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. Before his roles in Treasury, Werner was an attorney advisor in the Justice Department’s Office of Legal Counsel, Libra said.

Treasury 90

Treasury Financial Crimes Crime Fincen 90

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.

Scams 80

Scams Suspicious Activity Report (SAR) Treasury Fincen 80

PYMNTS

FEBRUARY 11, 2020

The Department of the Treasury Financial Crimes Enforcement Network (FinCEN) has issued a new ruling on the reporting of currency transactions for sole proprietorships and legal entities operating under a “Doing Business As” (DBA) name, according to a Monday (Feb. Those rules were based on FinCEN Form 104, which is now obsolete.

Fincen 52

Fincen Rules Transactions Law Enforcement 52

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.

Fincen 118

Fincen Financial Crimes Crime Accounts 118

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.

Fincen 28

Fincen Financial Crimes Crime Treasury 28

FICO

DECEMBER 23, 2020

Here is how we predict banks will endeavor to enhance their financial crimes controls in 2021: 1. We expect these advanced analytics will play an even greater role this year in the prevention and detection of money laundering, terrorist financing, and other illicit financial crimes. Regulators Will Zero in on Closing the Gaps.

Financial Crimes 52

Financial Crimes Crime Ransomware AI 52

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.

Business Email Compromise 43

Business Email Compromise Fincen Scams Email Compromise 43

PYMNTS

OCTOBER 27, 2016

The goal is for the additional information to help combat the growing threat that digital crimes pose to the country’s financial system, Reuters reported on Tuesday (Oct. The details that have to be included in these confidential reports are determined by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

Suspicious Activity Report (SAR) 59

Suspicious Activity Report (SAR) Treasury Fincen SARS 59

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.

Scams 52

Scams Fincen Financial Crimes Crime 52

PYMNTS

APRIL 27, 2016

Jennifer Shasky Calvery — the Treasury Department’s top anti-money laundering official — has announced her intentions to leave the U.S. “I hope that we have enhanced the agency’s solid foundation so that FinCEN can best perform its mission for years into the future,” Calvery said in a press release. .

Money Laundering 40

Money Laundering Treasury Fincen Financial Crimes 40

PYMNTS

SEPTEMBER 30, 2020

The executive will supervise the company’s Clearance and Collateral Management, Treasury Services, Markets and Pershing businesses in the new role. Jumio Bolsters Financial Crime Detection Capabilities With Beam’s AML Platform. FinCEN Director Tells Banks To Look Out For Crypto Fraud. The news follows Jumio’s Sept.

Fincen 52

Fincen Financial Crimes AML Card Issuer 52

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.

CBDC 98

CBDC Interbank Settlement Digital Currency Central Bank 98

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. The CEO of U.S.

Travel Rule 55

Travel Rule Rules Fincen Money Laundering 55

PYMNTS

DECEMBER 17, 2018

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, has assessed a $14.5 million fine against UBS Financial Services (UBSFS) for willful violation of the Bank Secrecy Act, according to a treasury report.

Fincen 55

Fincen AML BSA Money Laundering 55

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. The CEO of U.S.

Rules 50

Rules AML Travel Rule Fincen 50

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.

Fincen 52

Fincen Financial Crimes Digital Currency Crime 52

PYMNTS

FEBRUARY 19, 2020

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. . FinCEN Director Kenneth A. The Sunday (Feb. 16) meeting had 50 attendees and also co-chaired by the FIU of the U.S., Blanco and Marko Stolle, deputy director of Germany’s FIU. and Israel gave comprehensive presentations.

Fincen 60

Fincen Money Laundering Law Enforcement Financial Crimes 60

PYMNTS

DECEMBER 10, 2020

Cryptocurrency-related crimes totaled $4.3 The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, announced in November 2019 that it would begin strictly enforcing the “travel rule” for cryptocurrency exchanges. billion in 2019, a larger sum than in 2017 and 2018 combined.

AML 88

AML Cryptocurrency Money Laundering Compliance 88

PYMNTS

FEBRUARY 15, 2018

Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. According to a press release, FinCEN said the obligation will be satisfied by a $70 million payment from U.S. Bank to the U.S.

Money Laundering 43

Money Laundering Fincen Office of the Comptroller of the Currency Settlement 43

PYMNTS

JUNE 16, 2020

But Kellerman and other security experts advocated at the hearing for legislative measures, such as modernizing anti-money laundering (AML) and forfeiture rules and moving the Secret Service to the Treasury Department, to help combat the threat. ” A memo included with the subcommittee’s documents also pointed to the U.S.

Cybersecurity 90

Cybersecurity Money Laundering Treasury FBI 90

PYMNTS

FEBRUARY 8, 2019

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) reportedly knows about the emails. FinCEN, NCUA, the Federal Reserve Board, the Federal Deposit Insurance Corp. It was not clear if any BSA officers had decided to follow the link to the site, according to the report.

BSA 53

BSA Phishing NCUA Credit Union 53

PYMNTS

SEPTEMBER 25, 2020

FinCEN Files Show Banks’ Use Of AI And Machine Learning Effective In KYC/AML . Documents sent by banks to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Money transfer organizations have to remain in compliance with regulations or they will encounter sizable penalties or let crime spread.

Fincen 61

Fincen AML Federal Reserve Crime 61

PYMNTS

DECEMBER 26, 2018

Earlier in December the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, fined UBS $14.5 The FinCEN said UBS failed to create and use an appropriate AML system to address the risks in accounts from both traditional brokerage and banking services.

Compliance 53

Compliance Money Laundering Fincen AML 53

PYMNTS

FEBRUARY 14, 2020

Secretary of the Treasury Steven Mnuchin said Wednesday (Feb. 12) that the federal government would be rolling out new regulations regarding cryptocurrency at the Financial Crimes Enforcement Network (FCEN). He said that there had to be a balancing act — the tech should be allowed to move forward and innovate. In the U.S.,

Bitcoin 56

Bitcoin Fincen Federal Reserve Cryptocurrency 56

Stax

DECEMBER 4, 2023

Learn More Understanding AML Basics With money laundering, perpetrators try to hide criminal activities ranging from small-time bribery or tax evasion to drug trafficking or organized crime. This can be a source of serious threats like global organized crime, terrorist financing, drug and weapons trafficking, and other financial crimes.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

PYMNTS

JULY 15, 2019

Libra will register with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) as a money services business, Marcus said in the statement. Monetary policy is properly the province of central banks.”. He added that the cryptocurrency will fully comply with all anti-money laundering and Bank Secrecy Act rules.

Money Laundering 46

Money Laundering Regulations Fincen Cryptocurrency 46

PYMNTS

DECEMBER 3, 2018

Denmark’s largest bank is being investigated over “massive money laundering flows,” with the Securities and Exchange Commission (SEC), the Department of the Treasury and the DOJ all looking into transactions tied to the bank’s Estonian branch. The focus is on $150 million that made its way through accounts of non-Estonian holders.

Money Laundering 51

Money Laundering Economy Fincen Central Bank 51

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. FinCEN has said that the beneficial owner is someone who owns 25 percent or more of a legal entity, or has a significant role in overseeing day-to-day operations.

Fincen 41

Fincen CFPB Due Diligence Legal 41

PYMNTS

FEBRUARY 15, 2019

Department of the Treasury ’s Financial Crimes Enforcement Network (FinCEN) has known about the BEC, and has cautioned against opening such phishing emails. Krebs on Security noted that the emails sent to officials at the United States credit unions looked like they were being sent by other BSA officials. As reported, the U.S.

BSA 49

BSA Credit Union Business Email Compromise Office of the Comptroller of the Currency 49

PYMNTS

MAY 10, 2018

According to new processes mandated by the Financial Crimes Enforcement Network (FinCEN) and the U.S. Treasury Department, additional efforts must be spent identifying legal entity customers’ beneficial ownership stakes.

Due Diligence 40

Due Diligence Compliance Fincen OFAC 40

PYMNTS

OCTOBER 17, 2018

Treasury Department’s Financial Crimes Enforcement Network (FinCEN), there are approximately 100 credit unions nationwide currently working with legalized marijuana businesses. GFA joins a small, but steadily growing, group of CUs that are offering financial services to this emerging market.

Credit Union 50

Credit Union Legal Non-Bank Underserved 50

PYMNTS

JANUARY 14, 2021

Treasury Department, through the U.S. Financial Enforcement Crimes Network (FinCEN), proposed a set of new rules that would boost information gathering activities tied to cryptocurrencies. As of this writing, bitcoin is changing hands at more than $38,000.

Money Laundering 61

Money Laundering Bitcoin Regulations Central Bank 61

PYMNTS

FEBRUARY 18, 2019

Brigitte Unger, a professor at the Univerity of Utrecht in the Netherlands, is part of a fact-finding panel for Canada’s British Columbia on how to handle the increase of untraceable real estate purchases in Vancouver that are tied to crime syndicates and market abuse.

Money Laundering 73

Money Laundering Governance Government Fincen 73

PYMNTS

AUGUST 12, 2019

The news comes as the Financial Crimes Enforcement Network (FinCEN), part of the U.S. Department of the Treasury, has estimated in recent weeks 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

Business Email Compromise 59

Business Email Compromise Scams Fincen Compromise 59

PYMNTS

AUGUST 13, 2018

That’s the tally that FinCEN Director Kenneth A. Blanco told a conference last week that FinCEN, which operates as part of the Treasury Department, sees as cryptocurrency gains traction. But crime evolves right alongside the growth in those services, with opportunities expanding for terrorists and rogue states.

Fincen 43

Fincen Cryptocurrency Office of the Comptroller of the Currency Multi-Currency 43

PYMNTS

JANUARY 21, 2021

Former Ripple advisor and Treasury Department official Michael Barr is anticipated to head the Office of the Comptroller of the Currency (OCC) under President Joe Biden, the Wall Street Journal reported on Thursday (Jan. The OCC is an independent bureau of the Treasury Department. 21), citing sources.

OCC 116

OCC Office of the Comptroller of the Currency Fincen Federal Reserve 116

FICO

APRIL 19, 2021

In the US, The Financial Crimes Enforcement Network (FinCEN) has proposed rulemaking “regarding certain transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA).” Considerations for financial crimes compliance programs, in terms of both direct and indirect risks.

AML 52

AML Cryptocurrency Financial Crimes Money Laundering 52