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

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

Segpay

MARCH 24, 2025

USA: PSPs may need a Money Transmitter License (MTL) in each state they operate, plus registration with FinCEN as a Money Services Business (MSB). KYC & Customer Due Diligence (CDD) Australia: Risk-based approach, with minimum KYC checks under the AML/CTF Rules. PSPs verify identity and monitor transactions.

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. billion penalty from the Financial Crimes Enforcement Network (FinCEN) and a $1.8

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

Fintech News

JULY 17, 2024

And contrasting with the non-crypto native space, the Hong Kong Monetary Authority (HKMA) just fined DBS Bank (Hong Kong) Limited, the HK subsidiary of DBS , a HK$10 million penalty for breaches of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The United Arab Emirates has amended Federal Decree-Law No. (20)

Money Laundering 108

Money Laundering Law Enforcement AML Non-Bank 108

PYMNTS

FEBRUARY 4, 2019

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. authorities, ING admitted that criminals had laundered money through its accounts between 2010 and 2016 because of “serious shortcomings” in enforcing due diligence policies.

AML 64

AML Money Laundering Due Diligence Fincen 64

Stax

DECEMBER 4, 2023

PayFacs must also monitor their transactions continuously for any suspicious behavior and report them to the authorities immediately. Ensure proper customer due diligence, including identity verification and risk assessment. Transaction monitoring and reporting Onboarding sub-merchants following thorough KYC isn’t enough.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

PYMNTS

MAY 14, 2018

May 11 marked a watershed moment of sorts when, this past Friday, the final customer due diligence rule via the Financial Crimes Enforcement Network (FinCEN) took effect. According to Reuters , 17 of 24 regulatory authorities said they may not yet have the funding or powers they need to enforce the mandates of GDPR.

Fincen 41

Fincen CFPB Due Diligence Legal 41