PYMNTS

MARCH 17, 2016

entities from transacting with them since 2007. However, MasterCard did fail to report the accounts as blocked, which is required, the Treasury’s Office of Foreign Assets Control (OFAC) said in a statement on Wednesday (March 16) on its website. Both banks have been on a list that prohibits U.S. ”

Treasury 40

Treasury Visa OFAC Blocks 40

PYMNTS

FEBRUARY 8, 2018

Essentially, it means handling everything other than card issuing, authorization and transaction processing. So, instead of picking up all the slack themselves, once the processor is in place to do issuing, authorization and transactions, Cascade brings in its suite of service providers and vendors. Again: It isn’t easy.

Payment APIs and Integration 67

Payment APIs and Integration OFAC Money Laundering Processors 67

PYMNTS

JANUARY 1, 2021

The backers wrote in a post announcing the branch opening that among its features will be giving customers the ability "to transact in cryptocurrency and (Indian rupees) through a single account.". The transactions at issue totaled less than $10,000 and involved about 180 people, according to the government. If the U.S.

Bitcoin 80

Bitcoin Cryptocurrency OFAC Treasury 80

PYMNTS

FEBRUARY 22, 2019

The office recently examined the branches for BSA/AML and Office of Foreign Assets Control (OFAC) sanctions compliance. The consent order doesn’t specifically identify any illegal transactions or OFAC violations, and it doesn’t come with any monetary penalty.

OCC 43

OCC AML Office of the Comptroller of the Currency BSA 43

PYMNTS

MARCH 10, 2020

To make it simpler for fully vetted suppliers to transact digitally as well as securely with connected buyers, procure-to-pay software company Nexus announced that it rolled out its NexusConnect enhanced online supplier platform. Suppliers’ data is also checked automation against the list of the Office of Foreign Assets Control (OFAC).

OFAC 56

OFAC ACH Checks Addressing 56

PYMNTS

JULY 16, 2019

However, before Venezuela could move its transactions onto the new platform, approval from Russia’s central bank is required. I give the express order for transaction counters for the Petro to be opened in all Bank of Venezuela agencies,” Maduro said in a Tweet earlier this month.

SWIFT 55

SWIFT OFAC Central Bank Treasury 55

Fi911

NOVEMBER 7, 2023

In the intricate world of banking and finance, maintaining the sanctity and security of transactions is paramount. Among its chief functions are: Reporting transactions that raise suspicions. Implementation and adherence to sanctions, as dictated by the Office of Foreign Assets Control (OFAC). But, what does AML entail?

AML 52

AML Compliance Money Laundering OFAC 52

PYMNTS

DECEMBER 8, 2017

Israch was surprised to learn that nearly one-third of companies (32 percent) are still not screening payees for anti-money laundering, drug trafficking, terrorism, the Office of Foreign Assets Control (OFAC) and other red flags. Israch has seen organizations have their banks shut off due to an OFAC hit. The consequences can be severe.

Cross-Border 40

Cross-Border OFAC Wire Transfer Payee 40

Trade Credit & Liquidity Management

MAY 27, 2025

Even when not legally mandated, there are many benefits for trade creditors to adopt KYC procedures as a risk management best practice, especially when dealing with high-value or international transactions. Routinely reference OFAC country, company, and individual embargo listings.

Due Diligence 52

Due Diligence OFAC Compliance Fincen 52

Finovate

MAY 16, 2024

Digital identity verification innovator Socure announced a partnership with identity-secured transactions company Proof. A new partnership between digital identity verification innovator Socure and identity-secured transactions company Proof will bring new tools to the fight against fraud and forgery in authorizations, contracts, and forms.

Authorization 59

Authorization Verification OFAC Fincen 59

PYMNTS

DECEMBER 9, 2020

BitGo’s AML procedures are double-edged, incorporating both a client authentication system at the point of sign-up and a back-end analysis system that identifies and flags suspicious transactions that could indicate money laundering. Transaction Monitoring Behind The Scenes. Verification At The Point Of Entry .

Money Laundering 66

Money Laundering Cryptocurrency AML Bitcoin 66

PYMNTS

OCTOBER 11, 2017

It is up to the payer’s finance team to investigate why the transaction was flagged and whether it wishes to allow or prevent it, Israch explained. The only exceptions are high-risk Office of Foreign Assets Control (OFAC) hits. Tipalti Detect is just the first line of defense.

OFAC 43

OFAC Payee Money Laundering Fed 43

Stax

DECEMBER 4, 2023

An effective AML compliance program must include Know Your Customer (KYC) protocols, transaction monitoring and reporting, risk assessment and categorization, and training and awareness for staff. Transaction monitoring and reporting Onboarding sub-merchants following thorough KYC isn’t enough.

Money Laundering 88

Money Laundering Compliance AML BSA 88

Seon

SEPTEMBER 23, 2024

With the rise of online transactions and real-time payments, the risk of fraudulent activity has surged, putting financial institutions and businesses in a constant battle to protect their customers and themselves. As the first line of defense, payment screening aims to catch obvious risks at the point of transaction.

Suspicious Activity Report (SAR) 52

Suspicious Activity Report (SAR) Money Laundering Due Diligence AML 52

PYMNTS

MARCH 3, 2020

The money was then washed via eCurrency transactions. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on Yinyin, Liadong, and numerous cryptocurrency addresses. The North Korean hackers bypassed several know-your-customer (KYC) provisions using altered photos and fake identifications.

Law Enforcement 56

Law Enforcement Money Laundering IRS OFAC 56

PYMNTS

AUGUST 14, 2019

And while the decision opened the flood-gates on digital gambling transactions, one thing, he noted, has not changed in the slightest in the new gaming landscape. The responsibility of casinos managing all of those new transactions.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

Exact Payments

SEPTEMBER 25, 2023

These standards help ensure that sensitive data is kept secure during every step of the transaction process. Ongoing Risk and Fraud Monitoring Payment facilitators must constantly ensure that not only are their merchants legitimate and legally operating businesses, but also that their merchants’ transactions are valid and non-fraudulent.

PCI DSS 52

PCI DSS OFAC Facilitators Payment Gateways 52

PYMNTS

DECEMBER 12, 2018

Cash transactions carry any number of surcharges, some hidden, some explicit. Tech, then, and specifically cloud-based platforms and services such as those offered by Green Check — spanning onboarding and due diligence activities and transaction monitoring — connects these two highly-regulated industries. The Benefits of Tech.

Fincen 68

Fincen Legal Credit Union Checks 68

PYMNTS

MAY 14, 2018

Although eWallets are an instant way for sellers to get transactions off the merchant’s books, they can limit the use of funds on the receiving end. For instance, some banks limit transaction size or frequency for prepaid cards. Many, said Shore, only deal in one or two. Merchants should make sure they know which ones they are.

OFAC 40

OFAC Wire Transfer ATM Cross-Border 40

FICO

MARCH 6, 2020

Transactions are screened in real-time against multiple lists to avoid transacting with sanctioned countries, organizations and individuals, or dealing with embargoed goods. Our analytics-driven AML solution monitors transactions for unusual behavior and offers advanced link analysis, pattern recognition, profiling based detection.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

Exact Payments

AUGUST 23, 2023

Less cost for customers; more revenue for vendors In the B2B payments world, credit cards, specifically corporate purchasing cards, make up most transactions, second only to ACH payments. Level 1 requires only basic information such as merchant name, date, and transaction amount.

Embedded Payments 52

Embedded Payments B2B Accounts ISVS 52

Stax

MARCH 15, 2025

Monetize transactions made through your platform You could also monetize the transactions made through your platform. Whenever merchants process transactions using your payment processor services, you can generate revenue by marking up those processing costs. Stax Connect streamlines the enrollment process for SaaS companies.

Enrollments 88

Enrollments Payment APIs and Integration Payments Online and Mobile Banking 88

Seon

SEPTEMBER 14, 2023

Other regions sanctioned by OFAC include: Balkans Belarus Burma Central African Republic Ethiopia Iraq Lebanon Venezuela Yemen Zimbabwe Organizations may have their own list of high-risk countries. Here are the key highlights: Full AML module: This solution helps you flag PEPs, sanctioned countries, crime watchlists, and monitor transactions.

Risk 52

Risk Money Laundering Suspicious Activity Report (SAR) AML 52

PYMNTS

FEBRUARY 28, 2018

Being a program manager means handling everything other than card issuing, authorization and transaction processing. That includes anti-money laundering (AML) compliance, know your customer (KYC), fraud mitigation, marketing, privacy, document review, Office of Foreign Assets Control (OFAC) compliance, reporting and more.

Automation 40

Automation Payment APIs and Integration OFAC Interoperability 40

FICO

DECEMBER 23, 2020

We predict a continued expansion in the use of AI/machine learning in financial services in such key risk areas as cybersecurity, customer onboarding, sanctions screening, transaction monitoring, etc. So will high-risk products/services such as correspondent banking and trade finance transactions.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

The Fintech Times

JULY 24, 2024

. “The reason for this is that much of the technology supply chain needed for initiation is not ready for the reality of a 24x7x365 operation from core to customer-facing applications, along with the speed required for inline fraud and OFAC screening for outbound payment initiation.

FedNow 59

FedNow Instant Payments RTP Federal Reserve 59

PYMNTS

AUGUST 22, 2019

The Kingpin Act exists to ban trading and transactions between narcotics traffickers and U.S The Chinese kingpins that OFAC designated today run an international drug trafficking operation that manufactures and sells lethal narcotics, directly contributing to the crisis of opioid addiction, overdoses and death in the United States.

Treasury 46

Treasury SDN Addressing OFAC 46

Payment Savvy

FEBRUARY 23, 2023

If you are using the Automated Clearing House (ACH) method to process customers’ transactions, you are likely to see three-digit codes if a problem arises. Whenever there is an issue with a direct debit or credit card transaction, one of the parties involved in the payment processing will send a code.

ACH 52

ACH Returns RDFI ODFI 52

PYMNTS

MARCH 15, 2019

might prohibit Visa , Mastercard and other financial institutions (FIs), such as SWIFT , from processing transactions in Venezuela.

Visa 74

Visa Process OFAC Treasury 74

FICO

JULY 17, 2017

Many are also optimistic that new FCC leadership will result in much-needed reform in the area of Telephone Consumer Protection Act (TCPA).

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) CFPB Office of the Comptroller of the Currency Financial Crimes 40