PYMNTS

APRIL 3, 2020

Three weeks after the Financial Crimes Enforcement Network (FinCEN) issued guidance to financial institutions (FIs) on COVID-19, the division of the U.S. FinCEN said it expects FIs to continue following a so-called risk-based approach to adhere to the BSA obligations. FinCEN said the former executive at U.S. Bank, a subsidiary of U.S.

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Fincen BSA Crime Financial Crimes 56

Fintech Finance

DECEMBER 9, 2024

AGENDA HIGHLIGHTS: The Next Generation of Payments Enhancing Convenient and Secure Access to Financial Services The Next Digital Revolution Global Mobile Wallets and Super-apps Blockchain and Cryptocurrency Adoption Cross-Border Payment Innovations The Future of Financial Crime Levels of Connection – 2.0

Office of the Comptroller of the Currency 95

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

FICO

DECEMBER 23, 2020

Here is how we predict banks will endeavor to enhance their financial crimes controls in 2021: 1. We expect these advanced analytics will play an even greater role this year in the prevention and detection of money laundering, terrorist financing, and other illicit financial crimes. Regulators Will Zero in on Closing the Gaps.

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Financial Crimes Ransomware Crime AI 52

PYMNTS

AUGUST 14, 2019

More broadly, however, Blanco’s theme was the interconnectedness of the financial system – and how diligence and transparency is the key to combating money laundering and other financial crimes in the U.S. and around the world. Let me assure you, this is not the case.

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Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

The Fintech Times

APRIL 8, 2024

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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FinTech BSA Regulatory Compliance Money Laundering 116

PYMNTS

DECEMBER 3, 2019

It also clarifies the BSA guidelines when offering financial services to hemp-related businesses. After further evaluation of the USDA interim final rule, the Financial Crimes Enforcement Network (FinCEN) will issue additional guidance. 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

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. Weber led high-profile investigations into Silk Road and FIFA.

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Bitcoin Financial Crimes BSA Digital Currency 67

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.

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AML Suspicious Activity Report (SAR) Fincen BSA 52

Stax

DECEMBER 4, 2023

The Bank Secrecy Act (BSA) establishes AML program requirements for financial institutions in the US while the USA Patriot Act lays down which entities are required to comply. As such, the Bank Secrecy Act (BSA) establishes certain AML program requirements for financial institutions in the US. Let’s get started.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

FICO

JANUARY 18, 2019

While my colleagues have offered predictions in areas such as payments fraud and cybersecurity , I’m going to focus on what needs to happen in financial crime compliance next year, in two major areas. Watch this space for more on financial crime compliance! The post Financial Crime Compliance Predictions 2019: Stop the Scandals!

Financial Crimes 40

Financial Crimes Crime Compliance Due Diligence 40

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.

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PYMNTS

DECEMBER 13, 2018

As these financial institutions (FIs) work to boost AML efforts, as required under the Bank Secrecy Act (BSA), they must step into the role of law enforcement agencies. In this month’s feature story, Kelly discussed AML/BSA requirements and the “two-way street” in which CUs and law enforcement collaborate to fight financial crimes.

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Law Enforcement Credit Union AML Laws 54

PYMNTS

OCTOBER 13, 2020

Blanco, director of the Financial Crimes Enforcement Network (FinCEN), said that banks need to be wary of risks associated with cryptocurrency, per remarks made to the ACAMS AML virtual conference. The DOJ report stands as only the latest of warnings over the risks tied to cryptos. As recently noted by PYMNTS , Kenneth A.

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AML Fincen Cryptocurrency BSA 82

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. A recent comprehensive report by Chainalysis sheds light on the intricate world of crypto-related money laundering. The United Arab Emirates has amended Federal Decree-Law No. (20)

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Money Laundering Law Enforcement AML Non-Bank 108

PYMNTS

DECEMBER 22, 2020

The bank has already been implementing an extensive enhancement plan to its New York Branch BSA/AML procedures, processes and oversight, which predominantly addresses the requirements of today’s agreement,” Credit Suisse said in a statement , according to Reuters.

Money Laundering 60

Money Laundering Fed BSA AML 60

The Fintech Times

SEPTEMBER 19, 2024

” ‘A beacon of hope’ Brenda Banks , VP of BaaS and BSA at DataVisor “A risk orchestration platform offers a beacon of hope, enhancing financial institutions’ agility,” says Brenda Banks , VP of BaaS and BSA at DataVisor. However, combining the organisations may not lead to the intended benefits. .

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Risk Financial Crimes AML Risk Management 59

Finovate

MARCH 28, 2024

This enhances defense against new financial crime threats and helps institutions align themselves with the trend toward combining fraud fighting and AML operations. 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.”

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AML Compliance AI Money Laundering 59

PYMNTS

SEPTEMBER 11, 2019

Jamal El-Hindi, the deputy director of the Financial Crimes Enforcement Network (FinCEN), spoke at the 2019 Money Transmitter Regulators Association Annual Conference on Wednesday (Sept. 11) about the importance of innovation and the regulation of non-banking financial institutions (NBFI), according to a release.

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Fincen Non-Bank Money Laundering AML 46

Segpay

MARCH 24, 2025

Casinos and online gambling firms follow Bank Secrecy Act (BSA) rules and file Suspicious Activity Reports (SARs). State-level regulation: Some states allow full online gambling (New Jersey, Pennsylvania), while others ban it. AML Obligations Gambling operators must report transactions over AUD 10,000 to AUSTRAC and conduct KYC.

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Compliance Suspicious Activity Report (SAR) Fincen AML 71

PYMNTS

JUNE 23, 2016

Monroe, which specializes in payment processing, SAR makes up the cornerstone of the Bank Secrecy Act (BSA) reporting system.

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Suspicious Activity Report (SAR) SARS BSA MSPS 40

PYMNTS

DECEMBER 17, 2018

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. However, FinCEN said it recognized that UBSFS has made changes and “significant investments in BSA/AML staffing and technology.” Department of the Treasury, has assessed a $14.5

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Fincen AML BSA Money Laundering 55

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.

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Regs BSA Legal Framework Cryptocurrency 49

Finovate

DECEMBER 22, 2023

. “At Refine intelligence, our mission is to help banks regain that superpower of really knowing their customers’ life stories, so their financial crime teams can quickly clear AML or scam alerts triggered by legitimate customer activity. We work with Risk, Financial Crime, BSA and AML teams.

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Financial Inclusion Automation AI Financial Crimes 64

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). At long last, fraud and compliance infrastructures are starting to converge. Let’s dive in. TPRM Takes Off. Use of AI and ML in Compliance Will Expand.

Compliance 52

Compliance Fincen Cybersecurity Money Laundering 52

FICO

DECEMBER 12, 2018

is to the existing Bank Secrecy Act (BSA)/anti-money laundering (AML) regime. Among the key provisions is addressing the increasing burden on financial institutions required to file Suspicious Activity Reports (SARs) and the enormous amount of data flowing to Treasury’s Financial Crime Enforcement Network (FinCEN).

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SARS AML Law Enforcement Suspicious Activity Report (SAR) 40

FICO

FEBRUARY 14, 2017

We have seen some improvement in the false positive rate through the use of the risk-based approach (RBA), which banks have been implementing to comply with international regulations (such as the 4 th EU ML directive, BSA 4 pillars, and FATF 2012). In the fast-changing world of financial crime, this isn’t good enough.

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AML Compliance AI Money Laundering 40

FICO

JUNE 23, 2021

The Fraud Section plays a unique and essential role in the Department of Justice’s fight against sophisticated economic crime. To learn more about how FICO helps organizations fight financial crime visit our website and/or connect with me on LinkedIn. About the Fraud Section. 1 The summary statistics exclude sealed cases.

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BSA Financial Crimes Crime Compliance 52

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. companies and companies doing business in the U.S.

BSA 52

BSA Suspicious Activity Report (SAR) Financial Inclusion AML 52

FICO

DECEMBER 19, 2018

AML/BSA Reform Talks Will Intensify but Meaningful Changes Will Have to Wait. Bank Secrecy Act/anti-money laundering (BSA/AML) regulatory reforms are top of mind for regulators and legislators. Members of Congress have also been focused on BSA/AML reforms. Where is BSA/AML reform headed in 2019?

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BSA Fincen Suspicious Activity Report (SAR) SARS 40

PYMNTS

MARCH 16, 2020

In other news, the Financial Crimes Enforcement Network ( FinCEN ) is asking financial institutions to be aware of fraudulent or malicious transactions “similar to those that occur in the wake of natural disasters” per a post on the government body’s website. Smaller locations, on the other hand, are running three mornings per week.

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