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

PYMNTS

AUGUST 14, 2019

Cooperation in an environment that is rapidly advancing on many technological fronts was the theme when FinCEN Director Kenneth A. 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 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

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 28, 2020

PYMNTS' September Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , analyzes the pandemic-era fraud landscape and identifies its many pitfalls. Financial crime-fighters simply won’t suffer this state of affairs. Isn’t it just like a crook to exploit a bad situation?

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

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.

Treasury 140

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

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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Fincen Account Takeovers Identity Theft Financial Crimes 71

PYMNTS

DECEMBER 10, 2020

Financial Crimes Enforcement Network ( FinCEN ) Director Kenneth A. 10) about ways to stop financial crime, said one of the key elements is sharing information, according to a press release. FinCEN, according to the release, got feedback from the financial industry, and Blanco provided three clarifications.

Fincen 61

Fincen Crime Financial Crimes Money Laundering 61

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

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.

Fincen 52

Fincen Crime Suspicious Activity Report (SAR) BSA 52

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. FinCEN Director Kenneth A.

Fincen 53

Fincen Financial Crimes Crime SARS 53

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.

Financial Crimes 59

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

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.

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Fincen Rules Transactions Law Enforcement 52

FICO

DECEMBER 23, 2020

In the wake of such radical changes, as we look to the year ahead, the challenge for global banks and financial institutions at large has never been greater. Here is how we predict banks will endeavor to enhance their financial crimes controls in 2021: 1. Machine Learning Will Play a Great Role in Fighting Money Laundering.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

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.

Fincen 52

Fincen Money Laundering Law Enforcement Non-Bank 52

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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Fincen Non-Bank Money Laundering AML 46

The Paypers

NOVEMBER 15, 2024

The US Department of the Treasury’s Financial Crimes Enforcement Network ( FinCEN ) has proceeded with issuing a warning to support financial institutions in identifying fraud schemes involving deepfake media.

Fincen 41

Fincen Deepfake Financial Crimes Crime 41

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.

Treasury 90

Treasury Financial Crimes Crime Fincen 90

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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Web 3.0 Money Laundering OFAC Fincen 110

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.

Money Laundering 98

Money Laundering SARS Financial Crimes Fincen 98

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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CBDC Interbank Settlement Digital Currency Central Bank 98

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. billion in 2019. About The Playbook.

Identity Theft 83

Identity Theft Financial Crimes Technology Crime 83

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

Finextra

DECEMBER 4, 2024

The Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and state financial regulators issued a joint statement this (..)

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency FRB NCUA 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 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.

Fincen 53

Fincen Mitigation Risk AML 53

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.

Money Laundering 63

Money Laundering Financial Crimes AML Crime 63

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

NOVEMBER 4, 2020

In addition, the Financial Crimes Enforcement Network ( FinCEN ) has warned banks to look out for cryptocurrency-related fraud, with reports rising due to pandemic-related chaos in recent months. As such, crypto is used more often for illicit purchases of drugs.

Fincen 93

Fincen Crime Cryptocurrency Money Laundering 93

Fintech Finance

OCTOBER 11, 2024

Head of Financial Crime Risk Management and BSA/AML Officer, with proven leadership and experience. Added 40 new leaders and over 700 new AML specialists with experience and qualifications in money laundering prevention, financial crimes, and AML remediation. The Bank and certain of its U.S.

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AML BSA Money Laundering Financial Crimes 97

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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Fincen AML Laws FinTech 40

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

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

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.

Fincen 52

Fincen Financial Crimes AML Card Issuer 52

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

OCTOBER 31, 2024

It’s also registered with the US Financial Crimes Enforcement Network (FinCEN). Founded in 2016, YouTrip is a mobile financial platform that offers a multi-currency mobile wallet and a contactless Mastercard to make payments in over 150 currencies with no fees. It claims more than 20,000 business customers.

Cross-Border Payments 133

Cross-Border Payments Cross-Border Payment APIs and Integration Multi-Currency 133

PYMNTS

MAY 2, 2018

The Financial Crimes Enforcement Network’s (FinCEN’s) customer due diligence (CDD) final requirements take effect on May 11. The rules, put forth by FinCEN two years ago, mandate that financial institutions (FIs) adopt more robust customer due diligence procedures.

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Fincen Due Diligence Technology Legal 40

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