Finovate

FEBRUARY 20, 2025

This enables banks to process transactions across multiple core systems while integrating with digital banking, Office of Foreign Assets Control (OFAC), and fraud monitoring via open APIs. ” Headquartered in Wilmington, North Carolina, Live Oak Bank is a cloud-based digital bank that serves small businesses throughout the US. .”

FedWire 113

FedWire ISO 20022 ISOs Payment APIs and Integration 113

Fintech News

JANUARY 7, 2024

The stolen assets are then transferred to wallets under their control, often converted to cryptocurrencies like USDT or Tron, and then exchanged for hard currency using high-volume OTC brokers. Even after Sinbad was sanctioned by OFAC in November 2023, they continued to explore other tools for laundering.

OFAC 117

OFAC Law Enforcement Money Laundering Cryptocurrency 117

Fi911

NOVEMBER 7, 2023

Implementation and adherence to sanctions, as dictated by the Office of Foreign Assets Control (OFAC). To thwart these tactics, AML strategies are deployed, which include: Proactively flagging suspicious transactions, especially those that breach preset regulatory limits or involve entities on OFAC’s sanction lists.

AML 52

AML Compliance Money Laundering OFAC 52

PYMNTS

DECEMBER 9, 2020

We run [new customers] through our screening tool to make sure that they don’t hit any OFAC [Office of Foreign Assets Control] or other sanctions lists, as well as background searches and verifying their identity using a government-issued ID like a driver’s license, [along with] proof of residency,” Botticella said.

Money Laundering 66

Money Laundering Cryptocurrency AML Bitcoin 66

Exact Payments

SEPTEMBER 25, 2023

What is my current (or expected) processing volume? Knowing the hard numbers for your processing volume will allow you to estimate your return on investment – and the time it’ll take to reap that ROI. Step 2: Partner With Financial Institutions You’ve conducted your assessment, and you’re ready to go the PayFac route.

PCI DSS 52

PCI DSS OFAC Facilitators Payment Gateways 52

Nanonets

SEPTEMBER 27, 2024

Ensuring compliance with standards such as AML/KYC, GDPR, or OFAC is critical! For example, an RPA bot can automatically check a client’s KYC details against global sanction lists (OFAC) before policy approval.

Underwriting 52

Underwriting Automation Risk Assessment Assessments 52

Stax

DECEMBER 4, 2023

For instance, a merchant with steady transaction volumes suddenly sees a spike of, say, 200% in two days, which then goes down again. Each merchant is verified and validated using KYC, AML, OFAC, and credit checks so you may rest easy as we do the heavy lifting for you. To learn more, contact our team today.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88