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FinCEN Issues Warning About COVID-19 Vaccine Scams, Cyberattacks

PYMNTS

As the distribution of the COVID-19 vaccine continues to roll out to medical workers and high-risk populations, the Financial Crimes Enforcement Network (FinCEN) is asking financial institutions to be extra vigilant when it comes to cybersecurity. .

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TD Bank Group Announces Resolution of AML Investigations

Fintech Finance

Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs. AML remediation program, continue to serve the financial needs of its more than ten million U.S. “I want to thank our colleagues, who continue to demonstrate their dedication and who play an important role in preventing criminal activity.”

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FinCEN Reminds FIs To Beware During COVID-19 Crisis

PYMNTS

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.

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FinCEN Hits Capital One For $390 Million; Says Bank Violated Bank Secrecy Act

PYMNTS

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). The Financial Crimes Enforcement Network (FinCEN) late Friday (Jan.

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What Regulatory Challenges Should Banks and Fintechs be Aware of When Leveraging BaaS?

The Fintech Times

Banks should not rely on their fintech partners to be the only source of truth on this type of oversight and should have a dedicated BSA officer with full authority and oversight of these programs. “BaaS providers also need to be aware of the impact of and how to unravel these relationships should the need come.”

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Regulators Urge Tech Innovation To Combat Financial Crime

PYMNTS

“Likewise, pilot programs that expose gaps in a BSA/AML compliance program will not necessarily result in supervisory action with respect to that program.”. In terms of future efforts, FinCEN said it is launching an innovation initiative to foster a better understanding of BSA/AML-related innovation in the financial services sector.

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Regulators Detail Banking Rules For Hemp Firms

PYMNTS

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.