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). The Financial Crimes Enforcement Network (FinCEN) late Friday (Jan.

Fincen 107

Fincen Suspicious Activity Report (SAR) Money Laundering SARS 107

PYMNTS

DECEMBER 3, 2019

It also clarifies the BSA guidelines when offering financial services to hemp-related businesses. The BSA establishes recordkeeping and reporting requirements for national banks, federal savings associations, federal branches and agencies of foreign banks. Department of Agriculture’s (USDA) interim final rule on hemp production.

Suspicious Activity Report (SAR) 55

Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

Finextra

JANUARY 17, 2024

million Bank Secrecy Act (BSA) reports in 2021 tied to the exploitation of identity processes during account creation, account access, and transaction processing, indicating $212 billion in suspicious activity. The US saw around 1.6

BSA 53

BSA Accounts Process Transactions 53

PYMNTS

DECEMBER 10, 2019

Blanco also addressed the Bank Secrecy Act (BSA) and the importance of beneficial ownership information. And he covered FinCEN’s BSA Value Project, the ongoing federal banking agency working group efforts, and organizational changes within the agency. There are approximately 30,000 searches of the BSA data each day.”.

Fincen 52

Fincen Crime Suspicious Activity Report (SAR) BSA 52

PYMNTS

MARCH 4, 2020

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 bank also inadequately staffed the BSA compliance function. . “Mr. The automated transaction monitoring software U.S. Department of Justice (DOJ) to penalize U.S.

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

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

PYMNTS

DECEMBER 13, 2018

As these financial institutions (FIs) work to boost AML efforts, as required under the Bank Secrecy Act (BSA), they must step into the role of law enforcement agencies. In this month’s feature story, Kelly discussed AML/BSA requirements and the “two-way street” in which CUs and law enforcement collaborate to fight financial crimes.

Law Enforcement 54

Law Enforcement Credit Union AML Laws 54

The Paypers

OCTOBER 27, 2023

AML, KYC, and BSA compliance solutions provider AML RightSource has launched support for transaction monitoring system (TMS) selection and implementation.

AML 41

AML BSA Compliance Transactions 41

PYMNTS

SEPTEMBER 20, 2016

“EFT fraud attempts are increasing in size, frequency and sophistication,” said Jason Vazquez, senior vice president, deputy chief risk officer and BSA/AML compliance officer for Sterling National Bank, in the press release. “Fraud solutions from Fiserv give us best-in-class detection and minimize false positives.

FedWire 67

FedWire BSA Risk Mitigation ACH 67

PYMNTS

APRIL 28, 2020

Weber was most recently head of Financial Crime Prevention for the Americas at UBS, spearheading all facets of sanctions, BSA and AML compliance. He also had previously served as Deutsche Bank’s head of Anti-Financial Crime for the Americas.

Bitcoin 67

Bitcoin Financial Crimes BSA Digital Currency 67

Stax

DECEMBER 4, 2023

The Bank Secrecy Act (BSA) establishes AML program requirements for financial institutions in the US while the USA Patriot Act lays down which entities are required to comply. As such, the Bank Secrecy Act (BSA) establishes certain AML program requirements for financial institutions in the US. Let’s get started.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

PYMNTS

OCTOBER 13, 2020

In fact, there exists a complete lack of consistent AML and other regulatory schemes elsewhere in the world – leaving cross-border and global transactions vulnerable.

AML 82

AML Fincen Cryptocurrency BSA 82

PYMNTS

DECEMBER 22, 2020

The bank has already been implementing an extensive enhancement plan to its New York Branch BSA/AML procedures, processes and oversight, which predominantly addresses the requirements of today’s agreement,” Credit Suisse said in a statement , according to Reuters.

Money Laundering 60

Money Laundering Fed BSA AML 60

PYMNTS

AUGUST 15, 2019

Kelley joins from ETA from BSA, The Software Alliance, where she was senior vice president and general counsel. . At BSA, she was responsible for strategic, operational, legal and financial issues. . “I The Electronic Transactions Association (ETA) has named Jodie L. Kelley as its new CEO, the industry group said in a press release.

BSA 43

BSA Blocks Processors Legal 43

Finovate

JUNE 24, 2024

The company’s technology also provides automatic alignment with the latest regulations in privacy, lending, money movement, BSA/AML, ACH, and more. .” New York City-based Kobalt Labs enables FIs to accelerate and fortify compliance operations. The company was founded in 2023.

Risk Assessment 59

Risk Assessment BSA Assessments AML 59

PYMNTS

JUNE 23, 2016

Monroe, which specializes in payment processing, SAR makes up the cornerstone of the Bank Secrecy Act (BSA) reporting system. According to the post , authored by Theodore F. Monroe and Bradley O. Cebeci of the Law Offices of Theodore F.

Suspicious Activity Report (SAR) 40

Suspicious Activity Report (SAR) SARS BSA MSPS 40

Finovate

MARCH 13, 2024

Via API, Prelim enables financial institutions to automate their business account onboarding, as well as connect to third party providers to meet AML, BSA, and CIP requirements. Co-founded in 2017 by Heang Chan (CEO) and Chris Blaser (CTO), Prelim offers a white-label platform that empowers banks to digitize their business banking operations.

Accounts 59

Accounts BSA Debit Card AML 59

PYMNTS

FEBRUARY 13, 2019

These types of transactions may create challenges for Southwest border banks in complying with Bank Secrecy Act/anti-money laundering (BSA/AML) requirements, because they can lead to more intensive account monitoring and investigation of suspicious activity.”.

Money Laundering 58

Money Laundering Debit Card Cross-Border BSA 58

PYMNTS

MARCH 15, 2019

Congress must close these loopholes, and financial institutions, including the biggest banks, also must do their part and fully comply with our BSA-AML laws. Although most do, we continue to see not only failures in compliance but also egregious acts where money laundering and terror finance are facilitated,” said Waters.

Money Laundering 51

Money Laundering BSA Laws AML 51

Fintech News

JULY 17, 2024

The United States continues to rely on the Bank Secrecy Act (BSA) as the primary legal framework governing AML regulations, with the Financial Crimes Enforcement Network (FinCEN) providing guidance on how these regulations apply to cryptocurrency businesses. The United Arab Emirates has amended Federal Decree-Law No. (20)

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

PYMNTS

DECEMBER 17, 2018

However, FinCEN said it recognized that UBSFS has made changes and “significant investments in BSA/AML staffing and technology.” Also, UBSFS didn’t hire enough people to monitor the situation, creating a backlog of cases that should have been flagged for review.

Fincen 55

Fincen AML BSA Money Laundering 55

PYMNTS

SEPTEMBER 2, 2019

Some VASPs are regulated as money transmitters under the Bank Secrecy Act (BSA) while others escape regulation, said David Murray, FIN’s vice president for product development and services. Although regulation could make it hard for some crypto firms to continue operations, Murray said it’s not the BSA’s job to accommodate everyone.

Regs 49

Regs BSA Legal Framework Cryptocurrency 49

Finovate

AUGUST 20, 2024

Banks, credit unions, credit card companies, and financial service providers who are required to implement and adhere to stringent BSA and AML policies. Speakeasy Speakeasy enables fintechs and financial institutions to grow API user adoption and streamline integrations with auto-updated robust SDKs, Terraform providers, and documentation.

Credit Union 59

Credit Union Payment APIs and Integration BSA SARS 59

Finovate

MARCH 28, 2024

A month later, the company unveiled a new solution to give sponsor banks better ability to monitor and manage Bank Secrecy Act (BSA) compliance and transaction fraud patterns. Founded in 2013, DataVisor began this year with an announcement that the company’s platform had secured PCI compliance.

AML 59

AML Compliance AI Money Laundering 59

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. Know your customer (KYC) policies were introduced with the Patriot Act in 2001 following 9/11, intended to help stem the flow of funding to terrorists.

Due Diligence 80

Due Diligence Online and Mobile Banking BSA Federal Reserve 80

PYMNTS

SEPTEMBER 11, 2019

From FinCEN’s perspective, our BSA/AML system is good, but it can always be improved, and we see great opportunities in working with industry on innovations that can help better detect and safeguard against illicit activity,” he said. Innovation and regulatory reform are topics of much discussion in Washington these days.

Fincen 46

Fincen Non-Bank Money Laundering AML 46

PYMNTS

APRIL 27, 2020

Issuing digital dollars, Cagney said, means having an account at the Fed or another bank that holds that fiat, and a blockchain ledger for every individual, along with the right Bank Secrecy Act (BSA) and AML infrastructure in place.

Blockchain 108

Blockchain Tax Refunds IRS Fed 108

Finovate

DECEMBER 22, 2023

We work with Risk, Financial Crime, BSA and AML teams. . “At Refine intelligence, our mission is to help banks regain that superpower of really knowing their customers’ life stories, so their financial crime teams can quickly clear AML or scam alerts triggered by legitimate customer activity.

Financial Inclusion 64

Financial Inclusion Automation AI Financial Crimes 64

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

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.

Risk 59

Risk Financial Crimes AML Risk Management 59

PYMNTS

MAY 25, 2017

Data supplied by trade group BSA Software Alliance has estimated that 64 percent of software housed in Russia has been pirated. “Many companies in Russia use outdated unpatched systems and older anti-malware solutions,” one source, Nikolay Grebennikov, who serves as vice president at Acronis, a data protection company, said. “In

Ransomware 40

Ransomware BSA On-Demand Continuity 40

FICO

DECEMBER 23, 2020

FinCEN Deputy Director Jamal El-Hindi stressed “transparency and information sharing, the value of BSA (Bank Secrecy Act) reporting data, and the need for legislation regarding the collection of beneficial ownership at the corporate formation stage.” Earlier this year in the U.S.,

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

PYMNTS

AUGUST 14, 2019

FinCEN is continually looking at compliance across all financial institutions and will not hesitate to act when it identifies financial institutions that violate the BSA.”. Let me assure you, this is not the case.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

FICO

JANUARY 8, 2020

Artificial intelligence is specifically mentioned in the Joint Statement ; in the real world, “innovative approaches” also includes machine learning (ML) and other advanced analytics technology.

Compliance 52

Compliance Fincen Cybersecurity Money Laundering 52

FICO

MARCH 13, 2017

Under the KYC requirements that are part of current regulations, such as the 4th EU Money Laundering Directive and the fifth pillar of the BSA, the bank needs to know the business of their customers. This was, needless to say, not something those individuals had disclosed to their banks. Should banks care? Absolutely.

Money Laundering 45

Money Laundering Database Due Diligence BSA 45

FICO

JANUARY 18, 2019

What needs to happen: International committees like FATF and the Basel Committee on Banking Supervision as well as national regulations like BSA (USA) and EU directives all require a sound KYC program. The bank will have to re-check their clients, as required by the regulator BaFin.

Financial Crimes 40

Financial Crimes Crime Compliance Due Diligence 40

FICO

DECEMBER 12, 2018

is to the existing Bank Secrecy Act (BSA)/anti-money laundering (AML) regime. When it comes to regulatory reform, one of the most talked about changes in the U.S. Both banking regulators and policy leaders on Capitol Hill have this topic high on their priority list.

SARS 40

SARS AML Law Enforcement Suspicious Activity Report (SAR) 40