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FinCEN Files Show Banks’ ‘Whack-a-Mole’ Battle Against KYC/AML

PYMNTS

The documents, officially known as suspicious activity reports (SARs for short) show that the banks had filed more than 2,000 reports across the past 17 years.

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Regulators Detail Banking Rules For Hemp Firms

PYMNTS

Banks no longer have to submit a suspicious activity report (SAR) just because a business is growing or cultivating hemp. Financial institutions should follow standard SAR procedures and submit a report only if there is questionable behavior.

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Ex-US Bank Risk Officer Fined For AML Failure

PYMNTS

His actions prevented the proper filing of many, many SARs, which hindered law enforcement’s ability to fully combat crimes and protect people,” said FinCEN Director Kenneth A. In February 2018, FinCEN collaborated with the Office of the Comptroller of the Currency (OCC) and the U.S. The OCC also warned U.S.

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APAC Faced the Most Regulatory Fines in H1’24 Reveals Fenergo in Latest Report

The Fintech Times

The bank was ordered to pay the fine to resolve investigations by The Office of the Comptroller of the Currency (OCC), an independent bureau of the US Department of the Treasury. This includes know your customer (KYC), sanctions, suspicious activity reports (SARs), and transaction monitoring violations.

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Compliance, Gaming and Gambling in Australia vs USA

Segpay

USA: Stricter transaction monitoring, requiring Suspicious Activity Reports (SARs) to FinCEN and geographical targeting orders (GTOs) for high-risk areas. Casinos and online gambling firms follow Bank Secrecy Act (BSA) rules and file Suspicious Activity Reports (SARs). Casinos file SARs (Suspicious Activity Reports) with FinCEN.

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Top 5 Customer Development Posts of 2019: AI and Additional Data

FICO

We began to see a resurgence in small-dollar lending in 2018 with new regulatory guidance from the OCC and FDIC encouraging banks to compete with payday lenders.”. Recently introduced models monitor transactions to detect anomalies, as well as transaction streams that indicate previous SAR filings by the institution.”. .

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Public Policy Predictions 2019: Regulatory Reforms Ahead

FICO

This month, a group of federal agencies including the Federal Reserve, OCC, FDIC and the Financial Crimes Enforcement Network (FinCEN) issued a joint statement which encourages banks to consider, evaluate, and responsibly implement innovative solutions to BSA/AML compliance. Where is BSA/AML reform headed in 2019?

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