Remove 2019 Remove BSA Remove Money Laundering
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Understanding Crypto Money Laundering, and How to Get a Handle on It

Fintech News

A recent comprehensive report by Chainalysis sheds light on the intricate world of crypto-related money laundering. The Scale of Crypto Money Laundering The magnitude of crypto-related money laundering is staggering. Usage of mixers peaked in 2022, with over US$1.5 billion of value received in April alone.

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FinCEN Hits Capital One For $390 Million; Says Bank Violated Bank Secrecy Act

PYMNTS

15) announced that it is assessing a $390 million penalty against Capital One for engaging in what it says are “both willful and negligent violations” of the Bank Secrecy Act (BSA). According to a statement from FinCEN , Capital One admitted to failing to implement and maintain an effective anti-money laundering (AML) program.

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With Terrorists And Scammers Lurking, Is A Crypto Storm Looming?

PYMNTS

The report relays a series of anecdotes, such as Ponzi schemes and other fraudulent methods , and points out that in 2019, over $4.5 The terrorist threat, in particular, represents what the report termed “the first raindrops of an oncoming storm.” Cryptos also help bad actors avoid sanctions.

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Financial Crime Compliance Predictions 2019: Stop the Scandals!

FICO

What needs to happen: International committees like FATF and the Basel Committee on Banking Supervision as well as national regulations like BSA (USA) and EU directives all require a sound KYC program. In 2019 that trend will accelerate and more and more financial institutions will benefit from that improved solution set.

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FinCEN Deputy Director Talks Reform, NBFI Supervision

PYMNTS

Jamal El-Hindi, the deputy director of the Financial Crimes Enforcement Network (FinCEN), spoke at the 2019 Money Transmitter Regulators Association Annual Conference on Wednesday (Sept. El-Hindi made it clear that he doesn’t want to sacrifice innovation in pursuing anti-money laundering (AML) and other anti-illicit policies.

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Cyber, Fraud, Compliance Predictions in 2020

FICO

In 2019 FICO teamed up with the U.S. billion in 2019 to $6.8 The stage is already set; at FICO World 2019 in New York City, we learned that the capabilities of fraud and anti-money laundering (AML) systems have about an 80% overlap. I’m not the only one who foresees big growth in TPRM.

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Public Policy Predictions 2019: Regulatory Reforms Ahead

FICO

While many believe that the partisan divide will grow in 2019, this does not mean that all bank-related public policy proposals will be stuck in neutral. I expect the FCC to issue a declaratory ruling in the first half of 2019 that will provide much needed clarity around the definition of Automatic Telephone Dialing System.

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