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

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.

Compliance

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.

Fincen

Trade Credit & Liquidity Management

MAY 27, 2025

Knowing Your Customer (KYC) As a Credit or Treasury professional, you must remain aware of the best KYC practices and compliance requirements that apply to your business. The US Financial Crimes Enforcement Network (FinCEN) has strict rules for compliance by financial institutions.

Due Diligence

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. With this particular rule, a lot of people were spending time trying to understand and decipher it.”.

Due Diligence

PYMNTS

OCTOBER 17, 2018

Legal use does not necessarily mean legitimate business, however, and this emerging and often-controversial industry may quickly encounter financial roadblocks, which credit unions (CUs) are uniquely suited to address. GFA joins a small, but steadily growing, group of CUs that are offering financial services to this emerging market.

Credit Union

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.

Treasury

FICO

APRIL 19, 2021

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).” These developments and many more point to cryptocurrencies’ storm-like advance on the shores of traditional banking.

AML

FICO

DECEMBER 15, 2020

The final rule addresses debt collection communications and interprets and applies prohibitions on harassment or abuse, false or misleading representations, and unfair practices. The headliner provision is the creation of a beneficial ownership registry within the Financial Crimes Enforcement Network (FinCEN), requiring millions of U.S.

BSA