Financial institutions (FIs) face a range of challenges in today’s payments ecosystem. While developing new ways of removing frictions from sending and receiving funds for clients, FIs must also maintain compliance, deliver seamless feature performance for consumers on every device and keep track of any...
Wells Fargo Advisors agreed to pay $7 million to settle federal Securities and Exchange Commission (SEC) charges that the firm failed to report at least 34 suspicious transactions that could have triggered anti-money laundering investigations, the agency announced Friday (May 20). The violations occurred between...
Financial institutions’ (FIs’) efforts to meet regulatory compliance standards have become more complicated in the digital age. The acceleration of payments technology has amplified risk and the danger of an ineffectual anti-money laundering (AML) and anti-fraud strategy. Many legacy risk strategies used by established FIs...
On May 1, a new rule issued by the Office of the Comptroller of the Currency (OCC) that modifies the requirements for national banks and federal savings associations to file suspicious activity reports (SARs) will start to be applicable. The new rule amends the OCC’s...
Machines can serve an important role in mitigating and anticipating the threat of financial crime, but humans have their part to play as well. People working in connection with analytics tools can ensure customers are protected from disruptions like false positives as algorithmic-driven transaction monitoring...
The Financial Crimes Enforcement Network (FinCEN) has imposed more than $600 million in fines for anti-money laundering (AML) violations in just 14 months (from January 2021 to March 2022). Recent data released by FinCEN suggests that depositary institutions and money service businesses (MSB) are increasingly reporting...
Money launderers “wash” more than $2 trillion in the global economy each year, despite the best efforts of financial institutions (FIs) and governments. Much of their success has to do with the money launderers’ ability to fool legacy anti-money laundering (AML) strategies by stealing the...
Decentralized finance (DeFi) is supposed to be the ultimate expression of democratic governance. There is no human management, no incorporation in any jurisdiction and all issues decided by token-holder voting. There aren’t even know your customer (KYC) or anti-money laundering (AML) checks. And yet, token...
The Estonian unit of Swedbank AB is a suspect in a money-laundering investigation, after a special white-collar crime investigator with Estonia’s Central Criminal Police notified the bank that Swedbank AS has been summoned, The Wall Street Journal reported on Monday (March 14). Estonian investigators are...
