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BEC Scam Storms The Sports Field (Literally)

PYMNTS

The news comes as the Financial Crimes Enforcement Network (FinCEN), part of the U.S. The tally means that the monthly reports have a run rate of more than 1,100 as seen last year, and that’s up sharply from the less than 500 reports estimated by FinCEN as of 2016. As noted in the August 2019 “The State of AI in Business Spend,” 96.3

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Bridging Banking Gaps For Cannabis Companies

PYMNTS

Treasury Department’s Financial Crimes Enforcement Network (or FinCEN for short). Federally there’s no guesswork here, as nearly five years ago FinCEN published clear guidance on how an FI can responsibly and confidently bank the industry. It’s also about providing payroll services for employees. without resorting to cash.

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Socure and Proof Partner to Fight Fraud in Authorizations, Contracts, and Forms

Finovate

A 2021 report from FINCEN revealed that false records and forgery are responsible for more than $45 billion in fraud activity annually. .” While there is widespread understanding about threats like money laundering that cost businesses $18 billion every year, the challenge from document fraud is significantly greater.

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Credit Union Helps US Marijuana Businesses Put Down Roots

PYMNTS

Treasury Department’s Financial Crimes Enforcement Network (FinCEN), there are approximately 100 credit unions nationwide currently working with legalized marijuana businesses. GFA joins a small, but steadily growing, group of CUs that are offering financial services to this emerging market. Based on the latest data from the U.S.

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How to Accept Cryptocurrency Payments as a Business-to-Business Organization

BitPay

Increased regulation and clarity BitPay offers a turn-key compliance program, and is regulated by the Financial Crimes Enforcement Network (FINCEN) and states, following all Financial Action Task Force (FATF) recommendations. Payroll - Offer your employees the added benefits of being paid in crypto.

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The Role Of Reputation In Managing Risk

PYMNTS

A bank using a payments processor for payroll may be “on the hook” for that processor’s customers. Further due diligence comes with the Financial Crimes Enforcement Network’s (FinCEN) beneficial ownership rule, which, in 2018, will mandate that banks verify who owns the companies in their customer bases.

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Cannabis Cos’ Payroll Problems Run Deep

PYMNTS

It caught the Treasury Department, which oversees financial services regulation for the cannabis sector via its FinCEN (Financial Crimes Enforcement Network) branch, off-guard. Part of Wurk ’s service portfolio includes payroll. Peterson explained that its payroll service varies depending on the customer. “To

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