PYMNTS

DECEMBER 4, 2018

3) that urged banks to study and implement “where appropriate” methods that would bring innovate approaches to anti-money laundering efforts and Bank Secrecy Act compliance. Digital efforts have spanned artificial intelligence and tech-driven identity systems that can and have boosted transaction monitoring systems.

Financial Crimes 64

Financial Crimes Crime BSA Innovation 64

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). . The automated transaction monitoring software U.S. The bank also inadequately staffed the BSA compliance function. . “Mr. Department of Justice (DOJ) to penalize U.S.

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

APRIL 3, 2020

The agency, whose mission is to safeguard the financial system, said compliance with the Bank Secrecy Act (BSA) is the key to keeping the nation safe by fighting money laundering and related crimes, including terrorism and its financing. Investigators found that automated transaction monitoring software U.S.

Fincen 56

Fincen BSA Crime Financial Crimes 56

PYMNTS

FEBRUARY 13, 2019

But it covers the main challenge faced in the illegal drug trade: getting product into a specific location and getting their earnings out in a way that does not trigger anti-money laundering defenses. federal prison — shows how the money laundering game now stands for those global suppliers of cocaine, heroin and other illegal drugs.

Money Laundering 58

Money Laundering Debit Card Cross-Border BSA 58

Finovate

MARCH 28, 2024

Fraud and risk platform DataVisor launched its anti-money laundering (AML) solution this week. The new offering combines fraud fighting and anti-money laundering operations in a unified, approach that helps institutions better deal with emerging threats and evolving regulations.

AML 59

AML Compliance AI Money Laundering 59

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

But to spotlight how hard it can be to catch criminals, the report noted that some of them engage in what is known as “jurisdictional arbitrage,” which means they look to exploit the lack of standard legal and anti-money laundering ( AML )- focused rules and regulations.

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. though some areas overlap.

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

PYMNTS

DECEMBER 13, 2018

In the latest Credit Union Tracker , PYMNTS highlights how CUs are embracing new engagement tech to strengthen relationships with their members, while also boosting anti-money laundering (AML) efforts. Around The Credit Union World. Many members first engage with their CU through its website or other online portal. About The Tracker .

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

PYMNTS

APRIL 27, 2020

“It’s not realistic to manage 20 million retail bank accounts” at the Fed, contended Cagney, especially with the infrastructure needed to support robust know-your-customer (KYC) and anti-money laundering (AML) activities. That’s a nightmare waiting to happen with the amount of fraud that could occur there.”.

Blockchain 108

Blockchain Tax Refunds IRS Fed 108

PYMNTS

AUGUST 14, 2019

Blanco took to the stage at the 12th Annual Las Vegas Anti-Money Laundering Conference yesterday (August 13). 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.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

PYMNTS

DECEMBER 10, 2020

Financial laws governing such transactions date back to 1970 when the Bank Secrecy Act (BSA) was enacted , requiring financial institutions (FIs) to report transactions of $10,000 or more. identities. .

Due Diligence 80

Due Diligence Online and Mobile Banking BSA Federal Reserve 80

FICO

DECEMBER 23, 2020

It has also opened new doors for criminals, who have rushed to exploit the uncertainty in a pandemic world and devised new money laundering and terrorist financing schemes by taking advantage of loopholes in the regulations, new ways of working aided by advances in technology, and electronic payment innovations.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

FICO

FEBRUARY 14, 2017

In yesterday’s post, my colleague TJ Horan introduced the topic of artificial intelligence being applied to anti-money laundering (AML). Today most of the financial institutions use rules-based transaction monitoring and KYC systems to fight money laundering.

AML 40

AML Compliance AI Money Laundering 40

FICO

JANUARY 18, 2019

What needs to happen: International committees like FATF and the Basel Committee on Banking Supervision as well as national regulations like BSA (USA) and EU directives all require a sound KYC program. The bank will have to re-check their clients, as required by the regulator BaFin.

Financial Crimes 40

Financial Crimes Crime Compliance Due Diligence 40

FICO

DECEMBER 12, 2018

is to the existing Bank Secrecy Act (BSA)/anti-money laundering (AML) regime. FICO Cognitive Analytics can ingest structured data such as transactions and lists of politically exposed persons, as well as unstructured data from millions of SARs.

SARS 40

SARS AML Law Enforcement Suspicious Activity Report (SAR) 40

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. Even by Washington standards, this bill is massive topping 4,500 pages.

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