Seon

APRIL 11, 2024

Uniting fraud protection and prevention with AML checks and compliance allows for better collaboration across the historically siloed operations of teams dealing with distinct but related crimes – fraud and financial crimes, terrorist financing or other nefarious intentions.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

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

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

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

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

AUGUST 14, 2019

Cooperation in an environment that is rapidly advancing on many technological fronts was the theme when FinCEN Director Kenneth A. FinCEN expects that your casino or card club is monitoring your sports betting programs for potentially suspicious activity. This includes offering sports betting through a mobile app.”.

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Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

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

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AML FDIC Fincen Money Laundering 60

Payments Source

MAY 17, 2018

For cryptocurrency entrepreneurs in particular, many of whom are just developing the anti-money laundering programs they are required to have under other FinCEN rules, the CDD rule is worth taking note of, writes Laurel Loomis Rimon, senior counsel at O'Melveny & Myers LLP.

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Fincen Cryptocurrency Regs Money Laundering 71

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

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

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

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.

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Fincen Mitigation Risk AML 53

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

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

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). In the U.S.,

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SARS AML Law Enforcement Suspicious Activity Report (SAR) 40

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

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 59

Financial Crimes Due Diligence Compliance AML 59

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

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.

Crime 49

Crime Fincen Innovation Finance 49

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

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

Fintech News

JULY 17, 2024

This decrease suggests that the anti-money laundering (AML) programmes of centralised exchanges are becoming more effective at detecting and mitigating laundering activity. Singapore’s Payment Services Act (PSA) brings crypto businesses under regulatory oversight, imposing strict AML/CFT requirements.

Money Laundering 99

Money Laundering Law Enforcement AML Non-Bank 99

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.

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

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

DECEMBER 11, 2020

PYMNTS December 2020 AML/KYC Tracker® done in collaboration with Trulioo probes the heightened fraud climate accompanying the mobile-digital shift, zeroing in on key aspects of prevailing in the digital fraud wars. This distrust is reflected in usage rates among businesses,” 23 percent of which don’t use automated AML processes.

Money Laundering 87

Money Laundering AML Cryptocurrency Verification 87

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. Plan for upticks in particular areas of AML compliance activity. Financial institutions in the U.S. Set clear and realistic priorities.

Money Laundering 98

Money Laundering SARS Financial Crimes Fincen 98

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.

Travel Rule 55

Travel Rule Rules Fincen Money Laundering 55

Payments Source

SEPTEMBER 24, 2019

Kenneth Blanco expressed concern in a speech about cyber criminals using "synthetic identities" to commit fraud with data stolen from fintech platforms.

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Fincen FinTech Fraud Detection Data Security 63

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. it’s the opposite: customer due diligence is an ongoing process that is a part of the KYC requirements, which in turn is part of the broader anti-money laundering (AML) regulations set in place for financial institutions.

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

PYMNTS

JULY 5, 2020

In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S. In addition, FinCEN expects financial institutions to monitor the transactions of hemp-related businesses for signs of suspicious or unlawful activity, such as transactions above $10,000 in a day.

Treasury 140

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

PYMNTS

SEPTEMBER 21, 2020

Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. As Standard Chartered noted to BuzzFeed in the wake of the FinCEN files report: "In 2019 we monitored more than 1.2

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Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

The Fintech Times

APRIL 8, 2024

Sergiy Fitsak, managing director at Softjourn “Key among these challenges is ensuring compliance with local and international banking regulations, which can include stringent requirements for anti-money laundering ( AML ), know your customer ( KYC ) processes, data protection, and privacy laws.

FinTech 116

FinTech Regulatory Compliance BSA Money Laundering 116

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. Blanco in the press release.

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.

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BSA Phishing NCUA Credit Union 53

FICO

DECEMBER 23, 2020

Newly regulated areas such as digital assets and cryptocurrency businesses will likely undergo increased scrutiny (as companies transacting in digital assets are not exempt from AML requirements). The final rule extending AML regulatory requirements to banks lacking a federal functional regulator is just one such example.

Financial Crimes 52

Financial Crimes Crime Ransomware AI 52

PYMNTS

JANUARY 30, 2019

Pointing to the Fifth Money Laundering Directive (5MLD) and FinCEN ‘s CDD Final Rule, Opus noted that financial regulations are becoming more stringent and complex, adding to the burden of compliance efforts among banks. Ninety-one percent of those fines were issued to U.S. ”

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Due Diligence Automation Money Laundering Fincen 46

PYMNTS

OCTOBER 28, 2020

Oracle Launches New Cybersecurity, AML Apps for Smaller Banks. Fed Reserve, FinCEN Seek Input on Bank Secrecy Act Rule Changes. However, FinCEN has complete authority for the travel rule and will make its own proposals for amendments.

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ACH Cybersecurity Fincen Travel Rule 40