The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. billion penalty from the Financial Crimes Enforcement Network (FinCEN) and a $1.8

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

PYMNTS

MAY 11, 2018

Today (May 11 ) is the day the final rule, served up by the Financial Crimes Enforcement Network (FinCEN), takes effect. The CDD Rule — titled “Customer Due Diligence Requirements for Financial Institutions” — amends the Bank Secrecy Act regulations. banks to mutual fund brokers to commodity brokers.

Rules 40

Rules Fincen Due Diligence Financial Crimes 40

Segpay

MARCH 24, 2025

USA: PSPs may need a Money Transmitter License (MTL) in each state they operate, plus registration with FinCEN as a Money Services Business (MSB). KYC & Customer Due Diligence (CDD) Australia: Risk-based approach, with minimum KYC checks under the AML/CTF Rules. PSPs verify identity and monitor transactions.

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

The Fintech Times

JANUARY 13, 2024

Fenergo has released their annual financial fines analysis, showcasing that penalties for failing to comply with anti-money laundering (AML), KYC, environmental, social, and governance (ESG), sanctions and customer due diligence (CDD) regulations totalled $6.6billion in 2023, up considerably from $4.2billion in 2022 and $5.4billion in 2021.

Financial Crimes 59

Financial Crimes Due Diligence Compliance AML 59

PYMNTS

MAY 10, 2018

May 11 marks a watershed moment of sorts for financial institutions (FIs), with new requirements for customer due diligence. According to new processes mandated by the Financial Crimes Enforcement Network (FinCEN) and the U.S. Barnhardt noted that FinCEN’s Customer Due Diligence rules are fluid ones.

Due Diligence 40

Due Diligence Compliance Fincen Legal 40

PYMNTS

FEBRUARY 4, 2019

The issue dates to 2014, when the procedures were first rolled out by FinCEN, which intentionally left out specific authentication standards that FIs must follow. authorities, ING admitted that criminals had laundered money through its accounts between 2010 and 2016 because of “serious shortcomings” in enforcing due diligence policies.

AML 64

AML Money Laundering Due Diligence Fincen 64

Fintech News

JULY 17, 2024

The HKMA concluded that the bank failed to continuously monitor business relationships, conduct enhanced due diligence in high-risk situations for a period, and maintain proper records for some customers. The United Arab Emirates has amended Federal Decree-Law No. (20)

Money Laundering 107

Money Laundering Law Enforcement AML Non-Bank 107

Stax

DECEMBER 4, 2023

Compliance requires financial institutions, including Payment Facilitators (PayFacs), to monitor their financial transactions for suspicious activity, perform customer due diligence, and report to authorities as needed. Ensure proper customer due diligence, including identity verification and risk assessment.

Money Laundering 88

Money Laundering Compliance AML BSA 88

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. The rule, of course, amended Bank Secrecy Act regulations in ways that seek to enhance transparency in reporting of ownership of legal entities.

Fincen 41

Fincen CFPB Due Diligence Legal 41

PYMNTS

DECEMBER 12, 2018

Treasury Department’s Financial Crimes Enforcement Network (or FinCEN for short). Federally there’s no guesswork here, as nearly five years ago FinCEN published clear guidance on how an FI can responsibly and confidently bank the industry. That’s according to data published at the end of last month, per data from the U.S.

Fincen 68

Fincen Legal Credit Union Financial Crimes 68

Stax

JANUARY 8, 2024

Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. However, several complex types of risks come along with this. This requires sound underwriting policies and procedures.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

PYMNTS

MAY 14, 2018

The situation is improving, however: According to the latest FinCEN Marijuana Banking Update report, the number of banks and credit unions providing services to the cannabis industry in the U.S. They require due diligence, background checks and on-sight inspections before a new member can be approved. policymakers in 2014.

Legal 52

Legal Fincen Compliance Due Diligence 52

PYMNTS

OCTOBER 13, 2017

Further due diligence comes with the Financial Crimes Enforcement Network’s (FinCEN) beneficial ownership rule, which, in 2018, will mandate that banks verify who owns the companies in their customer bases.

Risk 46

Risk Consumer Financial Protection Bureau (CFPB) Due Diligence Third-Party Sender 46

Seon

APRIL 11, 2024

Regulators are beginning to promote FRAML as a best practice and a comprehensive framework that aligns with broader regulatory expectations for due diligence, risk assessment and compliance.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

Seon

MAY 10, 2024

When classified as high risk, Enhanced Due Diligence (EDD) is performed to provide a deeper analysis of the potential risks. Digging Deeper: AML Compliance Screening and Monitoring Part of AML compliance includes screening to help pinpoint individuals who may pose a higher risk due to their positions, associations or past behaviors.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

Stax

DECEMBER 20, 2023

The Financial Crimes Enforcement Network (FinCEN), a government agency that analyzes financial transactions, requires payment processors to analyze merchant information and do enough due diligence to assess risk. You may already know some of those FinCEN requirements, depending on your type of application,” says Richard. “So

Underwriting 88

Underwriting Process Payment APIs and Integration Enrollments 88

The Payments Association

MARCH 18, 2025

Regulatory guidance has reinforced banks hesitations, with agencies such as the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) requiring extensive due diligence when working with crypto clients.

Federal Reserve 88

Federal Reserve Stablecoins Fed Settlement 88