FICO

DECEMBER 23, 2020

In the wake of such radical changes, as we look to the year ahead, the challenge for global banks and financial institutions at large has never been greater. Here is how we predict banks will endeavor to enhance their financial crimes controls in 2021: 1. Machine Learning Will Play a Great Role in Fighting Money Laundering.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

PYMNTS

NOVEMBER 4, 2020

The seizure stemmed from a cryptocurrency fraud scheme being investigated by Brazilian federal police called Operation Egypto. Cryptocurrency has become something of a go-to method for scammers , according to DOJ, as exchanges are often lightly regulated and there are no easy ways to follow the money.

Fincen 93

Fincen Crime Cryptocurrency Money Laundering 93

PYMNTS

MAY 19, 2020

Robert Werner brings regulatory, financial crime compliance and enforcement experience from his work in the public and private sectors, Libra said. He also headed financial crime compliance for Merrill Lynch. Previously, Werner worked at the U.S. I look forward to meaningfully contributing to such an impactful project.”.

Treasury 90

Treasury Financial Crimes Crime Fincen 90

Global Fintech & Digital Assets

NOVEMBER 2, 2023

Yatter , and Deric Behar On October 19, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM) that would designate as a “primary money laundering concern” all non-US convertible virtual currency [1] mixing (CVC mixing). By Parag Patel , Eric S.

Fincen 52

Fincen Money Laundering Law Enforcement Non-Bank 52

PYMNTS

SEPTEMBER 23, 2020

Financial crime is a pervasive threat to banks, credit unions, FinTechs and other financial institutions (FIs) the world over. Developments Around The Financial Crimes Space. For more on these and other financial crime news items, download this month’s Playbook. British banks spend upward of £6.7

Identity Theft 83

Identity Theft Financial Crimes Technology Crime 83

PYMNTS

OCTOBER 13, 2020

And, while terrorist use of cryptocurrency is still evolving, certain terrorist groups have solicited cryptocurrency donations running into the millions of dollars via online social media campaigns.”. billion of cryptocurrency reportedly was lost to theft or fraud – double that of the previous year.

AML 82

AML Fincen Cryptocurrency BSA 82

PYMNTS

MARCH 30, 2020

Treasury Department’s Financial Crimes Enforcement Network ( FinCEN ) before intentions for a roll out in the United States, CoinDesk reported. Indeed, any decision to create a CBDC is a matter for the Eurosystem.” The company’s stateside office is in Denver, Colorado, as cited by the outlet.

CBDC 98

CBDC Interbank Settlement Digital Currency Central Bank 98

PYMNTS

OCTOBER 19, 2020

sanctions can encompass prohibitions on operations with cryptocurrencies. However, CoinDesk notes that U.S. The bank claims that a digital ruble could make digital payments less expensive, increase the ease of international payments and relax the pressure on current payment systems. 19) announcement. 19) announcement.

Fincen 53

Fincen Mitigation Risk AML 53

Fintech News

JULY 17, 2024

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. These services blend the cryptocurrencies of many users together, making it difficult to trace the origin of funds. billion of value received in April alone.

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

PYMNTS

OCTOBER 21, 2019

The head of the Financial Crimes Enforcement Network (FinCEN) has warned FinTech firms that they must abide by anti-money laundering (AML) laws. The warning seems to be aimed toward cryptocurrency exchanges and FinTech firms that have the ability to allow anonymous users to utilize funds for criminal behavior. .”

Fincen 40

Fincen AML Laws FinTech 40

The Fintech Times

FEBRUARY 3, 2025

Staked cryptocurrency holdings on blockchain networks like Ethereum, Solana and NEAR are used to validate transactions, enhance network security and support overall network operations. With recent regulatory changes in the UK, Uphold has reintroduced staking services, enabling customers to earn rewards on eligible PoS cryptocurrencies.

Fincen 59

Fincen Financial Crimes Cryptocurrency Legal 59

The Fintech Times

FEBRUARY 24, 2024

Many cryptocurrency exchanges (CEXs) that facilitate trades between users of various digital currencies have often come under fire for mismanaging money, or engaging in unlawful activity. Meanwhile, the US boasts more top CEXs registered with the Financial Crimes Enforcement Network (FinCEN) than any other country.

Fincen 69

Fincen Financial Crimes Regulations Digital Currency 69

PYMNTS

MARCH 4, 2020

The Financial Crimes Enforcement Network (FinCEN) has fined Michael LaFontaine, former chief operational risk officer at U.S. 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). .

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

FEBRUARY 19, 2020

Financial Intelligence Units (FIUs) from the 39-country Financial Action Task Force (FATF) and the Egmont Group Secretariat gathered in Paris to talk about the global repercussions of virtual assets, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. .

Fincen 60

Fincen Money Laundering Law Enforcement Financial Crimes 60

The Paypers

APRIL 22, 2019

(The Paypers) The Financial Crimes Enforcement Network (FinCEN) has penalised a “peer-to-peer cryptocurrency exchanger” for breaking anti-money laundering (AML) rules.

Fincen 28

Fincen AML Money Laundering Laws 28

PYMNTS

SEPTEMBER 30, 2020

Jumio Bolsters Financial Crime Detection Capabilities With Beam’s AML Platform. Jumio said it intends to integrate the AML screening and transaction monitoring offerings of Beam into its KYX platform to assist in flagging financial crime and simplifying regulatory compliance. The news follows Jumio’s Sept.

Fincen 52

Fincen Financial Crimes AML Card Issuer 52

The Fintech Times

JANUARY 13, 2024

Fenergo has released their annual financial fines analysis, showcasing that penalties for failing to comply with anti-money laundering (AML), KYC, environmental, social, and governance (ESG), sanctions and customer due diligence (CDD) regulations totalled $6.6billion in 2023, up considerably from $4.2billion in 2022 and $5.4billion in 2021.

Due Diligence 59

Due Diligence Financial Crimes Compliance AML 59

PYMNTS

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said. 15) that the U.S. The CEO of U.S.

Travel Rule 55

Travel Rule Rules Fincen Money Laundering 55

PYMNTS

JUNE 16, 2020

He also recommended that the Financial Stability Oversight Council (FSOC) be charged with “the responsibility to create a framework for regulating cryptocurrencies and developing guidelines for strong protections against money laundering and cybersecurity threats to those marketplaces.”.

Cybersecurity 90

Cybersecurity Money Laundering Treasury FBI 90

PYMNTS

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said. 15) that the U.S. The CEO of U.S.

Rules 50

Rules AML Travel Rule Fincen 50

PYMNTS

JULY 15, 2019

The top official overseeing Facebook’s Libra cryptocurrency told U.S. Libra Head David Marcus said the creation of Facebook’s cryptocurrency is not intended to compete with principal currencies and won’t interfere with monetary policy, Reuters reported. Monetary policy is properly the province of central banks.”.

Money Laundering 46

Money Laundering Regulations Fincen Cryptocurrency 46

PYMNTS

MARCH 3, 2020

Justice Department (DOJ) with laundering over $100 million worth of cryptocurrency that was previously hacked by North Korean fraudsters, the DOJ said on Tuesday (March 3). and unsealed on Monday (March 2), Tian Yinyin and Li Jiadong allegedly laundered cryptocurrency stolen by North Korean hackers between December 2017 and April 2019.

Law Enforcement 56

Law Enforcement Money Laundering IRS OFAC 56

Finance Magnates

JANUARY 16, 2023

Some states may also require businesses to obtain a license from the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of Treasury. Please find out more about our services for Money , Banking , Payments , Licensing , and Cryptocurrency on our website. Faisal Khan , CEO of Faisal Khan LLC.

Fincen 52

Fincen Financial Crimes Digital Currency Crime 52

Stax

NOVEMBER 27, 2023

That’s a lot of money being exchanged—and also provides a huge amount of possibility for financial crime. Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks. In the U.S.,

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

BitPay

MAY 25, 2023

A growing number of businesses have begun accepting cryptocurrency payments to meet the demands of their crypto-using customers. Fortunately, today it’s easier than ever for B2B businesses to start taking cryptocurrency in exchange for their goods and services, with no crypto knowledge required and no complicated integrations.

Cryptocurrency 40

Cryptocurrency B2B Bitcoin Processors 40

PYMNTS

JULY 1, 2019

Despite the obvious regulatory hurdles that Facebook’s recently announced cryptocurrency is facing, the company is moving forward with its plan to provide the world with an accessible global currency, according to reports. Financial Crimes and Enforcement Network (FinCEN). It’s only going to get worse.”.

Fincen 41

Fincen Central Bank Financial Crimes Cryptocurrency 41

BitPay

NOVEMBER 3, 2023

As cryptocurrency continues to grow as a safe and convenient method for making everyday purchases, online merchants of all sizes and types have begun offering customers the option to pay for goods or services with crypto. Never hold crypto Accepting crypto payments doesn’t subject you to the price volatility of cryptocurrency.

Bitcoin 52

Bitcoin Cryptocurrency Cross-Border Payments Fincen 52

PYMNTS

NOVEMBER 18, 2019

In the cryptocurrency arena, Director Kenneth Blanco of the Financial Crimes Enforcement Network (FinCEN) said on Friday (Nov. Under scrutiny, too, is the alleged practice of companies paying fees to the firms to have their products ranked higher than would otherwise be seen.

FTC 40

FTC Federal Trade Commission Fincen NOV 40

CB Insights

JUNE 27, 2018

In June, the SEC’s head of corporate finance William Hinman stated that ether, the cryptocurrency associated with the Ethereum network, is not a security. Other regulatory agencies like the CFTC and FinCEN are approaching the sector in different ways. FinCEN thinks cryptoassets are money, while CFTC sees commodities.

Regulations 39

Regulations Fincen Bitcoin Cryptocurrency 39

PYMNTS

JANUARY 11, 2021

For its part, Paxos describes itself as a regulated financial institution that builds infrastructure to enable movement between physical and digital assets. Put another way, it's the company that made it possible for PayPal’s recent announcement that it would allow its users to buy, sell and hold cryptocurrency. “So

Blockchain 77

Blockchain Settlement Bitcoin Law Enforcement 77

FICO

AUGUST 4, 2021

Now, I’m going to cover what it means for the wider financial crime space. We saw this in the Panama Papers as well as the FinCEN files. In part 1 of this blog series my colleague defined NFTs or Non-Fungible Tokens. It is well known that dealing in art can be a vehicle for money laundering and terrorist finance.

NFTs 66

NFTs Money Laundering AML Fincen 66

CB Insights

MAY 8, 2018

While the prices of cryptocurrencies and cryptoassets have fallen from their 2017 peaks, equity investment into blockchain startups is on pace to hit all-time highs in 2018. In still other cases, accredited investors buy tokens via cryptocurrency purchase agreements. The encrypted messaging service raised $1.7B End of story.”

Blockchain 75

Blockchain Technology Cryptocurrency Use Case 75

PYMNTS

FEBRUARY 14, 2020

12) that the federal government would be rolling out new regulations regarding cryptocurrency at the Financial Crimes Enforcement Network (FCEN). interest in cryptocurrency is on the rise, as military contractors have begun to see its uses and the Federal Reserve seeing the potential in digital coins. In the U.S.,

Bitcoin 56

Bitcoin Fincen Federal Reserve Cryptocurrency 56

PYMNTS

JULY 17, 2020

Security investigators discovered cybercriminals committed alleged cryptocurrency fraud Wednesday (July 15) after hackers seized control of the Twitter accounts of political figures, executives and celebrities. Blockchain records show the scammers received more than $100,000 worth of cryptocurrency, Reuters reported.

FBI 70

FBI Fincen Scams Bitcoin 70

FICO

APRIL 19, 2021

Last month, too, JPMorgan Chase launched a structure note offering to give clients a way to gain exposure to Bitcoin and other cryptocurrencies. In an interesting choice of words, Forbes refers to the offering as a potential “gateway drug,” presumably to direct cryptocurrency investing. And with that comes regulation. Sign up today!

AML 52

AML Cryptocurrency Financial Crimes Money Laundering 52

PYMNTS

DECEMBER 11, 2020

In addition, the bill would promote more robust information-sharing between regulators and gives the Financial Crimes Enforcement Network (FinCEN) broader power to root out and punish attempts to skirt the regulations. corporations to register the identity of their beneficial owners in a database operated by FinCEN.

AML 105

AML Laws Fincen Money Laundering 105

PYMNTS

JANUARY 21, 2021

The Biden Administration has a number of issues to tackle beyond the coronavirus, namely cryptocurrency, cybersecurity, national security threats, and money laundering. Justice Department recently raised alarms about cryptocurrencies and national security threats.

OCC 116

OCC Office of the Comptroller of the Currency Fincen Federal Reserve 116