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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 Standard Chartered noted to BuzzFeed in the wake of the FinCEN files report: "In 2019 we monitored more than 1.2

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Understanding Risk Management Strategies as a PayFac

Stax

However, several complex types of risks come along with this. Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. Let’s get started.

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Key learnings from 2024’s biggest financial crime fines

The Payments Association

The lack of clear ownership in key compliance areas, such as transaction monitoring and risk remediation, led to delays in resolving issues. Outdated or ineffective transaction monitoring systems : Institutions relied on outdated or poorly configured transaction monitoring systems that did not keep up with evolving risks.

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Financial Crime-Fighters Turning The Tide Of COVID-Era Fraud

PYMNTS

A Risk-Based Approach To Detecting And Stopping Attacks. The Financial Crimes Enforcement Network (FinCEN) recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams, all with a COVID-19 twist.

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Know Your Customer (KYC): What It Is and How to Comply

Stax

Even if you’re not in the financial industry, you’ll need a payment processor or payment service provider (PSP) to start generating revenue, which means you’ll need to either have a proper risk management framework in place—or work with a PSP that has one. In the U.S., Within the U.S.,

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Trulioo GM: FinCen, Technology And ID’ing Beneficial Owners

PYMNTS

The Financial Crimes Enforcement Network’s (FinCEN’s) customer due diligence (CDD) final requirements take effect on May 11. The rules, put forth by FinCEN two years ago, mandate that financial institutions (FIs) adopt more robust customer due diligence procedures.

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Opus Accelerates KYC Automation For Banks

PYMNTS

Compliance and risk management technology provider Opus is launching a new Know Your Customer (KYC) workflow solution for banks. 29) said Opus is rolling out its Clarity KYC solution to automate KYC workflows and enhance risk analysis. A press release on Tuesday (Jan. Ninety-one percent of those fines were issued to U.S. ”