PYMNTS

FEBRUARY 18, 2019

Governments around the world have a new front in their fight against money laundering: real estate. Money laundering through real estate is about $1.6 Unger told Mansion Global that the real estate industry needs to be on the outlook for real estate money laundering.

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Money Laundering Government Governance Fincen 73

Payments Source

MAY 17, 2018

For cryptocurrency entrepreneurs in particular, many of whom are just developing the anti-money laundering programs they are required to have under other FinCEN rules, the CDD rule is worth taking note of, writes Laurel Loomis Rimon, senior counsel at O'Melveny & Myers LLP.

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Fincen Cryptocurrency Regs Money Laundering 71

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. They need to be given regular training to deal with novel techniques used by money launderers.

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Money Laundering Compliance AML BSA 88

PYMNTS

NOVEMBER 30, 2020

CSI) is partnering with Featurespace to advance a new cybercrime solution to fight money laundering. Based in Spain, Featurespace offers “enterprise financial crime prevention for fraud and anti-money laundering,” per the announcement. . Computer Services, Inc.

Money Laundering 63

Money Laundering Financial Crimes AML Crime 63

PYMNTS

SEPTEMBER 24, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth A. FinCEN is seeing around 5,000 account takeover reports each month involving approximately $350 million,” he said. Blanco, gave a speech at the 2019 Federal Identity (FedID) Forum and Exposition on Tuesday (Sept. 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?

Money Laundering 78

Money Laundering AML SARS Financial Crimes 78

PYMNTS

JULY 5, 2020

In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S. Treasury Department’s financial crime division, the agency said the new guidance is in response to questions related to Bank Secrecy Act/Anti-Money Laundering regulatory requirements for hemp-related business customers.

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

PYMNTS

DECEMBER 10, 2020

Financial Crimes Enforcement Network ( FinCEN ) Director Kenneth A. That section gives financial institutions (FIs) the ability to share information with one another with a safe harbor provision giving protection from civil liability, which helps to better identify and report potential money laundering or terrorist financing activities.

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Fincen Crime Financial Crimes Money Laundering 61

PYMNTS

AUGUST 14, 2019

Cooperation in an environment that is rapidly advancing on many technological fronts was the theme when FinCEN Director Kenneth A. Blanco took to the stage at the 12th Annual Las Vegas Anti-Money Laundering Conference yesterday (August 13). and around the world. This includes offering sports betting through a mobile app.”.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

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. On Monday (Sept.

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Fincen Financial Crimes Crime Accounts 118

FICO

AUGUST 4, 2021

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. And yet they are exchanging hands for huge sums, making them a great vehicle for money launderers. A single grey pixel sold for ~$1.4 by Erik Stretz.

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NFTs Money Laundering AML Fincen 66

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

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

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

PYMNTS

JANUARY 14, 2021

As quoted by Reuters, she termed the cryptocurrency a “highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity.” She went on to say that “there has to be regulation. This has to be applied and agreed upon. Treasury Department, through the U.S.

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Money Laundering Bitcoin Regulations Central Bank 61

PYMNTS

NOVEMBER 16, 2018

Today’s coverage includes the latest on a money laundering investigation involving Danske Bank, and an Apple deal that promises to provide a boost to its streaming plans. Nordstrom takes a hit from credit card mistakes, FinCEN makes a cash-buyer reporting change and David’s Bridal heads toward bankruptcy.

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Money Laundering Fincen Credit Cards Agreements 46

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. Blanco in the press release.

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

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

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. El-Hindi made it clear that he doesn’t want to sacrifice innovation in pursuing anti-money laundering (AML) and other anti-illicit policies.

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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

MARCH 9, 2020

The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks.

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Money Laundering Bitcoin Treasury Cryptocurrency 71

PYMNTS

DECEMBER 11, 2020

Money laundering and terrorist financing also go on the list these days, perhaps like never before. Money laundering is a global plague, with the estimated amount in a given year ranging from $800 billion to $2 trillion — or anywhere from 2 percent to 5 percent of the global gross domestic product (GDP),” the new Tracker states.

Money Laundering 87

Money Laundering AML Cryptocurrency Fincen 87

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. The CEO of U.S.

Travel Rule 55

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). . Department of Justice (DOJ) to penalize U.S.

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AML Suspicious Activity Report (SAR) Fincen BSA 52

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.

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Financial Crimes Crime BSA Innovation 64

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. Added 40 new leaders and over 700 new AML specialists with experience and qualifications in money laundering prevention, financial crimes, and AML remediation.

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AML BSA Money Laundering Financial Crimes 98

PYMNTS

DECEMBER 26, 2018

Treasury’s FinCEN and Federal Banking agencies issued a joint statement encouraging innovative industry approaches to combating money laundering, terrorist financing and other illicit financial threats. As a result, anti- money laundering (AML) has been occupying the headlines as of late. 3, 2018, the U.S.

Money Laundering 76

Money Laundering AML Wire Transfer Rules 76

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 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

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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Fincen AML Laws FinTech 40

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. The CEO of U.S.

Rules 50

Rules AML Travel Rule Fincen 50

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

PYMNTS

OCTOBER 14, 2020

Specifically, he said the platform is fully compliant with regulators and up to date with anti-money laundering (AML) and know your customer (KYC) practices. In addition, Voyager points out that it is licensed by FinCEN and FINTRAC and can also provide treasury desk clients with the tax and compliance reporting they need.

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Treasury Cryptocurrency Stablecoins Fincen 129

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 19, 2020

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. . FinCEN Director Kenneth A. Topics discussed included cryptocurrency business models, money laundering and terrorist finance risks, illicit typologies and the role of FIUs in tracing virtual assets. . The Sunday (Feb.

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Fincen Money Laundering Law Enforcement Financial Crimes 60

PYMNTS

JUNE 5, 2020

Partnering with FinTechs that have lax security creates very real issues: Criminals could abuse open banking-powered payment apps to launder money, for example, or take over accounts and steal victims’ funds. Even if your products are not covered per FinCEN in the U.S., The federal entity is charged with monitoring the U.S.

Money Laundering 69

Money Laundering Security Payment APIs and Integration FinTech 69