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

Fintech News

JULY 17, 2024

These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space. The United Arab Emirates has amended Federal Decree-Law No. (20) billion in 2024.

Money Laundering 106

Money Laundering Law Enforcement AML Non-Bank 106

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 Regulatory Compliance BSA Money Laundering 116

PYMNTS

NOVEMBER 4, 2020

Fagundes, the release stated, has been charged with numerous crimes, including "operation of a financial institution without legal authorization, fraudulent management of a financial institution, misappropriation, and money laundering," along with violating securities laws. As such, crypto is used more often for illicit purchases of drugs.

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Fincen Crime Cryptocurrency Money Laundering 93

Finance Magnates

JANUARY 16, 2023

In the United States, a money transmitter license is typically required at the state level, with each state having its own set of requirements and regulations. Some states may also require businesses to obtain a license from the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of Treasury.

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Fincen Financial Crimes Digital Currency Crime 52

Stax

JANUARY 8, 2024

Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. They must also ensure that sub-merchants are compliant with the regulations set by card companies, e.g. PCI compliance.

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Risk Management Risk Money Laundering Mitigation 88

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

Stax

DECEMBER 4, 2023

TL;DR An anti-money laundering (AML) program is a set of laws and procedures that seek to uncover attempts to disguise illicit money as legitimate. An anti-money laundering (AML) program is a set of laws and procedures that seek to uncover attempts to disguise illicit money as legitimate. Let’s get started.

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Money Laundering Compliance AML BSA 88

CB Insights

JUNE 27, 2018

See how venture firms, corporates, regulators, and builders are shaping the future of blockchain technology. Other regulatory agencies like the CFTC and FinCEN are approaching the sector in different ways. The SEC wants to regulate most tokens like securities. FinCEN thinks cryptoassets are money, while CFTC sees commodities.

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Regulations Fincen Bitcoin Cryptocurrency 39

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

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

MAY 14, 2018

May 11 marked a watershed moment of sorts when, this past Friday, the final customer due diligence rule via the Financial Crimes Enforcement Network (FinCEN) took effect. The rule, of course, amended Bank Secrecy Act regulations in ways that seek to enhance transparency in reporting of ownership of legal entities.

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Fincen CFPB Due Diligence Legal 41

PYMNTS

DECEMBER 23, 2020

The road to mainstream acceptance of cryptocurrencies will still have its bumps, its potential roadblocks set in place from regulators. At the heart of it all might lie a jousting existential in nature — namely, between the companies that create and issue cryptos and the agencies that regulate them.

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Cryptocurrency Fincen Non-Bank Regulations 93

FICO

DECEMBER 12, 2018

Both banking regulators and policy leaders on Capitol Hill have this topic high on their priority list. 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).

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SARS AML Law Enforcement Suspicious Activity Report (SAR) 40

PYMNTS

AUGUST 22, 2019

The drug traffickers face sanctions after coordinated actions from OFAC, FinCen and U.S. law enforcement agencies. OFAC and FinCEN’s coordinated action with U.S. law enforcement leverages Treasury’s authorities to confront the deadly synthetic opioid crisis plaguing America,” Mandelker said.

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Treasury SDN Addressing OFAC 46

The Fintech Times

APRIL 29, 2024

Relevant laws have existed for about 50 years and the Financial Action Task Force (FATF) was established in 1989 by the G7 nations as a global money laundering and terrorist financing watchdog. If the problem is immense, on the face of it, AML regulatory requirements and laws seem sensible enough. million SARs to the U.S.

Money Laundering 78

Money Laundering AML SARS Financial Crimes 78

Seon

MAY 10, 2024

Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income. Suppose a transaction is identified as suspicious without a clear lawful purpose. What is AML Case Management? What is an AML case management system?

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AML Money Laundering SARS Suspicious Activity Report (SAR) 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. As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish.

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Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

PYMNTS

JUNE 16, 2020

He also recommended that the Financial Stability Oversight Council (FSOC) be charged with “the responsibility to create a framework for regulating cryptocurrencies and developing guidelines for strong protections against money laundering and cybersecurity threats to those marketplaces.”.

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Cybersecurity Money Laundering Treasury FBI 90

Stax

NOVEMBER 27, 2023

it’s the opposite: customer due diligence is an ongoing process that is a part of the KYC requirements, which in turn is part of the broader anti-money laundering (AML) regulations set in place for financial institutions. Plus, make sure to research them to see if they’ve ever been mentioned in the news for noncompliance with AML regulations.

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Due Diligence Money Laundering AML Financial Crimes 88

PYMNTS

NOVEMBER 25, 2019

In the November Credit Union Tracker , PYMNTS explores the latest in the world of CUs, including new Congressional regulations, partnerships between CUSOs and technology providers, and the new generation of cybersecurity threats. Another CU issue currently awaiting federal regulation is legalized marijuana.

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Credit Union Cybersecurity Credit Union Service Organization Fincen 61

PYMNTS

JANUARY 11, 2021

For its part, Paxos describes itself as a regulated financial institution that builds infrastructure to enable movement between physical and digital assets. There’s also the fact that different federal agencies are simultaneously drafting and enforcing conflicting regulations. This is a really seismic shift.”.

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Blockchain Settlement Law Enforcement Bitcoin 77

PYMNTS

OCTOBER 10, 2019

Regulators as well as banks are searching for ways to keep launderers and other fraudsters out of online banking. A proposed change to AML laws in the United States is targeting just that, requiring firms to disclose parent companies in an attempt to weed out false shell companies. Around the Digital Banking World.

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AML Money Laundering Online and Mobile Banking Fincen 50

Payments Source

MARCH 9, 2020

Regulations should require building better blockchain technology at the banks. The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided.

Money Laundering 71

Money Laundering Bitcoin Treasury Cryptocurrency 71

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

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

MAY 15, 2017

It should be a call to action to the cybersecurity regulators that, when innovation — even intellectually and technologically sophisticated innovation — goes off the rails, it’s time to give a good hard look with an eye to reining it way, way in. Regulating bitcoin exchanges is starting to happen in other parts of the world.

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Bitcoin Ransomware Multi-Currency Regulations 62

PYMNTS

MAY 14, 2018

The situation is improving, however: According to the latest FinCEN Marijuana Banking Update report, the number of banks and credit unions providing services to the cannabis industry in the U.S. The legal marijuana industry in North America, which handled an estimated $9.7 has steadily grown since 2014, now reaching about 400.

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Legal Fincen Compliance Due Diligence 52

PYMNTS

DECEMBER 11, 2020

In addition, the bill would promote more robust information-sharing between regulators and gives the Financial Crimes Enforcement Network (FinCEN) broader power to root out and punish attempts to skirt the regulations. corporations to register the identity of their beneficial owners in a database operated by FinCEN.

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AML Laws Fincen Money Laundering 105

PYMNTS

AUGUST 13, 2018

That’s the tally that FinCEN Director Kenneth A. Blanco told a conference last week that FinCEN, which operates as part of the Treasury Department, sees as cryptocurrency gains traction. Among those rulings, FinCEN has said that such rulings include crypto mining and trading platforms and issuance of ownership certificates.

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Fincen Cryptocurrency Office of the Comptroller of the Currency Multi-Currency 43

PYMNTS

JULY 15, 2019

Marcus said the Swiss government will regulate Libra because that’s where it’s going to be headquartered, and that the Libra Association and the Calibra wallet will follow all U.S. monetary regulations in terms of taxes, fraud and money laundering laws. . The Association also intends to register with FinCEN [The U.S.

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Regulations Money Laundering Central Bank Fincen 40

PYMNTS

JULY 15, 2019

Marcus said the Swiss government will regulate Libra because that’s where it’s going to be headquartered, and that the Libra Association and the Calibra wallet will follow all U.S. monetary regulations in terms of taxes, fraud and money laundering laws. . The Association also intends to register with FinCEN [The U.S.

Regulations 40

Regulations Money Laundering Central Bank Fincen 40

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. According to the NYT, regulators have worried in the past about the transparency of the antiquities trade.

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Rules AML Money Laundering Law Enforcement 60

PYMNTS

DECEMBER 26, 2018

has rejected the STATES Act, legislation that would allow states to regulate their own cannabis industries without federal intervention. In hopes of having the STATES Act passed into law, Gardner reintroduced it as an amendment to the First Step Act, a criminal justice reform bill that is expected to be passed into law.

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Cannabis Banking Fincen Legal Financial Crimes 55

FICO

DECEMBER 15, 2020

The legislation includes nearly 200 pages of the most significant reforms to the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws since the USA PATRIOT Act of 2001. The headliner provision is the creation of a beneficial ownership registry within the Financial Crimes Enforcement Network (FinCEN), requiring millions of U.S.

BSA 52

BSA Financial Inclusion Suspicious Activity Report (SAR) AML 52

PYMNTS

APRIL 17, 2018

It caught the Treasury Department, which oversees financial services regulation for the cannabis sector via its FinCEN (Financial Crimes Enforcement Network) branch, off-guard. Know your customer (KYC) regulations are front and center, he explained. We’re imposing laws on people [that] have no ability to conform to them.”.

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Payroll Legal Laws Law Enforcement 40

PYMNTS

DECEMBER 4, 2018

The agencies, in tandem with the Financial Crimes Enforcement Network (FinCEN), said they “recognize that private sector innovation” that builds on existing tools or embraces new technologies can help banks identify and report money laundering , terrorist financing and other illicit activities. financial system.”.

Financial Crimes 64

Financial Crimes Crime BSA Innovation 64