FinCEN

Spike in Identity Fraud Forces Banks to Embrace Innovation
Spike in Identity Fraud Forces Banks to Embrace Innovation
April 23, 2024  |  Security & Fraud

To the hammer of a bad actor, everything vulnerable looks like a nail. And with the rise of sophisticated fraud techniques, organizations like financial institutions...

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Air Travelers Help Fuel $2 Trillion Global Money Laundering System
Air Travelers Help Fuel $2 Trillion Global Money Laundering System
April 21, 2024  |  Security & Fraud

Each year, money launders funnel $2 trillion in ill-gotten gains into the financial system. And a lot of that money travels by air, in cash,...

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Digital Payments Turn the Tables on Check Scams
Digital Payments Turn the Tables on Check Scams
April 17, 2024  |  Fraud Prevention

Despite the prevalence of digital alternatives, checks continue to be a preferred payment method for many organizations. PYMNTS Intelligence research underscores this trend, revealing that...

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FinCEN Warns Banks to Watch for Passport Card Fraud
FinCEN Warns Banks to Watch for Passport Card Fraud
April 15, 2024  |  Security & Fraud

Federal authorities are warning banks against the rising threat of passport card fraud. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Department...

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Report: Morgan Stanley Facing Probes of Anti-Money Laundering Practices
Report: Morgan Stanley Facing Probes of Anti-Money Laundering Practices
April 11, 2024  |  Security & Fraud

Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and...

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Investigation Into Morgan Stanley’s Wealth Arm Underscores Scrutiny of AML and Onboarding Efforts 
Investigation Into Morgan Stanley’s Wealth Arm Underscores Scrutiny of AML and Onboarding Efforts 
April 11, 2024  |  Security & Fraud

Anti-money laundering (AML) defenses might begin at the point of onboarding. The needs are for all manner of firms — and especially banks and investment...

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FinCEN’s Look at Banks’ Customer ID Efforts Points the Way to Increased Digitization
FinCEN’s Look at Banks’ Customer ID Efforts Points the Way to Increased Digitization
April 04, 2024  |  Banking

The fraudsters are wilier than ever. The dark web offers all manner of details up for sale, from email addresses to Social Security numbers. And...

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FinCEN Seeks Comments on Modernizing Customer Identification Program Requirements
FinCEN Seeks Comments on Modernizing Customer Identification Program Requirements
March 28, 2024  |  Regulation

The Financial Crimes Enforcement Network (FinCEN) requested comments on its Customer Identification Program (CIP) requirements for banks. The agency is exploring ways to modernize these requirements and...

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Banks Advocate Digital Payments as Defense Against Check Fraud
Banks Advocate Digital Payments as Defense Against Check Fraud
March 21, 2024  |  Security & Fraud

Despite the growing adoption of digital payment solutions worldwide, financial institutions (FIs) continue to process billions of checks each year, setting the stage for a...

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