PYMNTS

SEPTEMBER 21, 2020

Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. Banks, it should be noted, have paid hefty fines for past violations and for issues tied to controls and reporting.

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

PYMNTS

MARCH 13, 2020

The company also noted that, beyond its continuing probe, “we reported this matter to law enforcement and are offering our full cooperation.” Health authorities have encouraged the elderly not to travel on cruises, while demand for cruises has declined precipitously.

Data Breach 68

Data Breach Breach Law Enforcement SARS 68

The Fintech Times

APRIL 29, 2024

If that is not the case, and you observe unusual and/or suspicious activity, submit a report (via a suspicious activity or transaction report – SAR or STR) to your local financial intelligence unit (FIU) for investigation, if necessary, escalate matters to the relevant law enforcement authorities.

Money Laundering 78

Money Laundering AML SARS Financial Crimes 78

PYMNTS

JULY 17, 2019

The CFPB is asking that financial institutions file Suspicious Activity Reports (SARs) with the government when they think elder financial exploitation (EFE) is happening. The CFPB also released a report that showed how important it was to tell authorities about EFE.

Suspicious Activity Report (SAR) 45

Suspicious Activity Report (SAR) Consumer Financial Protection Bureau (CFPB) SARS Consumer 45

FICO

JUNE 9, 2022

AML Threat Score: Reducing False Positives Amid Defensive SAR Filings. Defensive SARs obscure the true efficacy of the AML program with a high volume of low-quality outcomes. The Cascading Effect of Defensive SARs. Furthermore, defensive SARs make it hard to quantify false positive reduction, even at 100% SAR detection.

Money Laundering 52

Money Laundering AML SARS AI 52

The Payments Association

JANUARY 29, 2025

Following the Financial Conduct Authoritys (FCA) 2020 visit, the FCA imposed a Voluntary Requirement (VREQ) to restrict new high-risk customer onboarding while CBPL remediated its controls. SAR and high-risk client backlogs : TD Bank faced delays in reviewing suspicious activity and closing high-risk accounts. November: Metro Bank16.6

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

Stax

DECEMBER 4, 2023

It mandates ongoing monitoring of suspicious activity, recordkeeping, and submitting suspicious activity reports (SARs) to the government. PayFacs must also monitor their transactions continuously for any suspicious behavior and report them to the authorities immediately. Q: Why is AML compliance critical for PayFacs?

Money Laundering 88

Money Laundering Compliance AML BSA 88