PYMNTS

FEBRUARY 22, 2019

Office of the Comptroller of the Currency (OCC), over deficiencies that the OCC identified in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The office recently examined the branches for BSA/AML and Office of Foreign Assets Control (OFAC) sanctions compliance.

OCC

The Fintech Times

APRIL 8, 2024

Sergiy Fitsak, managing director at Softjourn “Key among these challenges is ensuring compliance with local and international banking regulations, which can include stringent requirements for anti-money laundering ( AML ), know your customer ( KYC ) processes, data protection, and privacy laws.

BSA

Finovate

MARCH 28, 2024

Fraud and risk platform DataVisor launched its anti-money laundering (AML) solution this week. AI-powered fraud and risk platform DataVisor launched its end-to-end anti-money laundering (AML) solution this week. AI-powered fraud and risk platform DataVisor launched its end-to-end anti-money laundering (AML) solution this week.

AML

Stax

DECEMBER 4, 2023

The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. In this article, we’ll discuss everything you need to know about ensuring AML compliance as a payment facilitator (or PayFac). Let’s get started.

Money Laundering

The Paypers

OCTOBER 27, 2023

AML, KYC, and BSA compliance solutions provider AML RightSource has launched support for transaction monitoring system (TMS) selection and implementation.

AML

Fintech Finance

DECEMBER 9, 2024

Morgan Andres Betancourt, Vice President, AML Sanctions Canada & International Advisory at PNC Bank Andrew Eichel, VP of Payments & Compliance at Lotto.com Inc. Lisa Lechner, Chief Compliance Officer at SpotOn Matt Shustrin, CCO (Chief Compliance Officer), BSA/AMLOfficer, Sr.

Office of the Comptroller of the Currency

PYMNTS

DECEMBER 4, 2018

“Likewise, pilot programs that expose gaps in a BSA/AML compliance program will not necessarily result in supervisory action with respect to that program.”. Senate Hearing on AML. Late last week, the Senate Banking Committee held a hearing on updating the Bank Secrecy Act’s anti-money laundering requirements.

Financial Crimes

PYMNTS

OCTOBER 13, 2020

But to spotlight how hard it can be to catch criminals, the report noted that some of them engage in what is known as “jurisdictional arbitrage,” which means they look to exploit the lack of standard legal and anti-money laundering ( AML )- focused rules and regulations.

AML

Fintech News

JULY 17, 2024

This decrease suggests that the anti-money laundering (AML) programmes of centralised exchanges are becoming more effective at detecting and mitigating laundering activity. Singapore’s Payment Services Act (PSA) brings crypto businesses under regulatory oversight, imposing strict AML/CFT requirements.

Money Laundering

Payments Source

MAY 18, 2020

The order's removal allows the Delaware company to pursue more opportunities in its payments business.

BSA

Segpay

MARCH 24, 2025

Australia and the USA have similar compliance and AML goals, but differ in frameworks, enforcement agencies, and approaches. KYC & Customer Due Diligence (CDD) Australia: Risk-based approach, with minimum KYC checks under the AML/CTF Rules. PSPs verify identity and monitor transactions. though some areas overlap.

Compliance

FICO

DECEMBER 12, 2018

is to the existing Bank Secrecy Act (BSA)/anti-money laundering (AML) regime. Cognitive analytics for AML offers a paradigm shift for investigators in financial intelligence units, governments, law enforcement agencies and financial institutions. Using AI and Machine Learning to Improve AML.

SARS

PYMNTS

DECEMBER 17, 2018

The FinCEN said UBSFS didn’t develop and use an appropriate anti-money laundering (AML) system to address the risks in accounts from both traditional brokerage and banking services. Broker-dealers providing banking-like services must properly mitigate the AML risks associated with this kind of service.

Fincen

PYMNTS

DECEMBER 22, 2020

Federal Reserve ordered Credit Suisse to boost its anti-money laundering (AML) policies, citing shortcomings in its U.S. operations, Reuters reported. Reuters reported that the order was reached via a joint agreement between the New York Department of Financial Services and the Fed.

Money Laundering

PYMNTS

SEPTEMBER 20, 2016

“EFT fraud attempts are increasing in size, frequency and sophistication,” said Jason Vazquez, senior vice president, deputy chief risk officer and BSA/AML compliance officer for Sterling National Bank, in the press release. “Fraud solutions from Fiserv give us best-in-class detection and minimize false positives.

BSA

PYMNTS

APRIL 28, 2020

Weber was most recently head of Financial Crime Prevention for the Americas at UBS, spearheading all facets of sanctions, BSA and AML compliance. He also had previously served as Deutsche Bank’s head of Anti-Financial Crime for the Americas.

Bitcoin

FICO

FEBRUARY 14, 2017

In yesterday’s post, my colleague TJ Horan introduced the topic of artificial intelligence being applied to anti-money laundering (AML). The AML Threat Score uses historic alerts and user decisions. Scott Zoldi will go deeper into the analytic technologies being used in AML. Operational Benefits of New Analytic Technologies.”.

AML

The Paypers

OCTOBER 15, 2019

(The Paypers) Financial institutions (FIs) working in digital assets have been required by US regulatory bodies to pay attention to their anti-money laundering and counter-terrorism financing (AML/CFT) obligations under the Bank of Secrecy Act (BSA).

AML

PYMNTS

FEBRUARY 13, 2019

Government Accountability Office described how some banks along the border are closing branches because of the challenges of complying with AML regulations. What’s more, “an estimated 80 percent (+/- 11 percent margin of error) of Southwest border banks terminated accounts for BSA/AML risk reasons.”. -Mexico border.

Money Laundering

The Fintech Times

SEPTEMBER 19, 2024

” ‘A beacon of hope’ Brenda Banks , VP of BaaS and BSA at DataVisor “A risk orchestration platform offers a beacon of hope, enhancing financial institutions’ agility,” says Brenda Banks , VP of BaaS and BSA at DataVisor. For fraud, the focus was historically on customer identity.

Risk

PYMNTS

SEPTEMBER 11, 2019

From FinCEN’s perspective, our BSA/AML system is good, but it can always be improved, and we see great opportunities in working with industry on innovations that can help better detect and safeguard against illicit activity,” he said. “In Innovation and regulatory reform are topics of much discussion in Washington these days.

Fincen

FICO

DECEMBER 23, 2020

Newly regulated areas such as digital assets and cryptocurrency businesses will likely undergo increased scrutiny (as companies transacting in digital assets are not exempt from AML requirements). The final rule extending AML regulatory requirements to banks lacking a federal functional regulator is just one such example.

Financial Crimes

PYMNTS

APRIL 27, 2020

“It’s not realistic to manage 20 million retail bank accounts” at the Fed, contended Cagney, especially with the infrastructure needed to support robust know-your-customer (KYC) and anti-money laundering (AML) activities. That’s a nightmare waiting to happen with the amount of fraud that could occur there.”.

Blockchain

Finovate

JUNE 24, 2024

The company’s technology also provides automatic alignment with the latest regulations in privacy, lending, money movement, BSA/AML, ACH, and more. .” New York City-based Kobalt Labs enables FIs to accelerate and fortify compliance operations. The company was founded in 2023.

Risk Assessment

Finovate

MARCH 13, 2024

Via API, Prelim enables financial institutions to automate their business account onboarding, as well as connect to third party providers to meet AML, BSA, and CIP requirements. The platform also helps FIs launch other financial services and banking products from lending to merchant services.

Accounts

PYMNTS

MARCH 15, 2019

Congress must close these loopholes, and financial institutions, including the biggest banks, also must do their part and fully comply with our BSA-AML laws. Although most do, we continue to see not only failures in compliance but also egregious acts where money laundering and terror finance are facilitated,” said Waters.

Money Laundering

Finovate

AUGUST 20, 2024

Banks, credit unions, credit card companies, and financial service providers who are required to implement and adhere to stringent BSA and AML policies.

Credit Union

Finovate

DECEMBER 22, 2023

. “At Refine intelligence, our mission is to help banks regain that superpower of really knowing their customers’ life stories, so their financial crime teams can quickly clear AML or scam alerts triggered by legitimate customer activity. We work with Risk, Financial Crime, BSA and AML teams.

Financial Inclusion

PYMNTS

DECEMBER 10, 2020

Financial laws governing such transactions date back to 1970 when the Bank Secrecy Act (BSA) was enacted , requiring financial institutions (FIs) to report transactions of $10,000 or more. Banks and other FIs must be certain that their clients are who they claim to be and adhere to AML compliance — or be held accountable. .

Due Diligence

FICO

JANUARY 8, 2020

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 predict that in 2020, fraud and compliance functions will converge at many large banking institutions.

Compliance

FICO

JANUARY 18, 2019

What’s happening now: The AML scandal in the Baltics has shown that banks do not know their customers as well as they should. 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.

Financial Crimes

PYMNTS

AUGUST 14, 2019

He went on to note that their AML obligation and suspicious activity reporting obligations remained unchanged and that to aid in their efforts at enhanced compliance FinCen has recently updated its SAR reporting forms to include “cyber-indicators” of potentially problematic transactions. Let me assure you, this is not the case.

Fincen

Fintech Labs Insights

MAY 13, 2015

AML “Anti Money Laundering” with specific considerations to BSA and the US Patriot Act. . • Subscription Documents and when required Promissory note in Debt Offerings. • KYC “Know Your Customer”. • KYP “Know your Product” (tests for agents). •

Compliance

FICO

JUNE 23, 2021

It does not contain an exhaustive list of requirements under the BSA or any other laws and is not for the purpose of providing legal advice. 1 The summary statistics exclude sealed cases.

BSA

FICO

DECEMBER 15, 2020

BSA/AML Reforms Are on their Way - Even With a Looming Presidential Veto. The legislation includes nearly 200 pages of the most significant reforms to the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws since the USA PATRIOT Act of 2001. Even by Washington standards, this bill is massive topping 4,500 pages.

BSA

FICO

DECEMBER 19, 2018

AML/BSA Reform Talks Will Intensify but Meaningful Changes Will Have to Wait. Bank Secrecy Act/anti-money laundering (BSA/AML) regulatory reforms are top of mind for regulators and legislators. Members of Congress have also been focused on BSA/AML reforms. Where is BSA/AML reform headed in 2019?

BSA