PYMNTS

SEPTEMBER 21, 2020

The Financial Crimes Enforcement Network ( FinCEN ) uncovered government documents on how giant financial institutions (FIs) move trillions of dollars in suspicious transactions, padding their bottom lines, while terrorists, drug dealers and corrupt politicians are allowed to run free. . FinCEN, a division of the U.S.

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Fincen Financial Crimes Crime Accounts 118

The Payments Association

JANUARY 29, 2025

2024 brought significant regulatory action, highlighting persistent weaknesses in financial crime controls across the industry. As we enter 2025, we look back at five significant cases from 2024 and the lessons they provide for organisations aiming to strengthen their financial crime frameworks. Department of Justice.

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Financial Crimes Crime Due Diligence Money Laundering 88

PYMNTS

JULY 5, 2020

The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S.

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Treasury Office of the Comptroller of the Currency Fincen Financial Crimes 140

PYMNTS

NOVEMBER 30, 2020

CSI) is partnering with Featurespace to advance a new cybercrime solution to fight money laundering. Headquartered in Kentucky, CSI works with financial institutions (FIs) across the country to provide FinTech solutions. Computer Services, Inc.

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Money Laundering Financial Crimes AML Crime 63

PYMNTS

SEPTEMBER 24, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth A. 24), to talk about digital identity today, how safe it is and what the agency is doing to protect it against financial crimes, according to prepared remarks. . financial institutions,” he said.

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Fincen Account Takeovers Identity Theft Financial Crimes 71

The Fintech Times

APRIL 29, 2024

In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. As a result, fraudsters are capitalising on firms’ inadequacies to spot and deal with money laundering. Is the global anti-money laundering (AML) system broken? What’s the problem?

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Money Laundering AML SARS Financial Crimes 78

Stax

DECEMBER 4, 2023

According to a UN report, money laundering activities of about $1.6 The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. trillion took place in 2020, accounting for about 2.7% of global GDP.

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Money Laundering Compliance AML BSA 88

PYMNTS

DECEMBER 10, 2020

Financial Crimes Enforcement Network ( FinCEN ) Director Kenneth A. 10) about ways to stop financial crime, said one of the key elements is sharing information, according to a press release. FinCEN, according to the release, got feedback from the financial industry, and Blanco provided three clarifications.

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Fincen Crime Financial Crimes Money Laundering 61

PYMNTS

DECEMBER 4, 2018

3) that urged banks to study and implement “where appropriate” methods that would bring innovate approaches to anti-money laundering efforts and Bank Secrecy Act compliance. Late last week, the Senate Banking Committee held a hearing on updating the Bank Secrecy Act’s anti-money laundering requirements.

Financial Crimes 64

Financial Crimes Crime BSA Innovation 64

Fintech News

DECEMBER 6, 2023

District Court Judge Richard Jones has accepted a guilty plea for money laundering from crypto exchange Binance’s former CEO Changpeng Zhao (CZ). CZ had pleaded guilty to criminal charges for anti-money laundering and violations of U.S. Seattle’s U.S.

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Web 3.0 Money Laundering OFAC Fincen 109

PYMNTS

APRIL 3, 2020

Three weeks after the Financial Crimes Enforcement Network (FinCEN) issued guidance to financial institutions (FIs) on COVID-19, the division of the U.S. FinCEN said it expects FIs to continue following a so-called risk-based approach to adhere to the BSA obligations. FinCEN said the former executive at U.S.

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Fincen BSA Crime Financial Crimes 56

PYMNTS

NOVEMBER 13, 2019

The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to announce an updated list of jurisdictions with anti-money laundering (AML) and Countering Financing of Terrorism (CFT) Act deficiencies.

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Fincen AML Money Laundering Correspondent 51

FICO

AUGUST 4, 2021

Now, I’m going to cover what it means for the wider financial crime space. It is well known that dealing in art can be a vehicle for money laundering and terrorist finance. We saw this in the Panama Papers as well as the FinCEN files. So, how do criminals go about using NFTs to launder money?

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NFTs Money Laundering AML Fincen 66

PYMNTS

FEBRUARY 15, 2018

Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. According to a press release, FinCEN said the obligation will be satisfied by a $70 million payment from U.S.

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Money Laundering Fincen Office of the Comptroller of the Currency Settlement 43

FICO

DECEMBER 23, 2020

The global pandemic has driven a dramatic change in consumer behavior, not least an exponential rise in the use of digital and mobile channels for banking and financial services, increased competition from fintechs, and the rise of open banking. Here is how we predict banks will endeavor to enhance their financial crimes controls in 2021: 1.

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Financial Crimes Ransomware Crime AI 52

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).

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Fincen Money Laundering Law Enforcement Non-Bank 52

The Payments Association

MAY 9, 2025

As financial crime evolves, correspondent banks must prioritise wire transfer transparency to meet global regulations and safeguard the financial system. Correspondent banking is vital in facilitating global trade, enabling cross-border remittances, and connecting emerging markets to the international financial system.

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Correspondent Bank Correspondent ISO 20022 Wire Transfer 88

Fintech Finance

OCTOBER 11, 2024

Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs. “Money laundering is a serious global threat, and our U.S. Head of Financial Crime Risk Management and BSA/AML Officer, with proven leadership and experience. The Bank and certain of its U.S. The Bank and certain of its U.S.

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AML BSA Money Laundering Financial Crimes 98

PYMNTS

DECEMBER 14, 2018

Among those agencies, alphabetically speaking: 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.

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Financial Crimes Crime Fincen Office of the Comptroller of the Currency 59

PYMNTS

SEPTEMBER 11, 2019

Jamal El-Hindi, the deputy director of the Financial Crimes Enforcement Network (FinCEN), spoke at the 2019 Money Transmitter Regulators Association Annual Conference on Wednesday (Sept. 11) about the importance of innovation and the regulation of non-banking financial institutions (NBFI), according to a release.

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Fincen Non-Bank Money Laundering AML 46

PYMNTS

DECEMBER 10, 2020

Government regulators and cryptocurrency exchanges are frantically looking for ways to regulate and prevent the laundering of stolen money through cryptocurrencies, with some methods showing more promise than others. How Money Launderers Exploit Cryptocurrency. or the U.S.,

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AML Cryptocurrency Money Laundering Compliance 88

PYMNTS

APRIL 27, 2016

Jennifer Shasky Calvery — the Treasury Department’s top anti-money laundering official — has announced her intentions to leave the U.S. “I hope that we have enhanced the agency’s solid foundation so that FinCEN can best perform its mission for years into the future,” Calvery said in a press release. .

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Money Laundering Treasury Fincen Financial Crimes 40

Payments Source

NOVEMBER 4, 2019

Regulators globally are using "tech sprints" to test new anti-money-laundering solutions. More can be done, but it's a good start.

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Financial Crimes Money Laundering Crime Regulations 61

PYMNTS

NOVEMBER 4, 2020

Fagundes, the release stated, has been charged with numerous crimes, including "operation of a financial institution without legal authorization, fraudulent management of a financial institution, misappropriation, and money laundering," along with violating securities laws.

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Fincen Crime Cryptocurrency Money Laundering 93

PYMNTS

MAY 24, 2019

The Financial Crimes Enforcement Network ( FinCEN ) is launching an initiative called the FinCEN Innovation Hours Program, as a call to private sector companies that have developed tech to fight money laundering and terrorist financing, the organization said in a release.

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Crime Fincen Innovation Finance 49

PYMNTS

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. Money laundering with crypto is a growing problem, and it is happening in the billions of dollars.

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Travel Rule Rules Fincen Money Laundering 55

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). .

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AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. Money laundering with crypto is a growing problem, and it is happening in the billions of dollars.

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Rules AML Travel Rule Fincen 50

PYMNTS

OCTOBER 27, 2016

government is mandating financial institutions to disclose details about cyberattacks when submitting reports on fraud and money laundering. The goal is for the additional information to help combat the growing threat that digital crimes pose to the country’s financial system, Reuters reported on Tuesday (Oct.

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Suspicious Activity Report (SAR) Treasury Fincen SARS 59

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). USA: Stricter transaction monitoring, requiring Suspicious Activity Reports (SARs) to FinCEN and geographical targeting orders (GTOs) for high-risk areas.

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Compliance Suspicious Activity Report (SAR) Fincen AML 71

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.

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Due Diligence Money Laundering AML Financial Crimes 88

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. .

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Fincen Money Laundering Law Enforcement Financial Crimes 60

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 expectation is that you will comply with existing regulation,” said Director Kenneth Blanco at a FinTech event, according to American Banker.

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PYMNTS

OCTOBER 13, 2020

But to spotlight how hard it can be to catch criminals, the report noted that some of them engage in what is known as “jurisdictional arbitrage,” which means they look to exploit the lack of standard legal and anti-money laundering ( AML )- focused rules and regulations. As recently noted by PYMNTS , Kenneth A.

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AML Fincen Cryptocurrency BSA 82

The Fintech Times

APRIL 8, 2024

. “Do they have a banking licence that means their customers’ money is protected up to a certain level? Or it is an e-money licence where money is safeguarded? How are anti-money laundering regulations adhered to? If the latter, how does this safeguard work?

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FinTech BSA Regulatory Compliance Money Laundering 116

PYMNTS

FEBRUARY 8, 2019

The emails were reportedly only sent to certain anti-money laundering (AML) contacts, leading some to question if the National Credit Union Administration (NCUA)’s non-public data had been accessed, Krebs On Security reported. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) reportedly knows about the emails.

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PYMNTS

JUNE 5, 2020

Financial Institutions (FIs) that adopt open banking allow third parties like FinTechs to integrate with their application programming interfaces (APIs) to provide personalized financial management and payment apps that draw on bank customers’ data. Even if your products are not covered per FinCEN in the U.S.,

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Money Laundering Security Payment APIs and Integration FinTech 69