article thumbnail

GiveCard partners with Visa for better disbursements

The Paypers

It was chosen for its ability to integrate into government disbursement systems to manage high-volume payments, offering an infrastructure designed to move funds into people’s accounts with minimal friction. This is key for underserved or unbanked individuals, as no SSN or ID is required.

article thumbnail

Ex-US Bank Risk Officer Fined For AML Failure

PYMNTS

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

AML 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

How to Maintain Anti-Money Laundering Compliance as a PayFac

Stax

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. Let’s get started.

article thumbnail

Understanding Crypto Money Laundering, and How to Get a Handle on It

Fintech News

However, there’s been a notable downtrend in the volume received by centralised exchanges – from nearly £2 billion a month at peak to approximately £780 million a month. This preference for centralised exchanges is likely due to their high liquidity and ease of converting cryptocurrency to fiat currency.

article thumbnail

Deep Dive: Why Video-Based KYC Is Key To Seamless, Cost-Effective FI Onboarding

PYMNTS

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. Know your customer (KYC) policies were introduced with the Patriot Act in 2001 following 9/11, intended to help stem the flow of funding to terrorists.

article thumbnail

How Prepaid Cards Played A Role In El Chapo’s Global Drug Operation

PYMNTS

“The Southwest border region is a high-risk area for money laundering activity, in part because of a high volume of cash and cross-border transactions, according to bank representatives and others,” the report said.

article thumbnail

Financial Crime Compliance Predictions 2019: Stop the Scandals!

FICO

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. What’s happening now: Banks are being overwhelmed by a huge volume of false positive alerts. Detection and Alert Handling.