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

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 87

Money Laundering AML Cryptocurrency Verification 87

Payments Source

OCTOBER 21, 2019

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

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Fincen AML Compliance Payments 67

Fintech News

JULY 17, 2024

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. These services blend the cryptocurrencies of many users together, making it difficult to trace the origin of funds. Usage of mixers peaked in 2022, with over US$1.5

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Money Laundering Law Enforcement AML Non-Bank 109

PYMNTS

OCTOBER 14, 2020

The head of the country’s only licensed and publicly traded cryptocurrency broker says tighter regulation and exponentially higher yields are causing corporate treasury and cash management accounts to seriously consider this alternative asset class. This in the wake of the OCC’s Sept.

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Treasury Cryptocurrency Stablecoins Fincen 129

PYMNTS

OCTOBER 19, 2020

sanctions can encompass prohibitions on operations with cryptocurrencies. As a result, the move could assist in assuaging the risk of international sanctions. However, CoinDesk notes that U.S. Earlier this month, The Bank of Russia had released a report on a potential rollout of the digital ruble. 19) announcement.

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Fincen Mitigation Risk 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.

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Rules AML Travel Rule Fincen 50

The Paypers

APRIL 22, 2019

(The Paypers) The Financial Crimes Enforcement Network (FinCEN) has penalised a “peer-to-peer cryptocurrency exchanger” for breaking anti-money laundering (AML) rules.

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Fincen AML Money Laundering Laws 28

PYMNTS

JUNE 16, 2020

But Kellerman and other security experts advocated at the hearing for legislative measures, such as modernizing anti-money laundering (AML) and forfeiture rules and moving the Secret Service to the Treasury Department, to help combat the threat. ” A memo included with the subcommittee’s documents also pointed to the U.S.

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Cybersecurity Money Laundering Treasury FBI 90

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

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

The Payments Association

JANUARY 29, 2025

Insufficient investment in compliance : Organisations failed to allocate adequate resources to AML frameworks, teams, and operational improvements. Focusingon expansion rather than compliance has increased vulnerabilitiesin rapidly growing sectors such as cryptocurrency. July 2024: CB Payments Limited (Coinbase UK)3.5

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

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.

Financial Crimes 59

Financial Crimes Due Diligence Compliance AML 59

Stax

NOVEMBER 27, 2023

Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks. From EDD and eKYC to AML to CDD, we’re going to cover everything you need to know about KYC in this article. In the U.S., Within the U.S., million ($47.3

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Due Diligence Money Laundering AML Financial Crimes 88

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 52

Financial Crimes Ransomware Crime AI 52

CB Insights

JUNE 27, 2018

In June, the SEC’s head of corporate finance William Hinman stated that ether, the cryptocurrency associated with the Ethereum network, is not a security. Other regulatory agencies like the CFTC and FinCEN are approaching the sector in different ways. FinCEN thinks cryptoassets are money, while CFTC sees commodities.

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Regulations Fincen Bitcoin Cryptocurrency 39

Payments Source

MARCH 9, 2020

The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks.

Money Laundering 71

Money Laundering Bitcoin Treasury Cryptocurrency 71

FICO

AUGUST 4, 2021

We saw this in the Panama Papers as well as the FinCEN files. Given how fast this market moves, I would argue that a lot of these crypto-finance companies have very little focus on KYC and AML, let alone any meaningful awareness of what they need to do. Now, I’m going to cover what it means for the wider financial crime space.

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NFTs Money Laundering AML Fincen 66

CB Insights

MAY 8, 2018

While the prices of cryptocurrencies and cryptoassets have fallen from their 2017 peaks, equity investment into blockchain startups is on pace to hit all-time highs in 2018. In still other cases, accredited investors buy tokens via cryptocurrency purchase agreements. The encrypted messaging service raised $1.7B End of story.”

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Blockchain Technology Cryptocurrency Use Case 75

FICO

APRIL 19, 2021

Last month, too, JPMorgan Chase launched a structure note offering to give clients a way to gain exposure to Bitcoin and other cryptocurrencies. In an interesting choice of words, Forbes refers to the offering as a potential “gateway drug,” presumably to direct cryptocurrency investing. And with that comes regulation.

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AML Cryptocurrency Financial Crimes Money Laundering 52

PYMNTS

DECEMBER 11, 2020

Senate passed legislation that would strengthen anti-money laundering (AML) rules. In addition, the bill would promote more robust information-sharing between regulators and gives the Financial Crimes Enforcement Network (FinCEN) broader power to root out and punish attempts to skirt the regulations.

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AML Laws Fincen Money Laundering 105

PYMNTS

AUGUST 13, 2018

That’s the tally that FinCEN Director Kenneth A. Blanco told a conference last week that FinCEN, which operates as part of the Treasury Department, sees as cryptocurrency gains traction. Among those rulings, FinCEN has said that such rulings include crypto mining and trading platforms and issuance of ownership certificates.

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Fincen Cryptocurrency Office of the Comptroller of the Currency Multi-Currency 43

PYMNTS

DECEMBER 21, 2020

Justice Department raised alarms that cryptocurrencies are taking shape among national-security threats the United States faces, as rogue nations increasingly embrace crypto. Cryptocurrencies can and are being used to fund cyberattacks and evade U.S. The Financial Crimes Enforcement Network (FinCEN) has said that as of Sept.

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AML Financial Crimes Crime Money Laundering 90

PYMNTS

JULY 15, 2019

David Marcus, the head of Facebook’s blockchain department and the face of its proposed cryptocurrency Libra, has released his congressional testimony ahead of a scheduled appearance before Congress, according to a report by TechCrunch. The Association also intends to register with FinCEN [The U.S.

Regulations 40

Regulations Money Laundering Central Bank Fincen 40

PYMNTS

JULY 15, 2019

David Marcus, the head of Facebook’s blockchain department and the face of its proposed cryptocurrency Libra, has released his congressional testimony ahead of a scheduled appearance before Congress, according to a report by TechCrunch. The Association also intends to register with FinCEN [The U.S.

Regulations 40

Regulations Money Laundering Central Bank Fincen 40

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. In response to industry feedback, the Fed is working on providing clearer guidance on permissible banking activities involving cryptocurrencies.

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Federal Reserve Stablecoins Fed Settlement 88