Innovative Payments Association

MARCH 10, 2025

Eli Rosenberg A strong bank-fintech partnership can drive innovation, but a single misstep can lead to compliance headaches and regulatory scrutiny. Most consent orders for fintech partner banks center around failures in the BSA/AML and fraud prevention area. What’s one strategy that helps banks and fintechs align on compliance?

FinTech 52

FinTech BSA Fraud Prevention Compliance 52

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. On Wednesday (Feb.

OCC 43

OCC AML Office of the Comptroller of the Currency BSA 43

Fintech Finance

DECEMBER 9, 2024

Morgan Andres Betancourt, Vice President, AML Sanctions Canada & International Advisory at PNC Bank Andrew Eichel, VP of Payments & Compliance at Lotto.com Inc. Morgan Andres Betancourt, Vice President, AML Sanctions Canada & International Advisory at PNC Bank Andrew Eichel, VP of Payments & Compliance at Lotto.com Inc.

Office of the Comptroller of the Currency 95

Office of the Comptroller of the Currency Financial Crimes BSA Cross-Border Payments 95

Paystand

OCTOBER 23, 2024

What does the BSA require? What are the effects of the BSA? Criticism of the BSA Why finance automation is the key to compliance Table of Contents What is the Bank Secrecy Act? What is the purpose of the Bank Secrecy Act? What is a Suspicious Activity Report?

BSA 52

BSA Compliance Automation Finance 52

Fintech Finance

OCTOBER 11, 2024

Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs. Head of Financial Crime Risk Management and BSA/AML Officer, with proven leadership and experience. boards for AML / BSA oversight. The Bank and certain of its U.S. Established a dedicated committee at the U.S.

AML 98

AML BSA Money Laundering Financial Crimes 98

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

PYMNTS

APRIL 3, 2020

The agency, whose mission is to safeguard the financial system, said compliance with the Bank Secrecy Act (BSA) is the key to keeping the nation safe by fighting money laundering and related crimes, including terrorism and its financing. FinCEN said the former executive at U.S. Bank, a subsidiary of U.S.

Fincen 56

Fincen BSA Crime Financial Crimes 56

PYMNTS

JANUARY 15, 2021

15) announced that it is assessing a $390 million penalty against Capital One for engaging in what it says are “both willful and negligent violations” of the Bank Secrecy Act (BSA). Capital One provided banking services to the group and became aware of compliance and money-laundering risks associated with the group’s customers.

Fincen 107

Fincen Suspicious Activity Report (SAR) Money Laundering SARS 107

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

Finovate

MARCH 28, 2024

Our focus on continued innovation ensures that we not only meet the current compliance demand but also remain agile to anticipate and counteract future financial crimes.” Founded in 2013, DataVisor began this year with an announcement that the company’s platform had secured PCI compliance. Co-founder Yinglian Xie is CEO.

AML 59

AML Compliance AI Money Laundering 59

Finextra

JANUARY 8, 2025

bank) for deficiencies related to its Bank Secrecy Act (BSA) and sanctions compliance programs. The Office of the Comptroller of the Currency (OCC) today issued a cease-and-desist order (order) against Bank of America, N.A.

Office of the Comptroller of the Currency 52

Office of the Comptroller of the Currency OCC BSA Compliance 52

PYMNTS

DECEMBER 3, 2019

It also clarifies the BSA guidelines when offering financial services to hemp-related businesses. The BSA establishes recordkeeping and reporting requirements for national banks, federal savings associations, federal branches and agencies of foreign banks. Department of Agriculture’s (USDA) interim final rule on hemp production.

Suspicious Activity Report (SAR) 55

Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

PYMNTS

DECEMBER 13, 2018

The new site aims to improve online functionality with an enhanced user experience, as well as keep MED5 FCU in compliance with the Americans with Disabilities Act. AML Compliance Turns CUs Into Law Enforcement. Meanwhile, another partnership could change the way users engage with a CU’s network of ATMs.

Law Enforcement 54

Law Enforcement Credit Union AML Laws 54

PYMNTS

MARCH 4, 2020

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). . The bank also inadequately staffed the BSA compliance function. . “Mr. The automated transaction monitoring software U.S. Department of Justice (DOJ) to penalize U.S.

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

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. 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

FICO

JANUARY 18, 2019

Despite advances in customer due diligence, including the addition of advanced analytics to compliance officers’ toolkits, the scandals of 2018 confirmed that many banks are struggling to bring their operations up to regulators’ standards, to say nothing of best practices. Know Your Customer. Detection and Alert Handling.

Financial Crimes 40

Financial Crimes Crime Compliance BSA 40

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

SEPTEMBER 20, 2016

“EFT fraud attempts are increasing in size, frequency and sophistication,” said Jason Vazquez, senior vice president, deputy chief risk officer and BSA/AML compliance officer for Sterling National Bank, in the press release. “Fraud solutions from Fiserv give us best-in-class detection and minimize false positives.

BSA 67

BSA FedWire Risk Mitigation ACH 67

PYMNTS

APRIL 28, 2020

Weber was most recently head of Financial Crime Prevention for the Americas at UBS, spearheading all facets of sanctions, BSA and AML compliance. He also had previously served as Deutsche Bank’s head of Anti-Financial Crime for the Americas.

Bitcoin 67

Bitcoin Financial Crimes BSA Digital Currency 67

FICO

FEBRUARY 14, 2017

I’m going to explore the impact advanced analytics can have on the current state of regulatory compliance. At our FICO TONBELLER User Group , we shared Baker & McKenzie’s view on the use of AI for financial crime compliance: At FICO TONBELLER , we have a head start. That’s what a compliance officer is looking for.

AML 40

AML Compliance AI Money Laundering 40

PYMNTS

OCTOBER 13, 2020

In fact, there exists a complete lack of consistent AML and other regulatory schemes elsewhere in the world – leaving cross-border and global transactions vulnerable. The DOJ report stands as only the latest of warnings over the risks tied to cryptos. As recently noted by PYMNTS , Kenneth A.

AML 82

AML Fincen Cryptocurrency BSA 82

The Fintech Times

SEPTEMBER 19, 2024

This month, The Fintech Times will look at some of the biggest issues regarding compliance and financial rules, as well as the solutions hoping to ease the compliance journey for firms and make the fintech world fairer and safer. Automation supports compliance Sarah A. To find out, we spoke to industry experts.

Risk 59

Risk Financial Crimes AML Risk Management 59

Finovate

JUNE 24, 2024

” New York City-based Kobalt Labs enables FIs to accelerate and fortify compliance operations. The company’s technology also provides automatic alignment with the latest regulations in privacy, lending, money movement, BSA/AML, ACH, and more.

Risk Assessment 59

Risk Assessment BSA Assessments AML 59

PYMNTS

JUNE 23, 2016

Monroe, which specializes in payment processing, SAR makes up the cornerstone of the Bank Secrecy Act (BSA) reporting system. According to the post , authored by Theodore F. Monroe and Bradley O. Cebeci of the Law Offices of Theodore F.

Suspicious Activity Report (SAR) 40

Suspicious Activity Report (SAR) SARS BSA MSPS 40

PYMNTS

AUGUST 14, 2019

His worry, he said, are the areas where they have expected to see more data reporting and haven’t; as well as indications that casinos have been taking their foot off the gas pedal of late when it comes to their compliance activities. “It The Team Oriented Nature Of Compliance . kilograms of methamphetamines and more than $5.5

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

PYMNTS

SEPTEMBER 11, 2019

From FinCEN’s perspective, our BSA/AML system is good, but it can always be improved, and we see great opportunities in working with industry on innovations that can help better detect and safeguard against illicit activity,” he said. financial system by potential findings of non-compliance,” he said.

Fincen 46

Fincen Non-Bank Money Laundering AML 46

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

“Congress must close these loopholes, and financial institutions, including the biggest banks, also must do their part and fully comply with our BSA-AML laws. Although most do, we continue to see not only failures in compliance but also egregious acts where money laundering and terror finance are facilitated,” said Waters.

Money Laundering 51

Money Laundering BSA Laws AML 51

Fintech Labs Insights

MAY 13, 2015

Next, Finaeos debuted its compliance automation: “Finaeos Automates the Back-Office & Capital Raise Compliance. AML “Anti Money Laundering” with specific considerations to BSA and the US Patriot Act. AML “Anti Money Laundering” with specific considerations to BSA and the US Patriot Act. HQ: Victoria, BC, Canada.

Compliance 23

Compliance BSA Money Laundering AML 23

PYMNTS

DECEMBER 17, 2018

However, FinCEN said it recognized that UBSFS has made changes and “significant investments in BSA/AML staffing and technology.”

Fincen 55

Fincen AML BSA Money Laundering 55

FICO

DECEMBER 23, 2020

We predict that regulators will continue to emphasize financial crimes compliance by looking to close the gaps in existing frameworks and regulations. Now compliance professionals will also need to concern themselves with mitigating ransomware sanctions risks (i.e., Regulators Will Zero in on Closing the Gaps.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

PYMNTS

SEPTEMBER 2, 2019

Some VASPs are regulated as money transmitters under the Bank Secrecy Act (BSA) while others escape regulation, said David Murray, FIN’s vice president for product development and services. Although regulation could make it hard for some crypto firms to continue operations, Murray said it’s not the BSA’s job to accommodate everyone.

Regs 49

Regs BSA Legal Framework Cryptocurrency 49

Finovate

AUGUST 20, 2024

PointChain PointChain is an intelligent risk management platform designed to bring proactive compliance and risk controls to the forefront. Banks, credit unions, credit card companies, and financial service providers who are required to implement and adhere to stringent BSA and AML policies.

Credit Union 59

Credit Union Payment APIs and Integration BSA SARS 59

FICO

MARCH 13, 2017

Under the KYC requirements that are part of current regulations, such as the 4th EU Money Laundering Directive and the fifth pillar of the BSA, the bank needs to know the business of their customers. Banks that don’t know about their customers’ offshore companies face not only non-compliance, but reputational risk. Should banks care?

Money Laundering 45

Money Laundering Database BSA Due Diligence 45

Nanonets

SEPTEMBER 23, 2024

Now, let’s examine how this is done and explore some advanced AI-powered bank statement analysers (BSA). Ensuring data security and compliance Finally, safeguarding data security and ensuring compliance with regulations like GDPR or HIPAA (in healthcare) is crucial.

Payment APIs and Integration 52

Payment APIs and Integration AI Audit Non-Bank 52

Wharton Fintech

OCTOBER 30, 2023

There’s obviously a ton more integrations, you know, with respect to third parties like eStatements and BillPay and Remote Deposit Capture and Check Imaging and Security and BSA tools. They have a lot of compliance requirements they really leaned into. But there is also a huge cost-saving advantage to Narmi.

API 130

API Online and Mobile Banking FedNow Credit Union 130

FICO

JUNE 23, 2021

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. 1 The summary statistics exclude sealed cases. 1 The summary statistics exclude sealed cases. Includes charges brought and pleas entered under seal in 2019 that were unsealed in 2020.

BSA 52

BSA Financial Crimes Crime Compliance 52