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. The responsibility of casinos managing all of those new transactions. and around the world.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

The Fintech Times

APRIL 8, 2024

“In addition to regulatory compliance, various security measures including KYC tools that enable real-time transaction monitoring, name matching and sanctions screening should be built into BaaS offerings from the start.” ” The post What Regulatory Challenges Should Banks and Fintechs be Aware of When Leveraging BaaS?

FinTech 116

FinTech BSA Regulatory Compliance Money Laundering 116

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.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

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

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. The peak was reached in 2022, with an alarming US$30 billion identified, largely attributable to transactions involving sanctioned services such as the Russian exchange Garantex.

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

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.

OCC 43

OCC AML Office of the Comptroller of the Currency BSA 43

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. This inconsistency also impedes law enforcement’s ability to investigate, prosecute and prevent criminal activity involving or facilitated by virtual assets,” the report added.

AML 82

AML Fincen Cryptocurrency BSA 82

Segpay

MARCH 24, 2025

PSPs verify identity and monitor transactions. Fraud Prevention & Transaction Monitoring Australia: Real-time monitoring is required, with suspicious matter reports (SMRs) submitted to AUSTRAC. AML Obligations Gambling operators must report transactions over AUD 10,000 to AUSTRAC and conduct KYC.

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

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.

Law Enforcement 54

Law Enforcement Credit Union AML Laws 54

PYMNTS

JUNE 23, 2016

A recent guest blog presented by G2 Web Services explores the obligations acquirers and third parties have when it comes to filing a Suspicious Activity Reporting (SAR) form if there is any suspicion of transaction laundering. 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

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.”

AML 59

AML Compliance AI Money Laundering 59

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

FICO

FEBRUARY 14, 2017

Today most of the financial institutions use rules-based transaction monitoring and KYC systems to fight money laundering. In the fast-changing world of financial crime, this isn’t good enough. Also, AI allows us to use unstructured data in addition to the well-structured customer and account transaction data.

AML 40

AML Compliance AI Money Laundering 40

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).

SARS 40

SARS AML Law Enforcement Suspicious Activity Report (SAR) 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. The FCPA Unit has brought criminal enforcement actions against individuals and companies and focused enforcement efforts on both the supply side and demand side of the corrupt transaction.

BSA 52

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?

BSA 40

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.

Fincen 53

Fincen Scams BSA On-Demand 53