PYMNTS

MARCH 11, 2020

Treasury’s Office of Foreign Assets Control (OFAC). Of the potential OFAC violations, 95 percent were processed from 2015 to 2016. We are now immediately proceeding with a self-report to OFAC. The Swedbank anti-money laundering (AML) probe by the law firm Clifford Chance has uncovered 586 transactions totaling roughly $4.8

AML 56

AML OFAC Money Laundering Breach 56

PYMNTS

AUGUST 22, 2019

The Chinese kingpins that OFAC designated today run an international drug trafficking operation that manufactures and sells lethal narcotics, directly contributing to the crisis of opioid addiction, overdoses and death in the United States. The drug traffickers face sanctions after coordinated actions from OFAC, FinCen and U.S.

Treasury 46

Treasury SDN Addressing OFAC 46

PYMNTS

MARCH 2, 2020

Two individuals were accused of being connected to the Lazarus Group cybercrime organization per an update of the “Specially Designated Nationals” (SDN) list from OFAC. Treasury has brought on an additional 20 new bitcoin addresses affiliated with two people to its sanctioned individuals roster, Coindesk reported.

Treasury 71

Treasury Bitcoin Addressing eWallet 71

PYMNTS

MARCH 17, 2016

However, MasterCard did fail to report the accounts as blocked, which is required, the Treasury’s Office of Foreign Assets Control (OFAC) said in a statement on Wednesday (March 16) on its website. In the case of both banks, funds in the accounts never actually made it, thus MasterCard was not fined for the violations. ”

Treasury 40

Treasury Visa OFAC Blocks 40

Finovate

AUGUST 22, 2024

ID-Pal ID-Pal uses 100% AI-powered technology for real-time identity verification and OFAC screening, ensuring seamless customer onboarding, compliance, and zero access to customer data.

Credit Union 52

Credit Union Payment APIs and Integration OFAC UCC 52

PYMNTS

FEBRUARY 22, 2019

The office recently examined the branches for BSA/AML and Office of Foreign Assets Control (OFAC) sanctions compliance. The consent order doesn’t specifically identify any illegal transactions or OFAC violations, and it doesn’t come with any monetary penalty. MUFG Bank said the OCC recognized improvements the bank made to its U.S.

OCC 43

OCC AML Office of the Comptroller of the Currency Compliance 43

PYMNTS

DECEMBER 8, 2017

Israch was surprised to learn that nearly one-third of companies (32 percent) are still not screening payees for anti-money laundering, drug trafficking, terrorism, the Office of Foreign Assets Control (OFAC) and other red flags. Israch has seen organizations have their banks shut off due to an OFAC hit. The consequences can be severe.

Cross-Border 40

Cross-Border OFAC Wire Transfer Payee 40

PYMNTS

FEBRUARY 8, 2018

If it’s not holding money or providing a payment network, the program manager does it: AML (anti-money laundering) compliance, KYC (Know Your Customer), fraud mitigation, marketing, privacy, document review, OFAC compliance, reporting and more. Again: It isn’t easy.

Payment APIs and Integration 67

Payment APIs and Integration OFAC Money Laundering Processors 67

PYMNTS

MARCH 10, 2020

Suppliers’ data is also checked automation against the list of the Office of Foreign Assets Control (OFAC). A warning message is displayed on the screen if a supplier’s data does not match up.

OFAC 56

OFAC ACH Checks Addressing 56

PYMNTS

JULY 16, 2019

That led the Treasury’s Office of Foreign Assets Control (OFAC) to add Evrofinance Mosnarbank — which is jointly owned by Russian and Venezuelan state-owned firms — to the Specially Designated Nationals List.

SWIFT 55

SWIFT OFAC Central Bank Treasury 55

PYMNTS

DECEMBER 3, 2019

Under the BSA and related anti-money laundering laws, FIs must have compliance and monitoring programs, establish a process for SAR and screen against Office of Foreign Assets Control (OFAC) and other government lists.

Suspicious Activity Report (SAR) 55

Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

PYMNTS

JANUARY 1, 2021

Among the changes, according to the government, are that BitGo hired a chief compliance officer and "screens all accounts, including 'hot wallet' accounts, against (the Office of Foreign Asset Control's) Specially Designated Nationals and Blocked Persons List, including blocked cryptocurrency wallet addresses identified by OFAC.".

Bitcoin 80

Bitcoin Cryptocurrency OFAC Treasury 80

Fi911

NOVEMBER 7, 2023

Implementation and adherence to sanctions, as dictated by the Office of Foreign Assets Control (OFAC). To thwart these tactics, AML strategies are deployed, which include: Proactively flagging suspicious transactions, especially those that breach preset regulatory limits or involve entities on OFAC’s sanction lists.

AML 52

AML Compliance Money Laundering OFAC 52

The Fintech Times

JANUARY 13, 2024

Binance was ordered to pay the fine to resolve investigations by the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), Office of Foreign Assets Control (OFAC) and the Commodity Futures Trading Commission (CFTC).

Financial Crimes 59

Financial Crimes Due Diligence Compliance AML 59

PYMNTS

OCTOBER 11, 2017

The only exceptions are high-risk Office of Foreign Assets Control (OFAC) hits. It is up to the payer’s finance team to investigate why the transaction was flagged and whether it wishes to allow or prevent it, Israch explained.

OFAC 43

OFAC Payee Money Laundering Fed 43

Finovate

MAY 16, 2024

The solution gives financial institutions the ability to screen, monitor, and assess new and existing customers against the Office of Foreign Assets Control (OFAC) sanction lists and politically exposed persons (PEP) databases, adverse media, and custom watchlists. Socure began the year announcing a pair of new partnerships.

Authorization 59

Authorization Verification OFAC Deepfake 59

Finovate

AUGUST 6, 2024

Verify consolidates essential checks like KYC and OFAC, simplifying compliance, reducing risk, and enhancing efficiency. Banks and credit unions of all sizes. Fizen Technology Verify by Fizen Technology is an all-in-one compliance screening platform for banks.

Credit Union 52

Credit Union OFAC Alternative Payment Methods Database 52

The Paypers

AUGUST 22, 2019

(The Paypers) The US Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned three Chinese nationals and their cryptocurrency addresses.

Treasury 28

Treasury Addressing OFAC Blocks 28

The Paypers

DECEMBER 6, 2018

(The Paypers) IdentityMind has announced a protection tool for financial institutions with virtual currency risk assessment in the wake of OFAC action against sanctioned Iranians using Bitcoin.

Risk Assessment 28

Risk Assessment Assessments OFAC Risk 28

PYMNTS

MARCH 3, 2020

Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on Yinyin, Liadong, and numerous cryptocurrency addresses. The civil forfeiture complaint identifies 113 virtual currency accounts and addresses that were used by the defendants and unnamed co-conspirators to launder funds. . In January, the U.S.

Law Enforcement 56

Law Enforcement Money Laundering IRS OFAC 56

PYMNTS

DECEMBER 9, 2020

We run [new customers] through our screening tool to make sure that they don’t hit any OFAC [Office of Foreign Assets Control] or other sanctions lists, as well as background searches and verifying their identity using a government-issued ID like a driver’s license, [along with] proof of residency,” Botticella said.

Money Laundering 66

Money Laundering Cryptocurrency AML Bitcoin 66

PYMNTS

MAY 14, 2018

OFAC can be another big challenge, especially since different countries each have their own lists, and it’s difficult for merchants to know whether their suppliers have looked at all the lists, or just the OFAC one (assuming the supplier is U.S. Europe has also already cracked down on many U.S. Conclusion.

OFAC 40

OFAC Wire Transfer ATM Cross-Border 40

Exact Payments

SEPTEMBER 25, 2023

It consists of: Compliance with Financial Regulations In addition to complying with PCI DSS, you’ll need to ensure that your systems, technology, and underwriting guidelines comply with anti-money laundering (AML) laws and the Office of Foreign Assets Control’s (OFAC) regulations.

PCI DSS 52

PCI DSS OFAC Facilitators Payment Gateways 52

Nanonets

SEPTEMBER 27, 2024

Ensuring compliance with standards such as AML/KYC, GDPR, or OFAC is critical! For example, an RPA bot can automatically check a client’s KYC details against global sanction lists (OFAC) before policy approval.

Underwriting 52

Underwriting Automation Risk Assessment Assessments 52

PYMNTS

AUGUST 14, 2019

His worry, he said, are the areas where they have expected to see more data reporting and haven’t; as well as indications that casinos have been taking their foot off the gas pedal of late when it comes to their compliance activities.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

Seon

SEPTEMBER 23, 2024

List Checking : Comparing information against core sanctions lists, such as the Office of Foreign Assets Control (OFAC) Consolidated List, OFAC’s Specially Designated Nationals (SDN) List, the European Union’s Consolidated List of Sanctions, the United Nations Security Council’s Consolidated List, and other local regulatory watchlists.

Suspicious Activity Report (SAR) 52

Suspicious Activity Report (SAR) Money Laundering Due Diligence AML 52

Finovate

OCTOBER 4, 2024

Backbase’s Engagement Banking Platform, integrated with Middesk, will give financial institutions access to real-time verification data sourced from multiple databases including the offices of all fifty Secretaries of State, the IRS, the USPS, OFAC, and more.

AI 64

AI Innovation Payment APIs and Integration Online and Mobile Banking 64

Exact Payments

AUGUST 23, 2023

Reputable PFaaS vendors will handle these in the background, allowing SaaS companies and ISVs to improve their products and better serve their customers.

Embedded Payments 52

Embedded Payments B2B Accounts ISVS 52

Stax

DECEMBER 4, 2023

Each merchant is verified and validated using KYC, AML, OFAC, and credit checks so you may rest easy as we do the heavy lifting for you. The good news is, with a solution like Stax Connect , you can not only start facilitating payments and also onboard sub-merchants quickly while managing risk. To learn more, contact our team today.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

PYMNTS

JUNE 28, 2018

A poll of attendees found that fraud stands as “the main compliance concern of 31 percent of delegates, closely followed by correspondent relationships (27 percent), and OFAC and sanctions (23 percent).”. Evidence of that comes from Swift’s Latin America Regional Conference , held earlier this month in Miami.

Security 40

Security Online and Mobile Banking SWIFT OFAC 40

The Fintech Times

JULY 24, 2024

. “The reason for this is that much of the technology supply chain needed for initiation is not ready for the reality of a 24x7x365 operation from core to customer-facing applications, along with the speed required for inline fraud and OFAC screening for outbound payment initiation.

FedNow 59

FedNow Instant Payments RTP Federal Reserve 59

PYMNTS

MAY 10, 2018

Against that backdrop, GIACT late last month debuted Beneficial ID, which it bills as a platform that addresses digital collection, Know Your Customer (KYC) and Office of Foreign Assets Control (OFAC) processing of beneficial ownership.

Due Diligence 40

Due Diligence Compliance Fincen Legal 40

Seon

SEPTEMBER 14, 2023

Other regions sanctioned by OFAC include: Balkans Belarus Burma Central African Republic Ethiopia Iraq Lebanon Venezuela Yemen Zimbabwe Organizations may have their own list of high-risk countries. However, the rules set by the Office of Foreign Assets Control (based in the US) tend to be followed by most countries around the world.

Risk 52

Risk Money Laundering Suspicious Activity Report (SAR) AML 52

PYMNTS

FEBRUARY 28, 2018

That includes anti-money laundering (AML) compliance, know your customer (KYC), fraud mitigation, marketing, privacy, document review, Office of Foreign Assets Control (OFAC) compliance, reporting and more. Being a program manager means handling everything other than card issuing, authorization and transaction processing.

Automation 40

Automation Payment APIs and Integration OFAC Interoperability 40

FICO

DECEMBER 23, 2020

whether a payment constitutes a potential violation of sanctions (OFAC) laws) and self-report.”. Now compliance professionals will also need to concern themselves with mitigating ransomware sanctions risks (i.e.,

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

FICO

MARCH 6, 2020

For most of the public lists (EU, OFAC, UN, HMT, etc.) To measure customer risk, we use multiple levels of customer data, such as initial KYC information and planned transactional behavior as stated during onboarding as well actual behavior. Third-party data sources enrich the data with information on for example beneficial owners.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

Payment Savvy

FEBRUARY 23, 2023

non-numeric characters) Non-transaction account R20 The account has been prohibited or limited Invalid company identification R21 The company ID has not been accepted (e.g., it is invalid because of a typo) Invalid individual ID number R22 A payment has been submitted incorrectly (e.g., types incorrectly, out of sequence, etc.)

ACH 52

ACH Returns RDFI ODFI 52