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

MARCH 3, 2020

and unsealed on Monday (March 2), Tian Yinyin and Li Jiadong allegedly laundered cryptocurrency stolen by North Korean hackers between December 2017 and April 2019. The Chinese men were charged with money laundering conspiracy and operating an unlicensed money transmitting business. Attorney Timothy J.

Law Enforcement 56

Law Enforcement Money Laundering IRS OFAC 56

Stax

JANUARY 8, 2024

This means that PayFacs need to conduct a thorough risk analysis of their sub-merchants before onboarding them so they are screened against terror financing or money laundering. could result in financial losses, litigations, law enforcement action, and damage to reputation. Q: Why implement risk management?

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

PYMNTS

JUNE 16, 2020

But Kellerman and other security experts advocated at the hearing for legislative measures, such as modernizing anti-money laundering (AML) and forfeiture rules and moving the Secret Service to the Treasury Department, to help combat the threat. However, he noted that the move could negatively impact morale at DHS.

Cybersecurity 90

Cybersecurity Money Laundering Treasury FBI 90

FICO

DECEMBER 12, 2018

is to the existing Bank Secrecy Act (BSA)/anti-money laundering (AML) regime. Among the key provisions is addressing the increasing burden on financial institutions required to file Suspicious Activity Reports (SARs) and the enormous amount of data flowing to Treasury’s Financial Crime Enforcement Network (FinCEN).

SARS 40

SARS AML Law Enforcement Suspicious Activity Report (SAR) 40

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 Crime Ransomware AI 52

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. Gross negligence – or evidence of a battle waged by banks that requires new, high-tech weaponry?

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

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. ” Founded in 2016 and headquartered in Cambridge, U.K.,

Checks 64

Checks Fraud Detection Financial Crimes Crime 64

PYMNTS

FEBRUARY 19, 2020

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. . FinCEN Director Kenneth A. Topics discussed included cryptocurrency business models, money laundering and terrorist finance risks, illicit typologies and the role of FIUs in tracing virtual assets. . The Sunday (Feb.

Fincen 60

Fincen Money Laundering Law Enforcement Financial Crimes 60

PYMNTS

MAY 15, 2017

Federal law enforcement authorities and internationally renowned independent security organizations also point to bitcoin as one of the major reasons that cybercrimes, especially ransomware, have taken off. It wouldn’t take much for us to change the narrative and stop this madness. tell a very interesting story.

Bitcoin 62

Bitcoin Ransomware Multi-Currency Regulations 62

PYMNTS

JANUARY 3, 2021

New legislation passed by Congress will implement new regulations on the antiquities trade in order to hopefully crack down on the possibility of money laundering or other crimes, The New York Times (NYT) writes. There will be new partnerships with the private sector, law enforcement and the public.

Rules 60

Rules AML Money Laundering Law Enforcement 60

PYMNTS

DECEMBER 4, 2018

3) that urged banks to study and implement “where appropriate” methods that would bring innovate approaches to anti-money laundering efforts and Bank Secrecy Act compliance. Late last week, the Senate Banking Committee held a hearing on updating the Bank Secrecy Act’s anti-money laundering requirements.

Financial Crimes 64

Financial Crimes Crime BSA Innovation 64

PYMNTS

FEBRUARY 17, 2017

Treasury’s Financial Crimes Enforcement Network (FINCEN). Plus, compliance with anti-money laundering is expensive — according to the Heritage Foundation, it costs U.S. fines for failing to prevent money laundering violations by Mexican drug traffickers. In 2012, HSBC had to pay $1.9 billion in U.S.

Money Laundering 40

Money Laundering Regulations Regs Fincen 40