Segpay

MARCH 24, 2025

Australia and the USA have similar compliance and AML goals, but differ in frameworks, enforcement agencies, and approaches. USA: PSPs may need a Money Transmitter License (MTL) in each state they operate, plus registration with FinCEN as a Money Services Business (MSB). PSPs verify identity and monitor transactions.

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

Payments Source

OCTOBER 21, 2019

Kenneth Blanco's tough comments appeared to target payments providers that offer their users anonymity.

Fincen 67

Fincen AML Compliance Payments 67

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 88

Money Laundering Compliance AML Due Diligence 88

PYMNTS

AUGUST 14, 2019

Cooperation in an environment that is rapidly advancing on many technological fronts was the theme when FinCEN Director Kenneth A. It concerns me when I hear about some compliance budgets being cut by casinos looking to trim costs and retain gamblers,” he noted. This includes offering sports betting through a mobile app.”.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

PYMNTS

DECEMBER 18, 2018

Now comes a comic book contribution to one of the most vexing and vital issues of modern payments and commerce — fraud prevention and ID compliance. 18) that is has released a free comic and coloring book entitled “ The Adventures of ID Man and Compliance Kid.”. Compliance, too, could become a juicer in the near future.

AML 61

AML Compliance Money Laundering Office of the Comptroller of the Currency 61

PYMNTS

JULY 5, 2020

In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S. It’s intended to “enhance the availability of financial services and the financial transparency of hemp-related businesses in compliance with federal law,” the notice said.

Treasury 140

Treasury Office of the Comptroller of the Currency Fincen Financial Crimes 140

PYMNTS

SEPTEMBER 11, 2019

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.

Fincen 46

Fincen Non-Bank Money Laundering AML 46

PYMNTS

FEBRUARY 4, 2019

FIs have made strides in establishing know your customer (KYC) and anti money laundering (AML) policies, but these changes are routinely challenged by emerging technology and cross-border transaction costs. A DIY Approach To AML/KYC. One of the problems that AML/KYC procedures face is lack of standardization.

AML 64

AML Money Laundering Due Diligence Fincen 64

FICO

MARCH 24, 2021

must report potentially suspicious activity (including trade-related transactions) to FinCEN. The graph below shows the trend of TBML-related SARs filed with FinCEN between 2014 and 2018. Maintain a strong Tone at the Top (“Culture of Compliance”). Plan for upticks in particular areas of AML compliance activity.

Money Laundering 98

Money Laundering SARS Fincen Financial Crimes 98

PYMNTS

FEBRUARY 1, 2021

million fine for violating anti-money laundering (AML) regulations, The Wall Street Journal reported on Monday (Feb. The bank was recently fined in a separate charge that it failed to comply with a 2015 request by the FDIC to improve its AML compliance. Apple Bank is chartered in New York and has locations across the state.

AML 60

AML FDIC Fincen Money Laundering 60

PYMNTS

MARCH 4, 2020

The Financial Crimes Enforcement Network (FinCEN) has fined Michael LaFontaine, former chief operational risk officer at U.S. Bank , with a $450,000 civil penalty for his negligence in failing to intercept breaches of the Bank Secrecy Act (BSA), FinCEN announced on Wednesday (March 4). . Department of Justice (DOJ) to penalize U.S.

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

Payments Source

MAY 16, 2018

A long-anticipated financial rule could help law enforcement root out illegal activity, but it requires banks to keep extra-close tabs on certain business clients. That won't be easy.

Fincen 62

Fincen Rules Law Enforcement AML 62

The Fintech Times

APRIL 29, 2024

In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. Alexandre Pinot , co-founder and head of innovation and strategy at Vilnius, Lithuania, headquartered AMLYZE , the AML/CFT compliance firm explains where the gaps in the current AML system are.

Money Laundering 78

Money Laundering AML SARS Financial Crimes 78

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. As recently noted by PYMNTS , Kenneth A.

AML 82

AML Fincen Cryptocurrency BSA 82

PYMNTS

DECEMBER 26, 2018

Wall Street firm, was fined $10 million by the Financial Industry Regulatory Authority (FINRA) for compliance failures. According to a report in Reuters , citing FINRA and Morgan Stanley, the firm agreed to pay $10 million after FINRA contended it had lapses in compliance for more than five years from January of 2001 until April of 2016.

Compliance 53

Compliance Money Laundering Fincen AML 53

PYMNTS

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said.

Rules 50

Rules AML Travel Rule Fincen 50

FICO

JANUARY 8, 2020

At long last, fraud and compliance infrastructures are starting to converge. In the US, the use of artificial intelligence and machine learning in compliance is set to expand dramatically, per directives from the Financial Crimes Enforcement Network (FinCEN). Fraud and Compliance Infrastructures Converge. Let’s dive in.

Compliance 52

Compliance Fincen Cybersecurity Money Laundering 52

The Fintech Times

APRIL 8, 2024

While BaaS solutions offer a lot of potential, many have concerns regarding the regulatory compliance of providers and the third parties that use them. Paul Staples, group head of embedded banking at ClearBank “There has been a lot of regulatory attention on BaaS providers, partly due to compliance concerns, but also their rapid growth.

FinTech 116

FinTech BSA Regulatory Compliance Money Laundering 116

The Payments Association

JANUARY 29, 2025

The lack of clear ownership in key compliance areas, such as transaction monitoring and risk remediation, led to delays in resolving issues. This situation was exacerbated by a culture that prioritised business objectives over compliance and did not empower compliance teams.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

Fintech News

JULY 17, 2024

The enhanced anonymity features of privacy coins make them particularly attractive to illicit actors, posing significant challenges for law enforcement and compliance professionals. Singapore’s Payment Services Act (PSA) brings crypto businesses under regulatory oversight, imposing strict AML/CFT requirements. billion in 2024.

Money Laundering 111

Money Laundering Law Enforcement AML Non-Bank 111

PYMNTS

OCTOBER 10, 2019

In the latest Digital Banking Tracker , PYMNTS examines how banks are innovating their strategies for fraud protection and anti-money laundering (AML), all while making sure that legitimate customers remain satisfied with a quick and convenient online banking experience. Synchrony Financial Upgrades Its AML Strategy As Fraud Grows.

AML 50

AML Money Laundering Online and Mobile Banking Fincen 50

PYMNTS

DECEMBER 17, 2018

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. 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. FinCEN said UBSFS kept up the lack of regulation for AML from 2004 to 2014.

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Fincen AML BSA Money Laundering 55

PYMNTS

DECEMBER 4, 2018

3) that urged banks to study and implement “where appropriate” methods that would bring innovate approaches to anti-money laundering efforts and Bank Secrecy Act compliance. “Likewise, pilot programs that expose gaps in a BSA/AML compliance program will not necessarily result in supervisory action with respect to that program.”.

Financial Crimes 64

Financial Crimes Crime BSA Innovation 64

The Fintech Times

JANUARY 13, 2024

Fenergo has released their annual financial fines analysis, showcasing that penalties for failing to comply with anti-money laundering (AML), KYC, environmental, social, and governance (ESG), sanctions and customer due diligence (CDD) regulations totalled $6.6billion in 2023, up considerably from $4.2billion in 2022 and $5.4billion in 2021.

Due Diligence 59

Due Diligence Financial Crimes Compliance AML 59

Seon

MAY 10, 2024

Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income. Since the global financial crisis, AML fines totaled $56 billion, with US-based financial institutions incurring $5 billion in fines for related infractions in 2022.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

Seon

APRIL 11, 2024

Uniting fraud protection and prevention with AML checks and compliance allows for better collaboration across the historically siloed operations of teams dealing with distinct but related crimes – fraud and financial crimes, terrorist financing or other nefarious intentions.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

PYMNTS

MAY 24, 2019

The Financial Crimes Enforcement Network ( FinCEN ) is launching an initiative called the FinCEN Innovation Hours Program, as a call to private sector companies that have developed tech to fight money laundering and terrorist financing, the organization said in a release. FinCEN expects to hold events in the Washington, D.C.

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Fincen Crime Innovation Money Laundering 49

PYMNTS

OCTOBER 14, 2020

Specifically, he said the platform is fully compliant with regulators and up to date with anti-money laundering (AML) and know your customer (KYC) practices. In addition, Voyager points out that it is licensed by FinCEN and FINTRAC and can also provide treasury desk clients with the tax and compliance reporting they need.

Treasury 129

Treasury Cryptocurrency Fincen Stablecoins 129

PYMNTS

NOVEMBER 30, 2020

WatchDOG AML is a “holistic” anti-money laundering ( AML ) solution that works to prevent financial crime by “identifying suspicious activity in real time with an enterprise transaction monitoring system,” the companies said in a statement on Monday (Nov. Computer Services, Inc.

Money Laundering 63

Money Laundering Financial Crimes AML Crime 63

The Payments Association

MAY 9, 2025

Whilst long-established, it is now actively extended to virtual asset service providers (VASPs), consistent with FinCENs expanded interpretation following the FATF guidance. million for persistent failures in AML controls, including deficiencies in correspondent banking due diligence and transaction monitoring.

Correspondent Bank 88

Correspondent Bank Correspondent ISO 20022 Wire Transfer 88

PYMNTS

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said.

Travel Rule 55

Travel Rule Rules Fincen Money Laundering 55

PYMNTS

SEPTEMBER 30, 2020

Plus, Jumio is strenghtening its anti-money laundering (AML) functions. Jumio Bolsters Financial Crime Detection Capabilities With Beam’s AML Platform. Jumio is bolstering its AML functions, having announced a deal for Beam Solutions’ AML platform. FinCEN Director Tells Banks To Look Out For Crypto Fraud.

Fincen 52

Fincen Financial Crimes AML Card Issuer 52

Stax

NOVEMBER 27, 2023

From EDD and eKYC to AML to CDD, we’re going to cover everything you need to know about KYC in this article. To choose the right KYC provider, some of the factors you should look at are if the provider offers automated KYC processes, integration with existing systems, future-proof scalability, and full compliance with regulatory requirements.

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

PYMNTS

DECEMBER 14, 2018

News came earlier in the month that several federal agencies have come out — together — in support of banks embracing innovation in their compliance efforts. It all comes, at least on the surface, as a message of support that also comes at a time when chief compliance officers may be a bit trepidatious.

Financial Crimes 59

Financial Crimes Crime Fincen Office of the Comptroller of the Currency 59

PYMNTS

DECEMBER 26, 2018

Treasury’s FinCEN and Federal Banking agencies issued a joint statement encouraging innovative industry approaches to combating money laundering, terrorist financing and other illicit financial threats. As a result, anti- money laundering (AML) has been occupying the headlines as of late. Legacy AML Approaches Are Ineffective.

Money Laundering 76

Money Laundering AML Wire Transfer Rules 76

Payments Source

OCTOBER 22, 2019

New tech can help banks with less cumbersome systems track suspicious activity more effectively.

AML 63

AML Compliance Fincen Regulations 63

PYMNTS

FEBRUARY 8, 2019

The emails were reportedly only sent to certain anti-money laundering (AML) contacts, leading some to question if the National Credit Union Administration (NCUA)’s non-public data had been accessed, Krebs On Security reported. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) reportedly knows about the emails.

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BSA Phishing NCUA Credit Union 53