Remove BSA Remove Cross-Border Remove Law Enforcement
article thumbnail

Understanding Crypto Money Laundering, and How to Get a Handle on It

Fintech News

These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space. The United Arab Emirates has amended Federal Decree-Law No. (20) billion in 2024.

article thumbnail

How Prepaid Cards Played A Role In El Chapo’s Global Drug Operation

PYMNTS

Mexico border (sophisticated tunnels, modified trains and rail spurs, even jalapeño cans designed to fool border inspectors), and whose main distribution points were Lost Angeles, Chicago and New York City. In 1989, Mr. Guzmán’s brother, Arturo, was stopped as he was driving across the Arizona border carrying more than $1.2

article thumbnail

How to Maintain Anti-Money Laundering Compliance as a PayFac

Stax

TL;DR An anti-money laundering (AML) program is a set of laws and procedures that seek to uncover attempts to disguise illicit money as legitimate. 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.