PYMNTS

FEBRUARY 22, 2019

Office of the Comptroller of the Currency (OCC), over deficiencies that the OCC identified in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The office recently examined the branches for BSA/AML and Office of Foreign Assets Control (OFAC) sanctions compliance.

OCC 43

OCC AML Office of the Comptroller of the Currency Compliance 43

The Fintech Times

SEPTEMBER 19, 2024

” ‘A beacon of hope’ Brenda Banks , VP of BaaS and BSA at DataVisor “A risk orchestration platform offers a beacon of hope, enhancing financial institutions’ agility,” says Brenda Banks , VP of BaaS and BSA at DataVisor. For fraud, the focus was historically on customer identity.

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PYMNTS

JANUARY 15, 2021

15) announced that it is assessing a $390 million penalty against Capital One for engaging in what it says are “both willful and negligent violations” of the Bank Secrecy Act (BSA). According to a statement from FinCEN , Capital One admitted to failing to implement and maintain an effective anti-money laundering (AML) program.

Fincen 107

Fincen Suspicious Activity Report (SAR) Money Laundering SARS 107

PYMNTS

DECEMBER 13, 2018

In the latest Credit Union Tracker , PYMNTS highlights how CUs are embracing new engagement tech to strengthen relationships with their members, while also boosting anti-money laundering (AML) efforts. AML Compliance Turns CUs Into Law Enforcement. Around The Credit Union World. About The Tracker .

Law Enforcement 54

Law Enforcement Credit Union AML Laws 54

The Paypers

OCTOBER 15, 2019

(The Paypers) Financial institutions (FIs) working in digital assets have been required by US regulatory bodies to pay attention to their anti-money laundering and counter-terrorism financing (AML/CFT) obligations under the Bank of Secrecy Act (BSA).

AML 28

AML BSA Money Laundering Finance 28

PYMNTS

OCTOBER 13, 2020

But to spotlight how hard it can be to catch criminals, the report noted that some of them engage in what is known as “jurisdictional arbitrage,” which means they look to exploit the lack of standard legal and anti-money laundering ( AML )- focused rules and regulations.

AML 82

AML Fincen Cryptocurrency BSA 82

FICO

DECEMBER 12, 2018

is to the existing Bank Secrecy Act (BSA)/anti-money laundering (AML) regime. Cognitive analytics for AML offers a paradigm shift for investigators in financial intelligence units, governments, law enforcement agencies and financial institutions. Using AI and Machine Learning to Improve AML.

SARS 40

SARS AML Law Enforcement Suspicious Activity Report (SAR) 40

PYMNTS

DECEMBER 17, 2018

The FinCEN said UBSFS didn’t develop and use an appropriate anti-money laundering (AML) system to address the risks in accounts from both traditional brokerage and banking services. Broker-dealers providing banking-like services must properly mitigate the AML risks associated with this kind of service.

Fincen 55

Fincen AML BSA Money Laundering 55

PYMNTS

SEPTEMBER 11, 2019

Jamal El-Hindi, the deputy director of the Financial Crimes Enforcement Network (FinCEN), spoke at the 2019 Money Transmitter Regulators Association Annual Conference on Wednesday (Sept. El-Hindi made it clear that he doesn’t want to sacrifice innovation in pursuing anti-money laundering (AML) and other anti-illicit policies.

Fincen 46

Fincen Non-Bank Money Laundering AML 46

FICO

DECEMBER 23, 2020

It has also opened new doors for criminals, who have rushed to exploit the uncertainty in a pandemic world and devised new money laundering and terrorist financing schemes by taking advantage of loopholes in the regulations, new ways of working aided by advances in technology, and electronic payment innovations.

Financial Crimes 52

Financial Crimes Crime Ransomware AI 52

FICO

FEBRUARY 14, 2017

In yesterday’s post, my colleague TJ Horan introduced the topic of artificial intelligence being applied to anti-money laundering (AML). Today most of the financial institutions use rules-based transaction monitoring and KYC systems to fight money laundering. AI can detect patterns you’re not looking for.

AML 40

AML Compliance AI Money Laundering 40

FICO

JANUARY 8, 2020

The stage is already set; at FICO World 2019 in New York City, we learned that the capabilities of fraud and anti-money laundering (AML) systems have about an 80% overlap. I predict that in 2020, fraud and compliance functions will converge at many large banking institutions.

Compliance 52

Compliance Fincen Cybersecurity Money Laundering 52

PYMNTS

DECEMBER 10, 2020

Financial laws governing such transactions date back to 1970 when the Bank Secrecy Act (BSA) was enacted , requiring financial institutions (FIs) to report transactions of $10,000 or more. Banks and other FIs must be certain that their clients are who they claim to be and adhere to AML compliance — or be held accountable. .

Due Diligence 80

Due Diligence Online and Mobile Banking BSA Federal Reserve 80

PYMNTS

AUGUST 14, 2019

Blanco took to the stage at the 12th Annual Las Vegas Anti-Money Laundering Conference yesterday (August 13). More broadly, however, Blanco’s theme was the interconnectedness of the financial system – and how diligence and transparency is the key to combating money laundering and other financial crimes in the U.S.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

FICO

JANUARY 18, 2019

What’s happening now: The AML scandal in the Baltics has shown that banks do not know their customers as well as they should. A Russian customer illegally laundered money through trading securities, the bank did not have proper awareness and the reputational damage was so significant that it hit the bank’s stock price.

Financial Crimes 40

Financial Crimes Crime Compliance BSA 40

Finovate

MARCH 28, 2024

Fraud and risk platform DataVisor launched its anti-money laundering (AML) solution this week. The new offering combines fraud fighting and anti-money laundering operations in a unified, approach that helps institutions better deal with emerging threats and evolving regulations.

AML 59

AML Compliance AI Money Laundering 59

Fintech Labs Insights

MAY 13, 2015

AML “Anti Money Laundering” with specific considerations to BSA and the US Patriot Act. . • Subscription Documents and when required Promissory note in Debt Offerings. • KYC “Know Your Customer”. • KYP “Know your Product” (tests for agents). •

Compliance 23

Compliance BSA Money Laundering AML 23

PYMNTS

FEBRUARY 13, 2019

But it covers the main challenge faced in the illegal drug trade: getting product into a specific location and getting their earnings out in a way that does not trigger anti-money laundering defenses. federal prison — shows how the money laundering game now stands for those global suppliers of cocaine, heroin and other illegal drugs.

Money Laundering 58

Money Laundering Debit Card Cross-Border BSA 58

PYMNTS

APRIL 27, 2020

“It’s not realistic to manage 20 million retail bank accounts” at the Fed, contended Cagney, especially with the infrastructure needed to support robust know-your-customer (KYC) and anti-money laundering (AML) activities. That’s a nightmare waiting to happen with the amount of fraud that could occur there.”.

Blockchain 108

Blockchain Tax Refunds IRS Fed 108

FICO

DECEMBER 15, 2020

BSA/AML Reforms Are on their Way - Even With a Looming Presidential Veto. The legislation includes nearly 200 pages of the most significant reforms to the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws since the USA PATRIOT Act of 2001. companies and companies doing business in the U.S.

BSA 52

BSA Financial Inclusion Suspicious Activity Report (SAR) AML 52

PYMNTS

DECEMBER 4, 2018

3) that urged banks to study and implement “where appropriate” methods that would bring innovate approaches to anti-money laundering efforts and Bank Secrecy Act compliance. “Likewise, pilot programs that expose gaps in a BSA/AML compliance program will not necessarily result in supervisory action with respect to that program.”.

Financial Crimes 64

Financial Crimes Crime BSA Innovation 64

FICO

DECEMBER 19, 2018

AML/BSA Reform Talks Will Intensify but Meaningful Changes Will Have to Wait. Bank Secrecy Act/anti-money laundering (BSA/AML) regulatory reforms are top of mind for regulators and legislators. Members of Congress have also been focused on BSA/AML reforms.

BSA 40

BSA Fincen Suspicious Activity Report (SAR) SARS 40