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Why payment transparency is critical to the future of correspondent banking

The Payments Association

As financial crime evolves, correspondent banks must prioritise wire transfer transparency to meet global regulations and safeguard the financial system. This remains the global benchmark for wire transfer transparency. Inadequate oversight of wire transfer data played a significant role in the enforcement action.

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UBS Dinged Millions For Violating Bank Secrecy Act

PYMNTS

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. The FinCEN said UBSFS didn’t develop and use an appropriate anti-money laundering (AML) system to address the risks in accounts from both traditional brokerage and banking services. FinCEN said UBSFS kept up the lack of regulation for AML from 2004 to 2014.

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Brighterion CEO: 2018 Was The Year Of Artificial Intelligence

PYMNTS

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. Akli Adjaoute, CEO of Brighterion , wrote this AI-focused piece as part of our 2018 year-end eBook. . 3, 2018, the U.S.

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Risk’s All Around When Banks Service Cannabis

PYMNTS

The situation is improving, however: According to the latest FinCEN Marijuana Banking Update report, the number of banks and credit unions providing services to the cannabis industry in the U.S. The legal marijuana industry in North America, which handled an estimated $9.7 has steadily grown since 2014, now reaching about 400.

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

BitPay

Pay less in transaction fees Crypto transaction fees are a fraction of the cost of wire transfers or credit card payments, in many cases totaling less than half of the fees imposed with traditional payment methods.