Seon

APRIL 11, 2024

As fraud gains in volume and velocity, so too will the need for fraudsters to launder their profits – and as cross-border financial crimes are here to stay, no institution or location is immune. Moving in the other direction, fraud teams can leverage traditional AML information to create more robust and refined risk rulings.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

PYMNTS

SEPTEMBER 24, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth A. 24), to talk about digital identity today, how safe it is and what the agency is doing to protect it against financial crimes, according to prepared remarks. . financial institutions,” he said.

Fincen 71

Fincen Account Takeovers Identity Theft Financial Crimes 71

PYMNTS

OCTOBER 21, 2019

The head of the Financial Crimes Enforcement Network (FinCEN) has warned FinTech firms that they must abide by anti-money laundering (AML) laws. The expectation is that you will comply with existing regulation,” said Director Kenneth Blanco at a FinTech event, according to American Banker. We know you can.”.

Fincen 40

Fincen AML Laws FinTech 40

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. 11) about the importance of innovation and the regulation of non-banking financial institutions (NBFI), according to a release.

Fincen 46

Fincen Non-Bank Money Laundering AML 46

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). . The OCC also warned U.S.

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

The Paypers

APRIL 22, 2019

(The Paypers) The Financial Crimes Enforcement Network (FinCEN) has penalised a “peer-to-peer cryptocurrency exchanger” for breaking anti-money laundering (AML) rules.

Fincen 28

Fincen AML Money Laundering Laws 28

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.

Financial Crimes 58

Financial Crimes Due Diligence Compliance AML 58

PYMNTS

NOVEMBER 16, 2018

The Financial Crimes Enforcement Network (FinCEN) announced that it has issued revised Geographic Targeting Orders (GTOs), which will now require U.S. In addition, FinCEN is requiring for purchases via virtual currencies to be reported. FinCEN Director Kenneth A.

Fincen 53

Fincen Financial Crimes Crime SARS 53

PYMNTS

DECEMBER 10, 2020

This lack of identity information is compounded by the weak KYC procedures of many cryptocurrency exchanges, with a recent study finding that 56 percent of all exchanges lacked sufficient KYC processes, many of which did so on purpose to avoid complying with AML regulations. Enforcing AML/KYC Compliance At Cryptocurrency Exchanges.

AML 88

AML Cryptocurrency Money Laundering Compliance 88

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. Manhasset, New York-headquartered Apple Bank For Savings will have to pay a $12.5

AML 60

AML FDIC Fincen Money Laundering 60

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.

Money Laundering 63

Money Laundering Financial Crimes AML Crime 63

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. 15) that the U.S. 15) that the U.S. That’s what our expectation is. The CEO of U.S.

Rules 50

Rules AML Travel Rule Fincen 50

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

OCTOBER 19, 2020

The Financial Crimes Enforcement Network ( FinCEN ) has instituted a $60 million civil money fine against the primary operator, administrator and founder of two digital currency “tumblers” or “mixers” for contravening the Bank Secrecy Act and its implementing rules, according to a Monday (Oct. 19) announcement.

Fincen 53

Fincen Mitigation Risk AML 53

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.

Fincen 52

Fincen Financial Crimes AML Card Issuer 52

Stax

NOVEMBER 27, 2023

That’s a lot of money being exchanged—and also provides a huge amount of possibility for financial crime. Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks. Within the U.S.,

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

FICO

MARCH 24, 2021

Financial Intelligence Units (FIUs) can play a critical role in producing sophisticated analysis on TBML schemes – including reporting entities (SAR/STR data). Financial institutions in the U.S. must report potentially suspicious activity (including trade-related transactions) to FinCEN. Set clear and realistic priorities.

Money Laundering 98

Money Laundering SARS Financial Crimes Fincen 98

Fintech News

JULY 17, 2024

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. This decrease suggests that the anti-money laundering (AML) programmes of centralised exchanges are becoming more effective at detecting and mitigating laundering activity.

Money Laundering 103

Money Laundering Law Enforcement AML Non-Bank 103

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.

Crime 49

Crime Fincen Innovation Finance 49

FICO

DECEMBER 12, 2018

is to the existing Bank Secrecy Act (BSA)/anti-money laundering (AML) regime. Among the key provisions is addressing the increasing burden on financial institutions required to file Suspicious Activity Reports (SARs) and the enormous amount of data flowing to Treasury’s Financial Crime Enforcement Network (FinCEN).

SARS 40

SARS AML Law Enforcement Suspicious Activity Report (SAR) 40

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.

AML 50

AML Money Laundering Online and Mobile Banking Fincen 50

Stax

DECEMBER 4, 2023

The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. In this article, we’ll discuss everything you need to know about ensuring AML compliance as a payment facilitator (or PayFac). Let’s get started.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

PYMNTS

JULY 5, 2020

The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S.

Treasury 140

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

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.

AML 82

AML Fincen Cryptocurrency BSA 82

PYMNTS

DECEMBER 17, 2018

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. million fine against UBS Financial Services (UBSFS) for willful violation of the Bank Secrecy Act, according to a treasury report. FinCEN said UBSFS kept up the lack of regulation for AML from 2004 to 2014.

Fincen 55

Fincen AML BSA Money Laundering 55

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. 15) that the U.S. 15) that the U.S. That’s what our expectation is. The CEO of U.S.

Travel Rule 55

Travel Rule Rules Fincen Money Laundering 55

PYMNTS

DECEMBER 18, 2018

The release comes amid increasing attention on issues involving ID , authentication and “ know your customer ” tactics and strategies — and as observers anticipate even more focus in 2019 on issues related to online security and privacy and AML efforts. Compliance is a complex topic,” said Stephen Ufford, CEO and founder of Trulioo.

AML 61

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

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.

ACH 40

ACH Cybersecurity Fincen Travel Rule 40

PYMNTS

FEBRUARY 15, 2018

Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. According to a press release, FinCEN said the obligation will be satisfied by a $70 million payment from U.S.

Money Laundering 43

Money Laundering Fincen Office of the Comptroller of the Currency Settlement 43

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.

BSA 53

BSA Phishing NCUA Credit Union 53

PYMNTS

DECEMBER 26, 2018

Reuters cited FINRA as saying since 2013 Morgan Stanley has engaged in “extraordinary steps” to improve its anti-money laundering (AML) programs, such as a new system to monitor penny stock transactions and insider trading. Earlier in December the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S.

Compliance 53

Compliance Money Laundering Fincen AML 53

PYMNTS

JUNE 5, 2020

Financial Institutions (FIs) that adopt open banking allow third parties like FinTechs to integrate with their application programming interfaces (APIs) to provide personalized financial management and payment apps that draw on bank customers’ data. Even if your products are not covered per FinCEN in the U.S.,

Money Laundering 69

Money Laundering Security Payment APIs and Integration FinTech 69

FICO

JANUARY 8, 2020

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). This convergence is being pushed forward by a FinCEN directive, with consultants such as McKinsey & Co. Let’s dive in. TPRM Takes Off.

Compliance 52

Compliance Fincen Cybersecurity Money Laundering 52

Payments Source

NOVEMBER 4, 2019

Regulators globally are using "tech sprints" to test new anti-money-laundering solutions. More can be done, but it's a good start.

Financial Crimes 61

Financial Crimes Money Laundering Crime Regulations 61

PYMNTS

JUNE 16, 2020

But Kellerman and other security experts advocated at the hearing for legislative measures, such as modernizing anti-money laundering (AML) and forfeiture rules and moving the Secret Service to the Treasury Department, to help combat the threat. ” A memo included with the subcommittee’s documents also pointed to the U.S.

Cybersecurity 90

Cybersecurity Money Laundering Treasury FBI 90

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. Shares of GoodRx spiked 53 percent on their inaugural trading day Wednesday (Sept. 23) after the firm had an IPO at $33 per share.

Fincen 61

Fincen AML Federal Reserve Crime 61

FICO

AUGUST 4, 2021

Now, I’m going to cover what it means for the wider financial crime space. 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.

NFTs 66

NFTs Money Laundering AML Fincen 66