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 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 Seeks Enhanced Oversight of Crypto Mixing
Global Fintech & Digital Assets
NOVEMBER 2, 2023
A proposed rule would increase Treasury’s insight into non-US crypto mixing transactions to combat illicit activities by malicious actors. According to FinCEN, mixers are generally required to register with FinCEN if they do business as money transmitters wholly or in substantial part in the US. 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. Mosier succeeds Jamal El-Hindi, who will serve as the interim chief data officer (CDO) for the Department of the Treasury. He previously served as FinCEN’s chief of strategic advancement.
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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. Treasury Department’s financial crime division, the agency said the new guidance is in response to questions related to Bank Secrecy Act/Anti-Money Laundering regulatory requirements for hemp-related business customers.
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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. Department of the Treasury is reminding lenders to be on the lookout for fraud as the coronavirus grips the nation. 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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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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Libra Association New General Counsel Is Former US Treasury Exec
PYMNTS
MAY 19, 2020
Department of the Treasury as director of the Financial Crimes Enforcement Network (FinCEN), director of the Office of Foreign Assets Control, senior counsel to the Under Secretary of the Treasury, Terrorism and Financial Intelligence, and assistant general counsel for Enforcement and Intelligence in the Office of the General Counsel, Libra said.
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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.
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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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.
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Alleged Drug Traffickers’ Crypto Addresses Targeted By US Treasury Under Kingpin Act
PYMNTS
AUGUST 22, 2019
Treasury is looking at numerous cryptocurrency addresses and people associated with them as part of the Foreign Narcotics Kingpin Designation Act, also known as the Kingpin Act, Cryptovest reported on Thursday (Aug. After the Treasury updated its SDN list on Aug. OFAC and FinCEN’s coordinated action with U.S.
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Treasury Dept. To Banks: We Need The 411 On Cyberattacks
PYMNTS
OCTOBER 27, 2016
The details that have to be included in these confidential reports are determined by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Banks in the U.S. are accustomed to submitting suspicious activity reports (SARs) to the government when fraud cases involving at least $5,000 take place.
Treasury Dept. Money Laundering Head Jumping Ship To HSBC
PYMNTS
APRIL 27, 2016
Jennifer Shasky Calvery — the Treasury Department’s top anti-money laundering official — has announced her intentions to leave the U.S. “I hope that we have enhanced the agency’s solid foundation so that FinCEN can best perform its mission for years into the future,” Calvery said in a press release. .
UBS Dinged Millions For Violating Bank Secrecy Act
PYMNTS
DECEMBER 17, 2018
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, has assessed a $14.5 million fine against UBS Financial Services (UBSFS) for willful violation of the Bank Secrecy Act, according to a treasury report. FinCEN said UBSFS kept up the lack of regulation for AML from 2004 to 2014.
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FIs Advised To Be On The Lookout For Imposter Scams, Money Mule Schemes
PYMNTS
JULY 7, 2020
Treasury Department’s financial crime unit has alerted financial institutions (FIs) about imposter scams arising during the COVID-19 pandemic. . On Tuesday (July 7), the Financial Crimes Enforcement Network (FinCEN) issued an advisory to enhance efforts by FIs to stop suspected illegal activity.
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Crypto Gets A Second Look From Corporate Investors Seeking Yield And Hedge
PYMNTS
OCTOBER 14, 2020
The head of the country’s only licensed and publicly traded cryptocurrency broker says tighter regulation and exponentially higher yields are causing corporate treasury and cash management accounts to seriously consider this alternative asset class. With the treasury market for S&P 500 companies valued at $2.3
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Bitcoin Daily: Banque de France Seeks CBDC Experiment Applications; Bitget Looks To Grow In The US
PYMNTS
MARCH 30, 2020
Treasury Department’s Financial Crimes Enforcement Network ( FinCEN ) before intentions for a roll out in the United States, CoinDesk reported. Indeed, any decision to create a CBDC is a matter for the Eurosystem.” The company’s stateside office is in Denver, Colorado, as cited by the outlet.
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98 ‘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. Treasury-led Financial Action Task Force (FATF) recently released new guidelines concerning crypto as well. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said.
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Today In Digital-First Banking: Marqeta Debuts Tokenization-as-a-Service; BNY Mellon Names New Market Infrastructure Exec
PYMNTS
SEPTEMBER 30, 2020
The executive will supervise the company’s Clearance and Collateral Management, Treasury Services, Markets and Pershing businesses in the new role. FinCEN Director Tells Banks To Look Out For Crypto Fraud. Financial Crimes Enforcement Network (FinCEN) Director Kenneth A. The news follows Jumio’s Sept.
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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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U.S. Gov’t. Will Enforce AML Rules For Crypto
PYMNTS
NOVEMBER 15, 2019
The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. Treasury-led Financial Action Task Force (FATF) recently released new guidelines concerning crypto as well. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said.
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Money Transmitter License
Finance Magnates
JANUARY 16, 2023
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. 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.
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FIUs: Fraud, Terrorism Among Global Concerns With Virtual Assets
PYMNTS
FEBRUARY 19, 2020
Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. . FinCEN Director Kenneth A. Financial Intelligence Units (FIUs) from the 39-country Financial Action Task Force (FATF) and the Egmont Group Secretariat gathered in Paris to talk about the global repercussions of virtual assets, the U.S.
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US Bank Pays Justice Department $613M For Money Laundering Settlement
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.
Experts: US House Examines Legislative Actions To Combat Cybercriminals
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. ” A memo included with the subcommittee’s documents also pointed to the U.S.
Deep Dive: Cracking Down On Cryptocurrency Exchange Cybercrime With AML/KYC Compliance
PYMNTS
DECEMBER 10, 2020
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, announced in November 2019 that it would begin strictly enforcing the “travel rule” for cryptocurrency exchanges.
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88 BSA Officials At FIs Targeted By Phishing Campaign
PYMNTS
FEBRUARY 8, 2019
Treasury Department’s Financial Crimes Enforcement Network (FinCEN) reportedly knows about the emails. FinCEN, NCUA, the Federal Reserve Board, the Federal Deposit Insurance Corp. It was not clear if any BSA officers had decided to follow the link to the site, according to the report.
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Morgan Stanley Fined By FINRA For Compliance Lapses
PYMNTS
DECEMBER 26, 2018
Earlier in December the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, fined UBS $14.5 The FinCEN said UBS failed to create and use an appropriate AML system to address the risks in accounts from both traditional brokerage and banking services.
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Main Street SMBs, Digital AP, GoodRx’s IPO Tops This Week’s News
PYMNTS
SEPTEMBER 25, 2020
FinCEN Files Show Banks’ Use Of AI And Machine Learning Effective In KYC/AML . Documents sent by banks to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury indicate that many of the biggest global banks moved money for a number of people and enterprises participating in criminal financial activity.
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Bitcoin Daily: US Treasury’s Mnuchin Says ‘Significant’ New Crypto Rules In Works; Spain’s FC Barcelona To Create Team Token
PYMNTS
FEBRUARY 14, 2020
Secretary of the Treasury Steven Mnuchin said Wednesday (Feb. Still, they want to avoid letting cryptocurrencies become a new version of how people once utilized Swiss secret-number bank accounts for alleged money laundering. “… We’re about to roll out some significant new requirements at FinCEN,” he said, according to Cointelegraph.
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Facebook’s Marcus: Libra Won’t Launch Until Regulators Satisfied
PYMNTS
JULY 15, 2019
Libra will register with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) as a money services business, Marcus said in the statement. Monetary policy is properly the province of central banks.”. He added that the cryptocurrency will fully comply with all anti-money laundering and Bank Secrecy Act rules.
May’s Days See CDD And GDPR Take Effect
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. FinCEN has said that the beneficial owner is someone who owns 25 percent or more of a legal entity, or has a significant role in overseeing day-to-day operations.
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Danske Scandal Could Disrupt Denmark Economy
PYMNTS
DECEMBER 3, 2018
Denmark’s largest bank is being investigated over “massive money laundering flows,” with the Securities and Exchange Commission (SEC), the Department of the Treasury and the DOJ all looking into transactions tied to the bank’s Estonian branch. The focus is on $150 million that made its way through accounts of non-Estonian holders.
BEC Targets BSA Officials At Credit Unions
PYMNTS
FEBRUARY 15, 2019
Department of the Treasury ’s Financial Crimes Enforcement Network (FinCEN) has known about the BEC, and has cautioned against opening such phishing emails. Krebs on Security noted that the emails sent to officials at the United States credit unions looked like they were being sent by other BSA officials. As reported, the U.S.
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49 GIACT: Beneficial Ownership Compliance: Ready But Mostly Not
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.
Bitcoin doesn’t launder money, Mr. Mnuchin. Money launderers do.
Payments Source
MARCH 9, 2020
The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks.
Ternio CEO: Crypto’s Transformation Will Come From The Fed, Not Bitcoin
PYMNTS
DECEMBER 30, 2020
Treasury secretary will further catalyze the evolution and spendability of digital currency. Billion Holiday Packages Today In Digital-First Banking: FinCEN Warns FIs About Vaccine Scams; JP Morgan Chase To Buy cxLoyalty's Rewards Division SEC’s Ripple Lawsuit Prompts Coinbase To Suspend XRP Trading .
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107 Risk’s All Around When Banks Service Cannabis
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. Fusion Bank targets the legal cannabis market with its cash and treasury management solutions. policymakers in 2014.
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Financial Crime Predictions 2021: More AI & Ransomware
FICO
DECEMBER 23, 2020
This focus on increased regulation will be particularly prevalent in North America, as FICO’s Claudia Huesmann points out, “FinCEN is aiming to close the gaps in AML regulations for banks not regulated by a federal functional regulator. Earlier this year in the U.S., As organizations are faced with this onslaught of attacks, the U.S.
How to Maintain Anti-Money Laundering Compliance as a PayFac
Stax
DECEMBER 4, 2023
You’ll also need to screen sub-merchants based on crime suspicion, economic sanctions, and the US Treasury’s Office of Foreign Asset Control’s (OFAC’s) or the Financial Action Task Force’s (FATF’s) sanctions lists, etc.
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