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Bad actors targeting fintech aggregators: Fincen chief

Payments Source

Kenneth Blanco expressed concern in a speech about cyber criminals using "synthetic identities" to commit fraud with data stolen from fintech platforms.

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Facebook’s Marcus: Libra Won’t Launch Until Regulators Satisfied

PYMNTS

Libra will register with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) as a money services business, Marcus said in the statement. Data security, money laundering and consumer protections are among the many concerns of policymakers.

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Inside Synchrony Financial’s AML Playbook

PYMNTS

Companies will need to disclose their parent entities to the Financial Crimes Enforcement Network (FinCEN) under the rule. These banks need to make sure that they are keeping abreast of how data security needs are changing, and how they can best shield their platforms against laundering and other attacks using tools they might not see coming.

AML
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Understanding Risk Management Strategies as a PayFac

Stax

Several US legislations (like the Patriot Act, anti money laundering laws , or FinCEN regulations) require PayFacs to know the identities of the business owner(s) they plan to facilitate payments for, during the underwriting stage. Data security and breach-prevention practices All payment systems run on information.

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Can Comic Books Boost Compliance And AML Efforts?

PYMNTS

Those agencies include the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN) and the National Credit Union Administration.

AML