PYMNTS

AUGUST 14, 2019

Cooperation in an environment that is rapidly advancing on many technological fronts was the theme when FinCEN Director Kenneth A. The second was the rise of cryptocurrency (though during his remarks he tended to refer to it as Convertible Virtual Currency or CVC). The first is the rise of mobile gaming and gambling.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

PYMNTS

OCTOBER 13, 2020

And, while terrorist use of cryptocurrency is still evolving, certain terrorist groups have solicited cryptocurrency donations running into the millions of dollars via online social media campaigns.”. billion of cryptocurrency reportedly was lost to theft or fraud – double that of the previous year.

AML 82

AML Fincen Cryptocurrency BSA 82

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). . The OCC also warned 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. These services blend the cryptocurrencies of many users together, making it difficult to trace the origin of funds. Usage of mixers peaked in 2022, with over US$1.5

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

FICO

DECEMBER 23, 2020

Newly regulated areas such as digital assets and cryptocurrency businesses will likely undergo increased scrutiny (as companies transacting in digital assets are not exempt from AML requirements). Organizations will reap the benefits of increased data sharing, and the ability to leverage available sources of quality consortium data.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52