Fintech News

JULY 17, 2024

The peak was reached in 2022, with an alarming US$30 billion identified, largely attributable to transactions involving sanctioned services such as the Russian exchange Garantex. Monero transactions have risen steadily, with a notable spike in March 2024 due to a spam event called Black Marble. billion in 2024.

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

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 43

OCC AML Office of the Comptroller of the Currency BSA 43

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 41

AML BSA Compliance Transactions 41

PYMNTS

DECEMBER 4, 2018

Digital efforts have spanned artificial intelligence and tech-driven identity systems that can and have boosted transaction monitoring systems. “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.

Financial Crimes 64

Financial Crimes Crime BSA Innovation 64

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 82

AML Fincen Cryptocurrency BSA 82

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.

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

PYMNTS

SEPTEMBER 20, 2016

19) that its Payment Fraud Manager tool detected more than 90 percent of fraud while reviewing only 2 percent of the transactions. These models, Fiserv went on to note, produce a highly predictive real-time risk score for every transaction. Fiserv , the provider of financial services technology solutions, announced on Monday (Sept.

BSA 67

BSA FedWire Risk Mitigation ACH 67

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 40

SARS AML Law Enforcement Suspicious Activity Report (SAR) 40

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). Today most of the financial institutions use rules-based transaction monitoring and KYC systems to fight money laundering. The AML Threat Score uses historic alerts and user decisions.

AML 40

AML Compliance AI Money Laundering 40

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 108

Blockchain Tax Refunds IRS Fed 108

PYMNTS

FEBRUARY 13, 2019

According to the FBI, “in complex TBML schemes, criminals move merchandise, falsify its value and misrepresent trade-related financial transactions, often with the assistance of complicit merchants, in an effort to simultaneously disguise the origin of illicit proceeds and integrate them into the market.

Money Laundering 58

Money Laundering Debit Card Cross-Border BSA 58

FICO

DECEMBER 23, 2020

We predict a continued expansion in the use of AI/machine learning in financial services in such key risk areas as cybersecurity, customer onboarding, sanctions screening, transaction monitoring, etc. So will high-risk products/services such as correspondent banking and trade finance transactions.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

Finovate

AUGUST 20, 2024

They are focused on delivering real-time transaction monitoring and regulation filings. Features Illustrates real-time transaction monitoring Highlights how a bank can deal with a flagged transaction (Request for Information) Includes intelligent SAR/CTR Filings Who’s it for?

Credit Union 59

Credit Union Payment APIs and Integration BSA SARS 59

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 80

Due Diligence Online and Mobile Banking BSA Federal Reserve 80

PYMNTS

MARCH 15, 2019

In addition, the Congresswoman said there are also significant loopholes in the real estate industry, with data showing that about 30 percent of transactions covered by the GTOs involve a beneficiary involved in a previous suspicious activity report.

Money Laundering 51

Money Laundering BSA Laws AML 51

PYMNTS

AUGUST 14, 2019

And while the decision opened the flood-gates on digital gambling transactions, one thing, he noted, has not changed in the slightest in the new gaming landscape. The responsibility of casinos managing all of those new transactions. This includes offering sports betting through a mobile app.”.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

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 40

Financial Crimes Crime Compliance BSA 40

FICO

JUNE 23, 2021

The FCPA Unit has brought criminal enforcement actions against individuals and companies and focused enforcement efforts on both the supply side and demand side of the corrupt transaction. 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.

BSA 52

BSA Financial Crimes Crime Compliance 52

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 52

BSA Suspicious Activity Report (SAR) Financial Inclusion AML 52

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 40

BSA Fincen Suspicious Activity Report (SAR) SARS 40