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.

Cryptocurrency 93

Cryptocurrency Fincen Non-Bank Regulations 93

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. banks to mutual fund brokers to commodity brokers.

Rules 40

Rules Fincen Due Diligence Financial Crimes 40

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. This includes harmonising regulations across jurisdictions, sharing intelligence, and conducting joint operations.

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

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.

Regulations 39

Regulations Fincen Bitcoin Cryptocurrency 39

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.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

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.

Fincen 41

Fincen CFPB Due Diligence Legal 41

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.

Fincen 52

Fincen Financial Crimes Digital Currency Crime 52

PYMNTS

MAY 10, 2018

According to new processes mandated by the Financial Crimes Enforcement Network (FinCEN) and the U.S. Treasury Department, additional efforts must be spent identifying legal entity customers’ beneficial ownership stakes. Barnhardt noted that FinCEN’s Customer Due Diligence rules are fluid ones.

Due Diligence 40

Due Diligence Compliance Fincen OFAC 40

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. This legal requirement was codified into U.S. Within the U.S., million ($47.3 million ($47.3

Due Diligence 88

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.

Credit Union 61

Credit Union Cybersecurity Credit Union Service Organization Fincen 61

CB Insights

MAY 8, 2018

Even as the media storm around the sector has calmed, regulators are acting more aggressively and decisively, issuing subpoenas to bad actors and providing guidance to good ones. See how venture firms, corporates, regulators, and builders are shaping the future of blockchain technology. So far it looks like US regulators do not agree.

Blockchain 75

Blockchain Technology Cryptocurrency Use Case 75

PYMNTS

MAY 14, 2018

is both a headache for legal marijuana businesses and an intriguing case study for the financial services industry. But the cannabis market that struggles to access banking services is not limited to small dispensary storefronts (although they are undoubtedly affected by such legal hurdles). policymakers in 2014.

Legal 52

Legal Fincen Compliance Due Diligence 52

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

OCTOBER 17, 2018

On October 4, the Massachusetts Cannabis Control Commission (CCC) issued its final four recreational marijuana licenses to businesses, meaning legal marijuana will soon be available for purchase. Massachusetts joins a handful of states, including Colorado, Washington and Maine, that have taken steps to legalize recreational marijuana.

Credit Union 50

Credit Union Legal Non-Bank Underserved 50

PYMNTS

JUNE 5, 2020

Many FinTechs offering financial services are legally required to implement AML measures and perform know your customer (KYC) checks, according to Financial Crimes Enforcement Network (FinCEN) regulations. Even if your products are not covered per FinCEN in the U.S., The federal entity is charged with monitoring the U.S.

Money Laundering 69

Money Laundering Security Payment APIs and Integration FinTech 69

Stax

DECEMBER 4, 2023

However, be mindful of challenges like rapid technological advancements, evolving money laundering techniques, diverse clientele, varying risk profiles, cross-border transactions, and varied regulations. For this, you might require data from government sources, international regulators, and law enforcement agencies.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

Seon

APRIL 11, 2024

Both departments are crucial in identifying and mitigating fraud and reducing risk, including financial, operational, legal and reputational hazards. Regulators are beginning to promote FRAML as a best practice and a comprehensive framework that aligns with broader regulatory expectations for due diligence, risk assessment and compliance.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

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?

FinTech 116

FinTech Regulatory Compliance BSA Money Laundering 116

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. AML case management affords a structured approach that financial institutions and other regulated industries can use to track, investigate and report suspicious activities.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 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.

AML 105

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.

Fincen 43

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

PYMNTS

DECEMBER 12, 2018

Cash is king in business — or at least the maxim holds true for some businesses, where legal issues are works in progress and banks shy away from providing services. Treasury Department’s Financial Crimes Enforcement Network (or FinCEN for short).

Fincen 68

Fincen Legal Credit Union Financial Crimes 68

PYMNTS

DECEMBER 26, 2018

has rejected the STATES Act, legislation that would allow states to regulate their own cannabis industries without federal intervention. 17 reintroduced the STATES (Strengthening the Tenth Amendment Through Entrusting States) Act, which is designed to protect the interests of states where marijuana use is legal. Cory Gardner (R-Colo.)

Cannabis Banking 55

Cannabis Banking Fincen Legal Credit Union 55

PYMNTS

APRIL 17, 2018

Earlier this year, the federal government spiked anxieties for legal marijuana businesses. It caught the Treasury Department, which oversees financial services regulation for the cannabis sector via its FinCEN (Financial Crimes Enforcement Network) branch, off-guard. Those are separate issues,” he said.

Payroll 40

Payroll Legal Laws Law Enforcement 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.

Rules 60

Rules AML Money Laundering Law Enforcement 60

FICO

APRIL 19, 2021

And with that comes regulation. In the US, The Financial Crimes Enforcement Network (FinCEN) has proposed rulemaking “regarding certain transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA).”

AML 52

AML Cryptocurrency Financial Crimes Money Laundering 52