PYMNTS

MARCH 30, 2020

The organization said that “the aim is to explore the potentialities offered by this technology, and to identify concrete cases integrating Central Bank Digital Currencies [CBDC] in innovative procedures for the clearing and settlement of tokenized financial assets.”

CBDC 98

CBDC Interbank Settlement Digital Currency Central Bank 98

PYMNTS

DECEMBER 10, 2020

in 2018 before sharply decreasing to $3,869.47 billion in 2019, a larger sum than in 2017 and 2018 combined. billion in laundered money flow through cryptocurrency exchanges, up from $1 billion in 2018. The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. in 2015 and a staggering $13,421.44 or the U.S.,

AML 88

AML Cryptocurrency Money Laundering Compliance 88

FICO

MARCH 24, 2021

must report potentially suspicious activity (including trade-related transactions) to FinCEN. The graph below shows the trend of TBML-related SARs filed with FinCEN between 2014 and 2018. Financial institutions in the U.S. million SARs filed overall during the same period. Developing effective and open lines of communication.

Money Laundering 98

Money Laundering SARS Financial Crimes Fincen 98

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

DECEMBER 3, 2019

Financial institutions should follow standard SAR procedures and submit a report only if there is questionable behavior. After further evaluation of the USDA interim final rule, the Financial Crimes Enforcement Network (FinCEN) will issue additional guidance. Department of Agriculture’s (USDA) interim final rule on hemp production.

Suspicious Activity Report (SAR) 55

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

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

FEBRUARY 4, 2019

One of the problems that AML/KYC procedures face is lack of standardization. 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.

AML 64

AML Money Laundering Due Diligence Fincen 64