Remove Crime Remove Law Enforcement Remove SARS
article thumbnail

From account takeover to pig butchering: What SARs data reveals about fraud in 2025

BioCatch

My career in Federal law enforcement began in the late 90s, a time when cybercrime and identity fraud were just beginning to take shape. Over the years, I witnessed firsthand the explosion of these crimes, evolving from simple credit card fraud to highly sophisticated global operations. As a retired U.S.

article thumbnail

FinCEN Files Show Banks’ ‘Whack-a-Mole’ Battle Against KYC/AML

PYMNTS

Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish.

Fincen 139
article thumbnail

Key learnings from 2024’s biggest financial crime fines

The Payments Association

2024 brought significant regulatory action, highlighting persistent weaknesses in financial crime controls across the industry. As we enter 2025, we look back at five significant cases from 2024 and the lessons they provide for organisations aiming to strengthen their financial crime frameworks. billion settlement with the U.S.

article thumbnail

Cognitive Analytics for AML – Making SARs Count

FICO

Among the key provisions is addressing the increasing burden on financial institutions required to file Suspicious Activity Reports (SARs) and the enormous amount of data flowing to Treasury’s Financial Crime Enforcement Network (FinCEN). In the U.S., A solution to this problem lies in the adoption of advanced analytics.

SARS 40
article thumbnail

FinCen Director On Why Casino Cooperation Is Central To Fighting Financial Crime 

PYMNTS

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. and around the world.

Fincen 65
article thumbnail

Money mules create a real-time AML problem: Here’s how to address it

The Payments Association

It takes AML teams weeks (if not months) of diligent analysis to escalate these activities to law enforcement. Additional outgoing transfers are stopped, and a Suspicious Activity Report (SAR) is filed within the regulatory deadline. Network analytics identify connections to other mule accounts.

AML 88
article thumbnail

Stressed by Financial Crime? Here’s Some Advice

FICO

A new report from LexisNexis on Future Financial Crime Risks (September 2017) highlights the stress felt by UK banks around financial crime compliance. Given the rapid change in financial compliance regulations, it’s easy to see why the 170 financial crime professionals surveyed felt overwhelmed.