The Fintech Times

APRIL 29, 2024

In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. Alexandre Pinot , co-founder and head of innovation and strategy at Vilnius, Lithuania, headquartered AMLYZE , the AML/CFT compliance firm explains where the gaps in the current AML system are.

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Money Laundering AML SARS Financial Crimes 77

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.

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Fincen Non-Bank Money Laundering AML 46

The Fintech Times

JANUARY 13, 2024

Fenergo has released their annual financial fines analysis, showcasing that penalties for failing to comply with anti-money laundering (AML), KYC, environmental, social, and governance (ESG), sanctions and customer due diligence (CDD) regulations totalled $6.6billion in 2023, up considerably from $4.2billion in 2022 and $5.4billion in 2021.

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Financial Crimes Due Diligence Compliance AML 58

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.

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AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

DECEMBER 18, 2018

Now comes a comic book contribution to one of the most vexing and vital issues of modern payments and commerce — fraud prevention and ID compliance. 18) that is has released a free comic and coloring book entitled “ The Adventures of ID Man and Compliance Kid.”. Compliance, too, could become a juicer in the near future.

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AML Compliance Money Laundering Office of the Comptroller of the Currency 61

PYMNTS

FEBRUARY 1, 2021

million fine for violating anti-money laundering (AML) regulations, The Wall Street Journal reported on Monday (Feb. The bank was recently fined in a separate charge that it failed to comply with a 2015 request by the FDIC to improve its AML compliance. Apple Bank is chartered in New York and has locations across the state.

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AML FDIC Fincen Money Laundering 60

Payments Source

OCTOBER 21, 2019

Kenneth Blanco's tough comments appeared to target payments providers that offer their users anonymity.

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Fincen AML Compliance Payments 67

PYMNTS

AUGUST 14, 2019

Cooperation in an environment that is rapidly advancing on many technological fronts was the theme when FinCEN Director Kenneth A. It concerns me when I hear about some compliance budgets being cut by casinos looking to trim costs and retain gamblers,” he noted. This includes offering sports betting through a mobile app.”.

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Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

FICO

JANUARY 8, 2020

At long last, fraud and compliance infrastructures are starting to converge. In the US, the use of artificial intelligence and machine learning in compliance is set to expand dramatically, per directives from the Financial Crimes Enforcement Network (FinCEN). Fraud and Compliance Infrastructures Converge. Let’s dive in.

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Compliance Fincen Cybersecurity Money Laundering 52

PYMNTS

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said.

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Rules AML Travel Rule Fincen 50

PYMNTS

FEBRUARY 4, 2019

FIs have made strides in establishing know your customer (KYC) and anti money laundering (AML) policies, but these changes are routinely challenged by emerging technology and cross-border transaction costs. A DIY Approach To AML/KYC. One of the problems that AML/KYC procedures face is lack of standardization.

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AML Money Laundering Due Diligence Fincen 64

PYMNTS

DECEMBER 26, 2018

Wall Street firm, was fined $10 million by the Financial Industry Regulatory Authority (FINRA) for compliance failures. According to a report in Reuters , citing FINRA and Morgan Stanley, the firm agreed to pay $10 million after FINRA contended it had lapses in compliance for more than five years from January of 2001 until April of 2016.

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Compliance Money Laundering Fincen AML 53

Fintech News

JULY 17, 2024

The enhanced anonymity features of privacy coins make them particularly attractive to illicit actors, posing significant challenges for law enforcement and compliance professionals. Singapore’s Payment Services Act (PSA) brings crypto businesses under regulatory oversight, imposing strict AML/CFT requirements. billion in 2024.

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Money Laundering Law Enforcement AML Non-Bank 102

PYMNTS

OCTOBER 10, 2019

In the latest Digital Banking Tracker , PYMNTS examines how banks are innovating their strategies for fraud protection and anti-money laundering (AML), all while making sure that legitimate customers remain satisfied with a quick and convenient online banking experience. Synchrony Financial Upgrades Its AML Strategy As Fraud Grows.

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AML Money Laundering Online and Mobile Banking Fincen 50

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. Maintain a strong Tone at the Top (“Culture of Compliance”). Plan for upticks in particular areas of AML compliance activity.

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Money Laundering SARS Financial Crimes Fincen 98

Payments Source

MAY 16, 2018

A long-anticipated financial rule could help law enforcement root out illegal activity, but it requires banks to keep extra-close tabs on certain business clients. That won't be easy.

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Fincen Rules Law Enforcement AML 62

Stax

NOVEMBER 27, 2023

From EDD and eKYC to AML to CDD, we’re going to cover everything you need to know about KYC in this article. To choose the right KYC provider, some of the factors you should look at are if the provider offers automated KYC processes, integration with existing systems, future-proof scalability, and full compliance with regulatory requirements.

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Due Diligence Money Laundering AML Financial Crimes 88

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. As recently noted by PYMNTS , Kenneth A.

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AML Fincen Cryptocurrency BSA 82

PYMNTS

SEPTEMBER 30, 2020

Plus, Jumio is strenghtening its anti-money laundering (AML) functions. Jumio Bolsters Financial Crime Detection Capabilities With Beam’s AML Platform. Jumio is bolstering its AML functions, having announced a deal for Beam Solutions’ AML platform. FinCEN Director Tells Banks To Look Out For Crypto Fraud.

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Fincen Financial Crimes AML Card Issuer 52

PYMNTS

MAY 24, 2019

The Financial Crimes Enforcement Network ( FinCEN ) is launching an initiative called the FinCEN Innovation Hours Program, as a call to private sector companies that have developed tech to fight money laundering and terrorist financing, the organization said in a release. FinCEN expects to hold events in the Washington, D.C.

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PYMNTS

DECEMBER 17, 2018

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. 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. FinCEN said UBSFS kept up the lack of regulation for AML from 2004 to 2014.

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Fincen AML BSA Money Laundering 55

PYMNTS

NOVEMBER 30, 2020

WatchDOG AML is a “holistic” anti-money laundering ( AML ) solution that works to prevent financial crime by “identifying suspicious activity in real time with an enterprise transaction monitoring system,” the companies said in a statement on Monday (Nov. Computer Services, Inc.

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Money Laundering Financial Crimes AML Crime 63

Stax

JANUARY 8, 2024

Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. They must also ensure that sub-merchants are compliant with the regulations set by card companies, e.g. PCI compliance.

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Risk Management Risk Money Laundering Mitigation 88

PYMNTS

JULY 5, 2020

In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S. It’s intended to “enhance the availability of financial services and the financial transparency of hemp-related businesses in compliance with federal law,” the notice said.

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Treasury Office of the Comptroller of the Currency Fincen Financial Crimes 140

PYMNTS

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said.

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Travel Rule Rules Fincen Money Laundering 55

FICO

DECEMBER 23, 2020

We predict that regulators will continue to emphasize financial crimes compliance by looking to close the gaps in existing frameworks and regulations. The final rule extending AML regulatory requirements to banks lacking a federal functional regulator is just one such example. Regulators Will Zero in on Closing the Gaps.

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PYMNTS

JANUARY 30, 2019

Compliance and risk management technology provider Opus is launching a new Know Your Customer (KYC) workflow solution for banks. ” Banks’ KYC compliance challenges have become a key focus in the emergence of RegTech. A press release on Tuesday (Jan. Ninety-one percent of those fines were issued to U.S. ”

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Due Diligence Automation Money Laundering Fincen 46

PYMNTS

DECEMBER 14, 2018

News came earlier in the month that several federal agencies have come out — together — in support of banks embracing innovation in their compliance efforts. It all comes, at least on the surface, as a message of support that also comes at a time when chief compliance officers may be a bit trepidatious.

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

PYMNTS

FEBRUARY 8, 2019

The emails were reportedly only sent to certain anti-money laundering (AML) contacts, leading some to question if the National Credit Union Administration (NCUA)’s non-public data had been accessed, Krebs On Security reported. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) reportedly knows about the emails.

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PYMNTS

OCTOBER 28, 2020

Oracle Launches New Cybersecurity, AML Apps for Smaller Banks. The Oracle Financial Crime and Compliance Management Cloud Service offers comprehensive cybersecurity functions to FIs of various sizes. Fed Reserve, FinCEN Seek Input on Bank Secrecy Act Rule Changes.

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ACH Cybersecurity Fincen Travel Rule 40

Payments Source

OCTOBER 22, 2019

New tech can help banks with less cumbersome systems track suspicious activity more effectively.

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AML Compliance Fincen Regulations 63

PYMNTS

JUNE 5, 2020

Strong anti-money laundering (AML) processes make it harder for bad actors to hide or use ill-gotten gains, which, in turn, makes human trafficking, arms smuggling and other violent crimes that are often the sources of illicit funds less profitable, Davies explained — and thus less tempting. “We Why AML Checks Are Never Over.

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Money Laundering Security Payment APIs and Integration FinTech 69

PYMNTS

DECEMBER 26, 2018

Treasury’s FinCEN and Federal Banking agencies issued a joint statement encouraging innovative industry approaches to combating money laundering, terrorist financing and other illicit financial threats. As a result, anti- money laundering (AML) has been occupying the headlines as of late. Legacy AML Approaches Are Ineffective.

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Money Laundering AML Wire Transfer Rules 76

PYMNTS

OCTOBER 14, 2020

Specifically, he said the platform is fully compliant with regulators and up to date with anti-money laundering (AML) and know your customer (KYC) practices. In addition, Voyager points out that it is licensed by FinCEN and FINTRAC and can also provide treasury desk clients with the tax and compliance reporting they need.

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Treasury Cryptocurrency Stablecoins Fincen 129

Segpay

DECEMBER 22, 2023

This seems fitting since the underwriting and compliance processes can be a bit of a challenge. Depending on how organized you are, the compliance process could take longer than the integration time. Depending on how organized you are, the compliance process could take longer than the integration time. Those days are long gone.

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Money Laundering Processors Acquirers Compliance 74

PYMNTS

SEPTEMBER 25, 2020

FinCEN Files Show Banks’ Use Of AI And Machine Learning Effective In KYC/AML . Documents sent by banks to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Money transfer organizations have to remain in compliance with regulations or they will encounter sizable penalties or let crime spread.

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Fincen AML Federal Reserve Crime 61

FICO

AUGUST 4, 2021

We saw this in the Panama Papers as well as the FinCEN files. Given how fast this market moves, I would argue that a lot of these crypto-finance companies have very little focus on KYC and AML, let alone any meaningful awareness of what they need to do. Now, I’m going to cover what it means for the wider financial crime space.

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NFTs Money Laundering AML Fincen 66