PYMNTS

NOVEMBER 16, 2018

The Financial Crimes Enforcement Network (FinCEN) announced that it has issued revised Geographic Targeting Orders (GTOs), which will now require U.S. In addition, FinCEN is requiring for purchases via virtual currencies to be reported. FinCEN Director Kenneth A.

Fincen

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

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

PYMNTS

DECEMBER 11, 2020

PYMNTS December 2020 AML/KYC Tracker® done in collaboration with Trulioo probes the heightened fraud climate accompanying the mobile-digital shift, zeroing in on key aspects of prevailing in the digital fraud wars. This distrust is reflected in usage rates among businesses,” 23 percent of which don’t use automated AML processes.

Money Laundering

PYMNTS

OCTOBER 19, 2020

It will let DASH holders “generate additional yield through major DeFi applications while at the same time continuing to receive stable staking rewards,” according to the announcement. In other news, the Bank of Russia says that a digital ruble could assist in decreasing the reliance of the country’s economy on the U.S. 19) announcement.

Fincen

PYMNTS

DECEMBER 18, 2018

The release comes amid increasing attention on issues involving ID , authentication and “ know your customer ” tactics and strategies — and as observers anticipate even more focus in 2019 on issues related to online security and privacy and AML efforts. Compliance is a complex topic,” said Stephen Ufford, CEO and founder of Trulioo.

AML

Fintech News

JULY 17, 2024

The HKMA concluded that the bank failed to continuously monitor business relationships, conduct enhanced due diligence in high-risk situations for a period, and maintain proper records for some customers. Singapore’s Payment Services Act (PSA) brings crypto businesses under regulatory oversight, imposing strict AML/CFT requirements.

Money Laundering

Stax

DECEMBER 4, 2023

With the global economy moving online, corruption, fraud, trafficking, and other illicit activities continue to rise. The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. trillion took place in 2020, accounting for about 2.7%

Money Laundering

Seon

APRIL 11, 2024

Financial institutions worldwide are continuously evolving their strategies to combat fraud and money laundering, two threats that undermine the potential of our global financial systems. Moving in the other direction, fraud teams can leverage traditional AML information to create more robust and refined risk rulings.

Fraud Prevention

PYMNTS

DECEMBER 4, 2018

The agencies, in tandem with the Financial Crimes Enforcement Network (FinCEN), said they “recognize that private sector innovation” that builds on existing tools or embraces new technologies can help banks identify and report money laundering , terrorist financing and other illicit activities. Senate Hearing on AML.

Financial Crimes

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

The Payments Association

JANUARY 29, 2025

Common themes Analysis of these regulatory fines highlights four persistent weaknesses that continue to challenge the industry: Inadequate governance, accountability and culture: Ineffective governance and fragmented leadership often resulted in unaddressed vulnerabilities.

Financial Crimes

PYMNTS

JUNE 5, 2020

Strong anti-money laundering (AML) processes make it harder for bad actors to hide or use ill-gotten gains, which, in turn, makes human trafficking, arms smuggling and other violent crimes that are often the sources of illicit funds less profitable, Davies explained — and thus less tempting. “We Why AML Checks Are Never Over.

Money Laundering

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

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

The Payments Association

MAY 9, 2025

Yet the sector continues to face scrutiny over its vulnerability to financial crime. Whilst long-established, it is now actively extended to virtual asset service providers (VASPs), consistent with FinCENs expanded interpretation following the FATF guidance. Recent enforcement actions & typologies Regulators are beginning to act.

Correspondent Bank

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. The final rule extending AML regulatory requirements to banks lacking a federal functional regulator is just one such example.

Financial Crimes

FICO

JANUARY 8, 2020

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). Relative to that, I also predict continued strong growth for the cyber insurance market, as cyber risk underwriting continues its transition from art to science.

Compliance

Stax

JANUARY 8, 2024

As such, PayFacs need to equip themselves with an effective risk management strategy that helps them continuously monitor risks and employ appropriate risk responses if needed. PayFacs need to equip themselves with an effective risk management strategy that helps them continuously monitor risks and employ appropriate risk responses if needed.

Risk Management

Trade Credit & Liquidity Management

MAY 27, 2025

Follow the Compliance Requirements that Apply to Your Company Trade creditors (B2B vendors or exporters offering credit terms) are generally not directly regulated under financial-sector KYC/AML rules unless they operate within a regulated industry, such as finance or securities.

Due Diligence

CB Insights

JUNE 27, 2018

Hinman argues that ether and bitcoin are not securities because the networks in which they function are decentralized; no central parties dictate the continued maintenance of the network or sale of associated tokens. Other regulatory agencies like the CFTC and FinCEN are approaching the sector in different ways.

Regulations

CB Insights

MAY 8, 2018

In other words, while the speculative hype has largely died down, engineers are building, teams are forming, and development is continuing apace. As regulators continue to crack down on public ICOs, we expect this shift toward pre-sales and private sales to continue. THE FUTURE OF BLOCKCHAIN TECH.

Blockchain

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. to report their beneficial owners to FinCEN.

BSA

PYMNTS

DECEMBER 21, 2020

The Financial Crimes Enforcement Network (FinCEN) has said that as of Sept. And at the same time, Biden will also have to monitor and contend with human-rights issues and continued risks of destabilization in at least two other countries — Syria and Cuba, she said. The Crypto Factor .

AML

The Payments Association

MARCH 18, 2025

Many banks have been hesitant to engage with these businesses, citing concerns over compliance burdens, anti-money laundering (AML) obligations, and the inherent volatility of digital assets. A lack of consistent regulatory classification for cryptocurrencies continues to create uncertainty. What comes next?

Federal Reserve