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US agencies provide advice for combatting elder financial exploitation

Finextra

The Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and state financial regulators issued a joint statement this (..)

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Compliance, Gaming and Gambling in Australia vs USA

Segpay

USA: PSPs may need a Money Transmitter License (MTL) in each state they operate, plus registration with FinCEN as a Money Services Business (MSB). USA: Stricter transaction monitoring, requiring Suspicious Activity Reports (SARs) to FinCEN and geographical targeting orders (GTOs) for high-risk areas.

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May’s Days See CDD And GDPR Take Effect

PYMNTS

May 11 marked a watershed moment of sorts when, this past Friday, the final customer due diligence rule via the Financial Crimes Enforcement Network (FinCEN) took effect. FinCEN has said that the beneficial owner is someone who owns 25 percent or more of a legal entity, or has a significant role in overseeing day-to-day operations.

Fincen 41
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The Role Of Reputation In Managing Risk

PYMNTS

The Consumer Financial Protection Bureau (CFPB) also has its value as a risk-monitoring source, she commented, as do state and local government agencies. The rule mandates that financial firms originating ACH transfers must identify and register their third-party sending customers with NACHA.

Risk 46
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Financial Policy Predictions 2021: Meaningful Changes Ahead

FICO

In late October, the CFPB released Part 1 of its long-awaited update to the Fair Debt Collections Practices Act governing third-party collectors. The headliner provision is the creation of a beneficial ownership registry within the Financial Crimes Enforcement Network (FinCEN), requiring millions of U.S.

BSA 52
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Is US Financial Regulatory Reform Dead or Ready for Take Off?

FICO

These include eliminating the proprietary trading restrictions of the ‘Volcker’ Rule, major changes to the Financial Stability Oversight Council and the diminished authority and independence of the Consumer Financial Protection Bureau (CFPB).