PYMNTS

DECEMBER 10, 2019

Financial Crimes Enforcement Network (FinCEN) Director Kenneth A. Those of you in this room need to hear and understand that what you do every day makes a difference,” he said during the American Bankers Association/American Bar Association Financial Crimes Enforcement Conference.

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Fincen Crime Suspicious Activity Report (SAR) BSA 52

PYMNTS

FEBRUARY 21, 2020

The Financial Crimes Enforcement Network (FinCEN) has announced Michael Mosier as its new digital innovation officer and deputy director. In the digital innovation officer role, he will work to engage with new financial innovations and technologies. He previously served as FinCEN’s chief of strategic advancement.

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PYMNTS

SEPTEMBER 29, 2020

Blanco , director of the Financial Crimes Enforcement Network ( FinCEN ), said banks need to be wary of risks with cryptocurrency, according to remarks planned to be given at the ACAMS AML (anti-money laundering) virtual conference on Tuesday (Sept.

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PYMNTS

AUGUST 3, 2020

The Financial Crimes Enforcement Network (FinCEN) issued a press release warning financial institutions (FIs) and consumers about pandemic-related scams, including some connected to cryptocurrency. FinCEN warns that bad actors “are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic.”

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Fincen Scams Email Compromise Phishing 88

Global Fintech & Digital Assets

NOVEMBER 2, 2023

Yatter , and Deric Behar On October 19, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM) that would designate as a “primary money laundering concern” all non-US convertible virtual currency [1] mixing (CVC mixing). By Parag Patel , Eric S.

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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.

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PYMNTS

SEPTEMBER 21, 2020

The Financial Crimes Enforcement Network ( FinCEN ) uncovered government documents on how giant financial institutions (FIs) move trillions of dollars in suspicious transactions, padding their bottom lines, while terrorists, drug dealers and corrupt politicians are allowed to run free. . FinCEN, a division of the U.S.

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Fincen Financial Crimes Crime Accounts 118

PYMNTS

SEPTEMBER 24, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth A. 24), to talk about digital identity today, how safe it is and what the agency is doing to protect it against financial crimes, according to prepared remarks. . financial institutions,” he said.

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PYMNTS

DECEMBER 14, 2018

Among those agencies, alphabetically speaking: the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN) and the National Credit Union Administration.

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Financial Crimes Crime Fincen Office of the Comptroller of the Currency 59

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. In addition, FinCEN is requiring for purchases via virtual currencies to be reported.

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Fincen Financial Crimes Crime SARS 53

The Fintech Times

JANUARY 13, 2024

Binance was ordered to pay the fine to resolve investigations by the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), Office of Foreign Assets Control (OFAC) and the Commodity Futures Trading Commission (CFTC).

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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.

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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.

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Crime Fincen Innovation Finance 49

PYMNTS

JULY 5, 2020

The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S.

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

PYMNTS

SEPTEMBER 23, 2020

Financial crime is a pervasive threat to banks, credit unions, FinTechs and other financial institutions (FIs) the world over. Developments Around The Financial Crimes Space. For more on these and other financial crime news items, download this month’s Playbook. About The Playbook.

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Identity Theft Financial Crimes Technology Crime 83

PYMNTS

JULY 7, 2020

Treasury Department’s financial crime unit has alerted financial institutions (FIs) about imposter scams arising during the COVID-19 pandemic. . On Tuesday (July 7), the Financial Crimes Enforcement Network (FinCEN) issued an advisory to enhance efforts by FIs to stop suspected illegal activity.

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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.

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Money Laundering Financial Crimes AML Crime 63

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

The Paypers

MARCH 29, 2020

Bitget , a Singapore-based crypto derivatives platform, had registered with the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) as a money services business.

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Fincen Financial Crimes Crime Treasury 28

The Fintech Times

FEBRUARY 24, 2024

Meanwhile, the US boasts more top CEXs registered with the Financial Crimes Enforcement Network (FinCEN) than any other country. Thirty-six per cent of the top CEXs hold a money transmitter license in the US from FinCEN.

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Fincen Financial Crimes Regulations Digital Currency 69

Fintech News

DECEMBER 6, 2023

billion to the Financial Crimes Enforcement Network (FinCEN) and US$968 million to the Office of Foreign Assets Control (OFAC). CZ had pleaded guilty to criminal charges for anti-money laundering and violations of U.S. sanctions which led to a historic settlement where Binance agreed to pay US$3.4

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Seon

APRIL 11, 2024

As fraud gains in volume and velocity, so too will the need for fraudsters to launder their profits – and as cross-border financial crimes are here to stay, no institution or location is immune. With the United Nations reporting that three to five percent of the global GDP is laundered annually and fraud costs worldwide reaching $5.13

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PYMNTS

MAY 19, 2020

Robert Werner brings regulatory, financial crime compliance and enforcement experience from his work in the public and private sectors, Libra said. He also headed financial crime compliance for Merrill Lynch. Previously, Werner worked at the U.S.

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PYMNTS

SEPTEMBER 30, 2020

Jumio Bolsters Financial Crime Detection Capabilities With Beam’s AML Platform. Jumio said it intends to integrate the AML screening and transaction monitoring offerings of Beam into its KYX platform to assist in flagging financial crime and simplifying regulatory compliance. The news follows Jumio’s Sept.

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Fincen Financial Crimes AML Card Issuer 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.

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Fincen AML Money Laundering Laws 28

The Fintech Times

APRIL 29, 2024

Frankly, not enough has changed since then, at a time when payment systems have never been so interconnected, money flows have never been at such a high volume, the speed of cross-border payments has never been so fast, and the risks to society from organised crime and terrorism have never been so high. What’s the problem?

Money Laundering 78

Money Laundering AML SARS Financial Crimes 78

PYMNTS

OCTOBER 21, 2019

The head of the Financial Crimes Enforcement Network (FinCEN) has warned FinTech firms that they must abide by anti-money laundering (AML) laws. The expectation is that you will comply with existing regulation,” said Director Kenneth Blanco at a FinTech event, according to American Banker.

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Payments Source

NOVEMBER 4, 2019

Regulators globally are using "tech sprints" to test new anti-money-laundering solutions. More can be done, but it's a good start.

Financial Crimes 61

Financial Crimes Money Laundering Crime Regulations 61

FICO

MARCH 24, 2021

Financial Intelligence Units (FIUs) can play a critical role in producing sophisticated analysis on TBML schemes – including reporting entities (SAR/STR data). Financial institutions in the U.S. must report potentially suspicious activity (including trade-related transactions) to FinCEN. by Claudia Huesmann.

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Money Laundering SARS Financial Crimes Fincen 98

PYMNTS

AUGUST 5, 2019

To that end, the Financial Crimes Enforcement Network (FinCEN), part of the US Department of the Treasury, has estimated that fraudsters have tried to scam as much as $9 billion through business e-mail compromise attempts since 2016. Taken on a daily basis, the BEC scams have tried to siphon off $8.7 million remains missing.

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PYMNTS

JULY 16, 2020

Treasury’s Financial Crimes Enforcement Network (FinCEN) is warning financial institutions of a “high-profile” new scam exploiting Twitter accounts to try and scam convertible virtual currency (CVC) out of individuals, according to a Thursday (July 16) press release.

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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). .

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AML Suspicious Activity Report (SAR) Fincen BSA 52

Stax

NOVEMBER 27, 2023

That’s a lot of money being exchanged—and also provides a huge amount of possibility for financial crime. Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks. In the U.S., million ($47.3

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PYMNTS

NOVEMBER 4, 2020

Fagundes, the release stated, has been charged with numerous crimes, including "operation of a financial institution without legal authorization, fraudulent management of a financial institution, misappropriation, and money laundering," along with violating securities laws.

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Fincen Crime Cryptocurrency Money Laundering 93

PYMNTS

MARCH 30, 2020

Treasury Department’s Financial Crimes Enforcement Network ( FinCEN ) before intentions for a roll out in the United States, CoinDesk reported. Indeed, any decision to create a CBDC is a matter for the Eurosystem.” The company’s stateside office is in Denver, Colorado, as cited by the outlet.

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PYMNTS

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. The amount of money laundering crime may exceed $4.3 Treasury-led Financial Action Task Force (FATF) recently released new guidelines concerning crypto as well. 15) that the U.S. billion this year.

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Travel Rule Rules Fincen Money Laundering 55

Finance Magnates

JANUARY 16, 2023

Some states may also require businesses to obtain a license from the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of Treasury. In the United States, a money transmitter license is typically required at the state level, with each state having its own set of requirements and regulations.

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Fincen Financial Crimes Digital Currency Crime 52