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.

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Fincen Financial Crimes Crime SARS 53

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

It has also opened new doors for criminals, who have rushed to exploit the uncertainty in a pandemic world and devised new money laundering and terrorist financing schemes by taking advantage of loopholes in the regulations, new ways of working aided by advances in technology, and electronic payment innovations.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

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

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

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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Fincen Money Laundering Law Enforcement Non-Bank 52

PYMNTS

DECEMBER 3, 2019

It also clarifies the BSA guidelines when offering financial services to hemp-related businesses. After further evaluation of the USDA interim final rule, the Financial Crimes Enforcement Network (FinCEN) will issue additional guidance.

Suspicious Activity Report (SAR) 55

Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

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

NOVEMBER 4, 2020

According to the release, the crimes took place between August 2017 and May 2019, at which time Fagundes and other defendants solicited funds from prospective investors online, sometimes using the phone to do so as well, promising innovative investment opportunities in cryptocurrency.

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Fincen Crime Cryptocurrency Money Laundering 93

Segpay

MARCH 24, 2025

By comparing the Australian legal e-gaming and e-gambling landscape with that of the USA, we want to make it easier to understand for our readers who are familiar with US regulations. Before addressing gaming and gambling regulations, let’s take a helicopter view at the regulatory frameworks that regulate the payments industry.

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Compliance Suspicious Activity Report (SAR) Fincen AML 71

Fintech Finance

OCTOBER 11, 2024

TD Bank Group (“TD” or the “Bank”) (TSX: TD) (NYSE: TD) today announced that, following several years of active cooperation and engagement with authorities and regulators, it has reached a resolution of previously disclosed investigations related to its U.S. who rely on us for their financial goals.”

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AML BSA Money Laundering Financial Crimes 98

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

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

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 13, 2020

Department of Justice, which said in a report that rogue nations and other risks loom as exchanges are lightly (or not at all) regulated – making it difficult to, as the maxim goes, follow the money. That’s according to the U.S. In the report from the U.S. The DOJ report stands as only the latest of warnings over the risks tied to cryptos.

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AML Fincen Cryptocurrency BSA 82

The Fintech Times

FEBRUARY 24, 2024

But following these events, how regulated are the top CEXs across the globe? In an attempt to find out, VASPnet , a subsidiary of XReg Consulting , a crypto asset public policy and regulatory affairs firm, has launched a new report in partnership with CCData , looking into how regulated the world’s top crypto exchanges are.

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Fincen Financial Crimes Regulations Digital Currency 69

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

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. FATF also told both regulators and exchanges that they need to comply with the travel rule.

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Travel Rule Rules Fincen Money Laundering 55

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). .

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

DECEMBER 10, 2020

Cryptocurrency-related crimes totaled $4.3 Government regulators and cryptocurrency exchanges are frantically looking for ways to regulate and prevent the laundering of stolen money through cryptocurrencies, with some methods showing more promise than others. billion in 2019, a larger sum than in 2017 and 2018 combined.

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AML Cryptocurrency Money Laundering Compliance 88

The Fintech Times

JANUARY 13, 2024

Penalties for financial firms which failed to adequately comply with regulations surged by 57 per cent in 2023; according to Fenergo , the digital solution provider for Know Your Customer (KYC) and Client Lifecycle Management (CLM).

Financial Crimes 59

Financial Crimes Due Diligence Compliance AML 59

Fintech News

JULY 17, 2024

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space.

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Money Laundering Law Enforcement AML Non-Bank 107

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

DECEMBER 17, 2018

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. million fine against UBS Financial Services (UBSFS) for willful violation of the Bank Secrecy Act, according to a treasury report. FinCEN said UBSFS kept up the lack of regulation for AML from 2004 to 2014.

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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 director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. FATF also told both regulators and exchanges that they need to comply with the travel rule.

Rules 50

Rules AML Travel Rule Fincen 50

The Fintech Times

APRIL 8, 2024

BaaS enables non-banking institutions to connect with banks via APIs, to offer services traditionally restricted to licensed and fully-regulated banks. It’s important for companies to interrogate how their provider deals with regulation and compliance issues. How are anti-money laundering regulations adhered to?

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FinTech BSA Regulatory Compliance Money Laundering 116

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

PYMNTS

FEBRUARY 1, 2021

million fine for violating anti-money laundering (AML) regulations, The Wall Street Journal reported on Monday (Feb. Senate passed AML legislation in December of last year that would expand regulations and ban anonymous shell companies. Manhasset, New York-headquartered Apple Bank For Savings will have to pay a $12.5

AML 60

AML FDIC Fincen Money Laundering 60

PYMNTS

OCTOBER 27, 2016

The details that have to be included in these confidential reports are determined by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Banks in the U.S. are accustomed to submitting suspicious activity reports (SARs) to the government when fraud cases involving at least $5,000 take place.

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Suspicious Activity Report (SAR) Treasury Fincen SARS 59

The Fintech Times

FEBRUARY 3, 2025

Uphold, an infrastructure provider for on-chain payments, banking and investments, has launched crypto staking for UK customers after new regulations clarified the legal status of staking services. The post Uphold Introduces Crypto Staking for UK Customers Following Regulatory Green Light appeared first on The Fintech Times.

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Fincen Financial Crimes Cryptocurrency Legal 59

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

Finovate

JULY 23, 2024

In fact, the Financial Crimes Enforcement Network (FinCEN) has reported that check fraud is becoming increasingly prevalent and, as of 2023, represents more than a third of all fraud at depository institutions. This means that there is an ample opportunity for fraudsters.

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Checks Fraud Detection Financial Crimes Crime 65

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. The deadline cometh.

Rules 40

Rules Fincen Due Diligence Financial Crimes 40

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. Within the U.S.,

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Due Diligence Money Laundering AML Financial Crimes 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

DECEMBER 12, 2018

Nowhere does that ring truer than in the nascent and growing legal cannabis industry, where billions of dollars flow the old-fashioned way — hand to hand, because of the clash between federal and state regulations over its legality. Treasury Department’s Financial Crimes Enforcement Network (or FinCEN for short).

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Fincen Legal Credit Union Financial Crimes 68