Fintech News

JULY 17, 2024

A recent comprehensive report by Chainalysis sheds light on the intricate world of crypto-related money laundering. The far-reaching study encompasses both crypto-native and non-crypto native methods, as well as strategies for prevention. Usage of mixers peaked in 2022, with over US$1.5 billion of value received in April alone.

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Money Laundering Law Enforcement AML Non-Bank 109

Stax

DECEMBER 4, 2023

According to a UN report, money laundering activities of about $1.6 The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. Non-compliance can have major implications. of global GDP. Let’s get started.

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Money Laundering Compliance AML BSA 88

PYMNTS

FEBRUARY 8, 2019

In a reported phishing campaign that began last month, Bank Secrecy Act (BSA) officials at credit unions in the U.S. are said to have been sent emails that appeared to have come from other BSA officers. It was not clear if any BSA officers had decided to follow the link to the site, according to the report.

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BSA Phishing NCUA Credit Union 53

The Fintech Times

APRIL 8, 2024

This April, The Fintech Times is focusing on all things embedded finance, the integration of financial services into non-financial products and services. First, we turn our attention to the growth of Banking-as-a-Service (BaaS). “Do they have a banking licence that means their customers’ money is protected up to a certain level?

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FinTech BSA Regulatory Compliance Money Laundering 116

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

PYMNTS

JUNE 23, 2016

Monroe, which specializes in payment processing, SAR makes up the cornerstone of the Bank Secrecy Act (BSA) reporting system. A bank may increase its risk of suspicious activity taking place if it’s unable to accurately identify and understand the nature and sources of the transactions conducted or attempted by, at or through them.

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Suspicious Activity Report (SAR) SARS BSA MSPS 40

FICO

MARCH 13, 2017

For many banks, KYC — Know Your Customer — means asking them how they intend to use a product, where the funds are coming from for their new account, etc. At the same time, the bank will check the customer against sanction lists, PEP (politically exposed persons) lists, and so forth. Should banks care? It’s not enough.

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Money Laundering Database BSA Due Diligence 45