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

PYMNTS

The Financial Crimes Enforcement Network (FinCEN) late Friday (Jan. According to a statement from FinCEN , Capital One admitted to failing to implement and maintain an effective anti-money laundering (AML) program. financial system.”.

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FinCEN Files Show Banks’ ‘Whack-a-Mole’ Battle Against KYC/AML

PYMNTS

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 Standard Chartered noted to BuzzFeed in the wake of the FinCEN files report: "In 2019 we monitored more than 1.2

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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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US Treasury Tells Banks To Treat Hemp Businesses Like Any Other

PYMNTS

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 Director Talks Digital Identity And Fraud Protection

PYMNTS

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth A. Blanco, gave a speech at the 2019 Federal Identity (FedID) Forum and Exposition on Tuesday (Sept. FinCEN is seeing around 5,000 account takeover reports each month involving approximately $350 million,” he said. financial institutions,” he said.

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AMLYZE: Is the Global Anti-Money Laundering (AML) System Broken?

The Fintech Times

In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. As a result, fraudsters are capitalising on firms’ inadequacies to spot and deal with money laundering. Is the global anti-money laundering (AML) system broken? What’s the problem?

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Deep Dive: Cracking Down On Cryptocurrency Exchange Cybercrime With AML/KYC Compliance

PYMNTS

billion in 2019 and is projected to reach $1.4 These various cryptocurrencies are also widely known for their role in cybercrime, whether it's via direct theft or laundering ill-gotten funds from other schemes. billion in 2019, a larger sum than in 2017 and 2018 combined. How Money Launderers Exploit Cryptocurrency.

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