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. On Wednesday (Feb.

OCC 43

OCC AML Office of the Comptroller of the Currency Compliance 43

PYMNTS

AUGUST 14, 2019

More broadly, however, Blanco’s theme was the interconnectedness of the financial system – and how diligence and transparency is the key to combating money laundering and other financial crimes in the U.S. FinCen, he noted, has offered various forms of guidance to casinos for meeting their expanding compliance obligations.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

PYMNTS

DECEMBER 28, 2020

As the distribution of the COVID-19 vaccine continues to roll out to medical workers and high-risk populations, the Financial Crimes Enforcement Network (FinCEN) is asking financial institutions to be extra vigilant when it comes to cybersecurity. .

Fincen 127

Fincen Suspicious Activity Report (SAR) Scams Federal Trade Commission 127

PYMNTS

APRIL 3, 2020

Three weeks after the Financial Crimes Enforcement Network (FinCEN) issued guidance to financial institutions (FIs) on COVID-19, the division of the U.S. FinCEN said it expects FIs to continue following a so-called risk-based approach to adhere to the BSA obligations. FinCEN said the former executive at U.S.

Fincen 56

Fincen BSA Crime Financial Crimes 56

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.

Compliance 52

Compliance Fincen Cybersecurity Money Laundering 52

PYMNTS

JANUARY 15, 2021

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

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. After further evaluation of the USDA interim final rule, the Financial Crimes Enforcement Network (FinCEN) will issue additional guidance. 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

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. These tools use machine learning and artificial intelligence to detect unusual patterns indicative of money laundering, providing real-time alerts to compliance teams.

Money Laundering 106

Money Laundering Law Enforcement AML Non-Bank 106

PYMNTS

APRIL 28, 2020

Richard Weber has been named to the position of general counsel at the New York State Department of Financial Services (DFS), according to an announcement from Superintendent of Financial Services Linda A. 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

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). .

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

DECEMBER 13, 2018

The new site aims to improve online functionality with an enhanced user experience, as well as keep MED5 FCU in compliance with the Americans with Disabilities Act. AML Compliance Turns CUs Into Law Enforcement. Meanwhile, another partnership could change the way users engage with a CU’s network of ATMs. About The Tracker .

Law Enforcement 54

Law Enforcement Credit Union AML Laws 54

FICO

FEBRUARY 14, 2017

I’m going to explore the impact advanced analytics can have on the current state of regulatory compliance. Today most of the financial institutions use rules-based transaction monitoring and KYC systems to fight money laundering. In the fast-changing world of financial crime, this isn’t good enough.

AML 40

AML Compliance AI Money Laundering 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

OCTOBER 13, 2020

Blanco, director of the Financial Crimes Enforcement Network (FinCEN), said that banks need to be wary of risks associated with cryptocurrency, per remarks made to the ACAMS AML virtual conference. The DOJ report stands as only the latest of warnings over the risks tied to cryptos. As recently noted by PYMNTS , Kenneth A.

AML 82

AML Fincen Cryptocurrency BSA 82

PYMNTS

SEPTEMBER 2, 2019

Testimony from the Financial Integrity Network (FIN) released before a Sept. 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. financial system.

Regs 49

Regs BSA Legal Framework Cryptocurrency 49

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. However, FinCEN said it recognized that UBSFS has made changes and “significant investments in BSA/AML staffing and technology.”

Fincen 55

Fincen AML Money Laundering BSA 55

The Fintech Times

SEPTEMBER 19, 2024

This month, The Fintech Times will look at some of the biggest issues regarding compliance and financial rules, as well as the solutions hoping to ease the compliance journey for firms and make the fintech world fairer and safer. It helps improve the agility of financial institutions against emerging threats.”

Risk 59

Risk Financial Crimes AML Risk Management 59

Finovate

MARCH 28, 2024

This enhances defense against new financial crime threats and helps institutions align themselves with the trend toward combining fraud fighting and AML operations. Our focus on continued innovation ensures that we not only meet the current compliance demand but also remain agile to anticipate and counteract future financial crimes.”

AML 59

AML Compliance AI Money Laundering 59

FICO

JUNE 23, 2021

To learn more about how FICO helps organizations fight financial crime visit our website and/or connect with me on LinkedIn. Stay tuned for other interesting topics and follow this Fraud and Financial Crime blog. This post is intended to be a high-level reference guide for informational purposes.

BSA 52

BSA Financial Crimes Crime Compliance 52

PYMNTS

JUNE 23, 2016

Monroe, which specializes in payment processing, SAR makes up the cornerstone of the Bank Secrecy Act (BSA) reporting system. A bank may increase its risk of suspicious activity taking place if it’s unable to accurately identify and understand the nature and sources of the transactions conducted or attempted by, at or through them.

Suspicious Activity Report (SAR) 40

Suspicious Activity Report (SAR) SARS BSA MSPS 40

PYMNTS

DECEMBER 4, 2018

3) that urged banks to study and implement “where appropriate” methods that would bring innovate approaches to anti-money laundering efforts and Bank Secrecy Act compliance. “Likewise, pilot programs that expose gaps in a BSA/AML compliance program will not necessarily result in supervisory action with respect to that program.”.

Financial Crimes 64

Financial Crimes Crime BSA Innovation 64

FICO

DECEMBER 19, 2018

AML/BSA Reform Talks Will Intensify but Meaningful Changes Will Have to Wait. Bank Secrecy Act/anti-money laundering (BSA/AML) regulatory reforms are top of mind for regulators and legislators. Members of Congress have also been focused on BSA/AML reforms. Where is BSA/AML reform headed in 2019?

BSA 40

BSA Fincen Suspicious Activity Report (SAR) SARS 40