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 figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space.

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

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). . Bank had in place erroneously capped the number of alerts, which hindered law enforcement’s ability to spot suspicious activity.

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

AUGUST 14, 2019

The second was the rise of cryptocurrency (though during his remarks he tended to refer to it as Convertible Virtual Currency or CVC). In the era of advanced AI, it also has the power to be tool across all of law enforcement; applicable to uses ranging from fighting the opioid epidemic or taking on terrorism. “In

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

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