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

The Paypers

MARCH 29, 2024

FinCEN has announced its decision to issue an RFI related to the requirements for banks under the CIP Rule to collect a TIN from a client before opening an account.

Fincen 41

Fincen Rules Accounts 41

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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Fincen BSA Crime Financial Crimes 56

PYMNTS

SEPTEMBER 24, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth A. FinCEN is seeing around 5,000 account takeover reports each month involving approximately $350 million,” he said. Blanco, gave a speech at the 2019 Federal Identity (FedID) Forum and Exposition on Tuesday (Sept. financial institutions,” he said.

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Fincen Account Takeovers Financial Crimes Identity Theft 71

PYMNTS

DECEMBER 10, 2020

Financial Crimes Enforcement Network ( FinCEN ) Director Kenneth A. FinCEN, according to the release, got feedback from the financial industry, and Blanco provided three clarifications. Blanco , speaking on Thursday (Dec.

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Fincen Crime Financial Crimes Money Laundering 61

Payments Source

MAY 17, 2018

For cryptocurrency entrepreneurs in particular, many of whom are just developing the anti-money laundering programs they are required to have under other FinCEN rules, the CDD rule is worth taking note of, writes Laurel Loomis Rimon, senior counsel at O'Melveny & Myers LLP.

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Fincen Cryptocurrency Regs Money Laundering 71

PYMNTS

AUGUST 14, 2019

Cooperation in an environment that is rapidly advancing on many technological fronts was the theme when FinCEN Director Kenneth A. FinCEN expects that your casino or card club is monitoring your sports betting programs for potentially suspicious activity. The responsibility of casinos managing all of those new transactions.

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Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

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. FinCEN also wants to ensure that it is staying on top of regulations when it comes to non-banking financial institutions.

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Fincen Non-Bank Money Laundering AML 46

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

DECEMBER 10, 2019

Financial Crimes Enforcement Network (FinCEN) Director Kenneth A. Blanco added that FinCEN is “committed to working with key stakeholders, including Congress, to find effective, sensible solutions to address this serious and growing gap in our national security.”. Blanco told bankers and lawyers at a conference Dec.

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Fincen Crime Suspicious Activity Report (SAR) BSA 52

Payments Source

JANUARY 5, 2021

Several government agencies have made deeper moves into crypto oversight, leaving a trail of angry executives and unresolved political questions. And there's still no sign of a central bank digital currency, leaving the U.S. at risk of falling behind other countries in the race to support faster payment processing.

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Fincen OCC Central Bank Digital Currency 154

Payments Source

OCTOBER 14, 2020

Better dialogue between banks and authorities coupled with stronger anti-money-laundering measures could help address the suspicious activity report flaws revealed by investigative journalists.

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Fincen Money Laundering AML Authorization 101

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 Targeting County Governments.

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Business Email Compromise Fincen Scams Email Compromise 43

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

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 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

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

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

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. On Monday (Sept.

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Fincen Financial Crimes Crime Accounts 118

Payments Source

SEPTEMBER 24, 2019

Kenneth Blanco expressed concern in a speech about cyber criminals using "synthetic identities" to commit fraud with data stolen from fintech platforms.

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Fincen FinTech Fraud Detection Data Security 63

Payments Dive

JUNE 4, 2019

Even with FinCEN's new guidelines on cryptocurrency, there are still many gray areas. Misiala Jr., counsel at BakerHostetler provides some clarity in a Q&A.

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Fincen Regulations Blockchain Cryptocurrency 137

PYMNTS

JULY 5, 2020

In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S. In addition, FinCEN expects financial institutions to monitor the transactions of hemp-related businesses for signs of suspicious or unlawful activity, such as transactions above $10,000 in a day.

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

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

Payments Source

OCTOBER 21, 2019

Kenneth Blanco's tough comments appeared to target payments providers that offer their users anonymity.

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Fincen AML Compliance Payments 67

Payments Source

MAY 16, 2018

A long-anticipated financial rule could help law enforcement root out illegal activity, but it requires banks to keep extra-close tabs on certain business clients. That won't be easy.

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Fincen Rules Law Enforcement AML 62

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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Scams Suspicious Activity Report (SAR) Treasury Fincen 80

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). . Department of Justice (DOJ) to penalize U.S.

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AML Suspicious Activity Report (SAR) Fincen BSA 52

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. FinCEN expects to hold events in the Washington, D.C.

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Crime Fincen Innovation Finance 49

PYMNTS

JULY 7, 2020

On Tuesday (July 7), the Financial Crimes Enforcement Network (FinCEN) issued an advisory to enhance efforts by FIs to stop suspected illegal activity. This is not the first time FinCEN has issued a warning.

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Scams Fincen Financial Crimes Crime 52

Payments Dive

FEBRUARY 12, 2020

FinCEN put into effect the most stringent KYC regulations to date requiring FIs to comply with new Customer Due Diligence standards on beneficial ownership, along with multiple FAQs on ID collection and verification.

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Best Practices Due Diligence Fincen Process 97

Payments Source

NOVEMBER 21, 2017

Until FinCEN decides to explicitly regulate transaction laundering, we will not see an organized effort at the state level, writes Ron Teicher, CEO of EverCompliant.

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Fincen Transactions Regulations ISOs 71

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 78

PYMNTS

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said. 15) that the U.S. The CEO of U.S.

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Travel Rule Rules Fincen Money Laundering 55

PYMNTS

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said. 15) that the U.S. The CEO of U.S.

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Rules AML Travel Rule Fincen 50

PYMNTS

SEPTEMBER 30, 2020

FinCEN Director Tells Banks To Look Out For Crypto Fraud. Financial Crimes Enforcement Network (FinCEN) Director Kenneth A. FinCEN is geared toward different types of cybersecurity and cyber risks. The news follows Jumio’s Sept.

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Fincen Financial Crimes AML Card Issuer 52

Payments Source

JULY 4, 2016

As we approach the midpoint of 2016, two of the most pressing matters in the payments industry have become more acute—the push for greater transparency and accountability in merchant acquiring and processing.

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Fincen Acquirers Accounts Process 61

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, according to FinCEN, “clarifies and strengthens” customer due diligence requirements across a continuum of financial industry stakeholders, from U.S.

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Rules Fincen Due Diligence Financial Crimes 40