The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. billion penalty from the Financial Crimes Enforcement Network (FinCEN) and a $1.8

Financial Crimes

The Payments Association

MAY 9, 2025

Whilst long-established, it is now actively extended to virtual asset service providers (VASPs), consistent with FinCENs expanded interpretation following the FATF guidance. million for persistent failures in AML controls, including deficiencies in correspondent banking due diligence and transaction monitoring.

Correspondent Bank

Seon

APRIL 11, 2024

Regulators are beginning to promote FRAML as a best practice and a comprehensive framework that aligns with broader regulatory expectations for due diligence, risk assessment and compliance.

Fraud Prevention

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