FinCEN warns banks about deepfake threat
Finextra
NOVEMBER 14, 2024
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued an alert to help banks to spot GenAI-generated deepfake scams.
Fincen Related Topics 
FinCEN warns financial institutions of deepfake media fraud schemes
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.
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FinCEN Issues Warning About COVID-19 Vaccine Scams, Cyberattacks
PYMNTS
DECEMBER 28, 2020
As the distribution of the COVID-19 vaccine continues to roll out to medical workers and high-risk populations, the Financial Crimes Enforcement Network (FinCEN) is asking financial institutions to be extra vigilant when it comes to cybersecurity. . So far, two vaccinations have been approved by the U.S.
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FinCEN Seeks Enhanced Oversight of Crypto Mixing
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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Report: FinCEN Files Reveal Billions In Suspicious Money Flows
PYMNTS
SEPTEMBER 21, 2020
The Financial Crimes Enforcement Network ( FinCEN ) uncovered government documents on how giant financial institutions move trillions of dollars in suspicious transactions, padding their bottom line, while terrorists, drug dealers and corrupt politicians are allowed to run free. FinCEN, a division of the U.S.
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FinCEN Announces New Digital Innovation Officer/Deputy Director
PYMNTS
FEBRUARY 21, 2020
The Financial Crimes Enforcement Network (FinCEN) has announced Michael Mosier as its new digital innovation officer and deputy director. In that role, El-Hindi will apply his FinCEN experience to “help lead the vision, design and development of the Treasury’s agency-wide data and information management strategies,” per an announcement.
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FinCEN Director Tells Banks To Look Out For Crypto Fraud
PYMNTS
SEPTEMBER 29, 2020
Blanco , director of the Financial Crimes Enforcement Network ( FinCEN ), said banks need to be wary of risks with cryptocurrency, according to remarks planned to be given at the ACAMS AML (anti-money laundering) virtual conference on Tuesday (Sept. FinCEN is focused on various kinds of cyber threats and cybersecurity, Blanco said.
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FinCEN Hits Capital One For $390 Million; Says Bank Violated Bank Secrecy Act
PYMNTS
JANUARY 15, 2021
The Financial Crimes Enforcement Network (FinCEN) late Friday (Jan. According to a statement from FinCEN , Capital One admitted to failing to implement and maintain an effective anti-money laundering (AML) program. financial system.”.
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FinCEN Files Show Banks’ ‘Whack-a-Mole’ Battle Against KYC/AML
PYMNTS
SEPTEMBER 21, 2020
Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. As Standard Chartered noted to BuzzFeed in the wake of the FinCEN files report: "In 2019 we monitored more than 1.2
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FinCEN Warns Of COVID Scams Targeting FIs, Consumers
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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The FinCEN issues an RFI related to banks under the CIP Rule
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.
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FinCEN Reminds FIs To Beware During COVID-19 Crisis
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 Tweaks Rule On Reporting Financial Transactions
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 Director Talks Digital Identity And Fraud Protection
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: FI Data Sharing Vital In Crime Prevention
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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Why cryptocurrency businesses need to heed FinCEN's onboarding regs
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 Director On Why Casino Cooperation Is Central To Fighting Financial Crime
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 Deputy Director Talks Reform, NBFI Supervision
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 Tightens Real Estate Cash-Buyer Reporting Threshold
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 Director: Bankers, Lawyers Provide Valuable Information To Deter Crime
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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OCC, SEC and FinCEN crypto verdicts empower banks, but anger fintechs
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 files’ underscore urgency of AML reform
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: BEC Scams Tried to Siphon $9B Since 2016
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.
FinCEN Head: FinTech Firms Must Follow AML Laws
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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Singapore crypto exchange registers with FinCEN to expand to US
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 fines Bitcoin trader for violating AML laws
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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Bitcoin Daily: Russia Says Digital Ruble Could Mitigate Sanction Risk; FinCEN Fines Crypto ‘Mixer’ $60M Over AML Violations
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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Trulioo GM: FinCen, Technology And ID’ing Beneficial Owners
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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HSBC To Staff: Stay Off Bank’s Social Media Accounts
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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Bad actors targeting fintech aggregators: Fincen chief
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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63 Lawyer shares tips on handling gray areas of blockchain regulation
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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US Treasury Tells Banks To Treat Hemp Businesses Like Any Other
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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140 Crypto firms can't skirt AML compliance: Fincen chief
Payments Source
OCTOBER 21, 2019
Kenneth Blanco's tough comments appeared to target payments providers that offer their users anonymity.
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US Treasury Warns Banks Of Twitter Crypto Scam
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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80 Weakest link in Fincen's AML rule? Bank customers
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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One in Six Top Crypto Exchanges May Remain Unregulated, Says VASPnet and CCData
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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Ex-US Bank Risk Officer Fined For AML Failure
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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US Finance Crimes Org Calls For Private Sector Innovation
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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FIs Advised To Be On The Lookout For Imposter Scams, Money Mule Schemes
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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States need more federal guidance to fight transaction laundering
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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71 Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners
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.
Judge Accepts Guilty Plea from Binance’s Former CEO Changpeng Zhao
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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96 ‘Travel Rule’ To Force Crypto Exchanges To Share Customer Data
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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