The Payments Association

MAY 9, 2025

As financial crime evolves, correspondent banks must prioritise wire transfer transparency to meet global regulations and safeguard the financial system. Correspondent banking is vital in facilitating global trade, enabling cross-border remittances, and connecting emerging markets to the international financial system.

Correspondent Bank 88

Correspondent Bank Correspondent ISO 20022 Wire Transfer 88

PYMNTS

NOVEMBER 13, 2019

The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to announce an updated list of jurisdictions with anti-money laundering (AML) and Countering Financing of Terrorism (CFT) Act deficiencies. FIs from opening or maintaining correspondent accounts for, or on behalf of, an Iranian FI.

Fincen 51

Fincen AML Money Laundering Correspondent 51

The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. billion penalty from the Financial Crimes Enforcement Network (FinCEN) and a $1.8 billion settlement with the U.S.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

PYMNTS

OCTOBER 7, 2019

After spying on email correspondents, those hackers then use that information to craft strategically-timed emails requesting an invoice payment — a sophisticated iteration of the Business Email Compromise (BEC) scam that is “particularly hard to spot,” Agari warned. “VEC is the next evolution of business email compromise.

Scams 62

Scams Email Compromise B2B Business Email Compromise 62

FICO

DECEMBER 23, 2020

So will high-risk products/services such as correspondent banking and trade finance transactions. This focus on increased regulation will be particularly prevalent in North America, as FICO’s Claudia Huesmann points out, “FinCEN is aiming to close the gaps in AML regulations for banks not regulated by a federal functional regulator.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

Seon

MAY 10, 2024

In that case, organizations are mandated to file a Suspicious Activity Report (SAR) with relevant authorities – FinCEN in the US, Fintrac in Canada, goAML in the EU and the National Crime Agency in the UK. Suppose a transaction is identified as suspicious without a clear lawful purpose.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52