEN, which operates as part of the Treasury Department, sees as cryptocurrency gains traction. Among those rulings, FinCEN has said that such rulings include crypto mining and trading platforms and issuance of ownership certificates.

Fincen 43

Fincen Cryptocurrency Office of the Comptroller of the Currency Multi-Currency 43

FICO

DECEMBER 19, 2018

The latest fall 2018 rulemaking agenda indicates that the BCFP will issue the rule by March. On this topic, a FICO colleague recently wrote a blog post noting that FinCEN received more than 2,000,000 SARs in 2017, and that by employing cognitive analytics FinCEN could gain new insights from these reports. When will this happen?

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BSA Fincen Suspicious Activity Report (SAR) SARS 40

PYMNTS

FEBRUARY 1, 2021

Hugo Sergio Mejia, 49, of Ontario, allegedly operated his virtual currency business from May 2018 to September 2020, according to the release. The company wasn’t licensed with the proper authorities at the Financial Crimes Enforcement Network (FinCEN). He exchanged around $13 million during the aforementioned period.

Bitcoin 67

Bitcoin Law Enforcement Fincen Financial Crimes 67