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

MAY 11, 2018

Today (May 11 ) is the day the final rule, served up by the Financial Crimes Enforcement Network (FinCEN), takes effect. The CDD Rule — titled “Customer Due Diligence Requirements for Financial Institutions” — amends the Bank Secrecy Act regulations. The deadline cometh.

Rules 40

Rules Fincen Due Diligence Financial Crimes 40

Segpay

MARCH 24, 2025

USA: PSPs may need a Money Transmitter License (MTL) in each state they operate, plus registration with FinCEN as a Money Services Business (MSB). KYC & Customer Due Diligence (CDD) Australia: Risk-based approach, with minimum KYC checks under the AML/CTF Rules. PSPs verify identity and monitor transactions.

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

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 figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space.

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

Trade Credit & Liquidity Management

MAY 27, 2025

There are many inherent risks if you do not perform a thorough due diligence at the outset of a business relationship or when a customer’s ownership changes. The US Financial Crimes Enforcement Network (FinCEN) has strict rules for compliance by financial institutions.

Due Diligence 52

Due Diligence OFAC Compliance Fincen 52

PYMNTS

MAY 10, 2018

May 11 marks a watershed moment of sorts for financial institutions (FIs), with new requirements for customer due diligence. According to new processes mandated by the Financial Crimes Enforcement Network (FinCEN) and the U.S. Barnhardt noted that FinCEN’s Customer Due Diligence rules are fluid ones.

Due Diligence 40

Due Diligence Compliance Fincen Legal 40

Stax

DECEMBER 4, 2023

This can be a source of serious threats like global organized crime, terrorist financing, drug and weapons trafficking, and other financial crimes. To create a safer, crime-free world, PayFacs, therefore, have a responsibility to ensure strict AML compliance. Q: Why is AML compliance critical for PayFacs?

Money Laundering 88

Money Laundering Compliance AML BSA 88

PYMNTS

DECEMBER 12, 2018

Treasury Department’s Financial Crimes Enforcement Network (or FinCEN for short). That brings the tally of enterprises offering financial services to cannabis companies to 375 banks and 111 credit unions. That’s according to data published at the end of last month, per data from the U.S. The Benefits of Tech.

Fincen 68

Fincen Legal Credit Union Checks 68

PYMNTS

MAY 14, 2018

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. The rule, of course, amended Bank Secrecy Act regulations in ways that seek to enhance transparency in reporting of ownership of legal entities.

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Fincen CFPB Due Diligence Legal 41

Seon

APRIL 11, 2024

As fraud gains in volume and velocity, so too will the need for fraudsters to launder their profits – and as cross-border financial crimes are here to stay, no institution or location is immune. With the United Nations reporting that three to five percent of the global GDP is laundered annually and fraud costs worldwide reaching $5.13

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

PYMNTS

OCTOBER 13, 2017

The Consumer Financial Protection Bureau (CFPB) also has its value as a risk-monitoring source, she commented, as do state and local government agencies. Banks running due diligence would do well to move beyond standard practices and embrace robust and technologically automated solutions.

Risk 46

Risk Consumer Financial Protection Bureau (CFPB) Due Diligence Third-Party Sender 46

Seon

MAY 10, 2024

When classified as high risk, Enhanced Due Diligence (EDD) is performed to provide a deeper analysis of the potential risks. Digging Deeper: AML Compliance Screening and Monitoring Part of AML compliance includes screening to help pinpoint individuals who may pose a higher risk due to their positions, associations or past behaviors.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

Stax

DECEMBER 20, 2023

The Financial Crimes Enforcement Network (FinCEN), a government agency that analyzes financial transactions, requires payment processors to analyze merchant information and do enough due diligence to assess risk.

Underwriting 88

Underwriting Process Enrollments Payment APIs and Integration 88

The Payments Association

MARCH 18, 2025

Reputational risk has also been a significant factor, with banks wary of potential association with financial crime or unregulated crypto activities. These challenges have limited access to essential banking services for firms engaged in crypto payments, stablecoin issuance, and other financial services linked to digital assets.

Federal Reserve 88

Federal Reserve Stablecoins Fed Settlement 88