Sections
FinCEN
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Security & FraudFinCEN Warns Of COVID Scams Targeting FIs, Consumers
The Financial Crimes Enforcement Network (FinCEN) issued a press release warning financial institutions (FIs) and consumers about pandemic-related scams, including some connected...
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Security & FraudTwitter Hackers Took Personal Data From Celebrity Accounts
Twitter has provided a glimpse into its investigation of last week’s security breach, the worst in its 14-year history, as hackers commandeered...
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Security & FraudUS Treasury Warns Banks Of Twitter Crypto Scam
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) is warning financial institutions of a “high-profile” new scam exploiting Twitter accounts to try and...
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Security & FraudFIs Advised To Be On The Lookout For Imposter Scams, Money Mule Schemes
The U.S. Treasury Department’s financial crime unit has alerted financial institutions (FIs) about imposter scams arising during the COVID-19 pandemic. On Tuesday (July...
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RetailUS Treasury Tells Banks To Treat Hemp Businesses Like Any Other
The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other...
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CoronavirusFinCEN Reminds FIs To Watch For Fraud During COVID-19 Crisis
Three weeks after the Financial Crimes Enforcement Network (FinCEN) issued guidance to financial institutions (FIs) on COVID-19, the division of the U.S....
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BitcoinBitcoin Daily: Banque de France Seeks CBDC Experiment Applications; Bitget Looks To Grow In The US
The Banque de France is seeking applications “to experiment with a central bank digital currency for interbank settlements,” according to an announcement...
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CoronavirusEuropean Bank Branches Close, Limit Hours
The coronavirus could have far-reaching effects on grocery stores, entertainment and banking, while boosting delivery services and identity verification services. Here are...
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AMLEx-US Bank Risk Officer Fined Over AML Compliance
The Financial Crimes Enforcement Network (FinCEN) has fined Michael LaFontaine, former chief operational risk officer at U.S. Bank, a subsidiary of U.S....
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PersonnelFinCEN Announces New Digital Innovation Officer/Deputy Director
The Financial Crimes Enforcement Network (FinCEN) has announced Michael Mosier as its new digital innovation officer and deputy director. Mosier succeeds Jamal...
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CryptocurrencyFIUs: Fraud, Terrorism Among Global Concerns With Virtual Assets
Financial Intelligence Units (FIUs) from the 39-country Financial Action Task Force (FATF) and the Egmont Group Secretariat gathered in Paris to talk...
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RegulationFinCEN Tweaks Rule On Reporting Financial Transactions
The Department of the Treasury Financial Crimes Enforcement Network (FinCEN) has issued a new ruling on the reporting of currency transactions for...
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Security & FraudFinCEN Director: Bankers, Lawyers Provide Valuable Information To Deter Crime
Financial Crimes Enforcement Network (FinCEN) Director Kenneth A. Blanco told bankers and lawyers at a conference Dec. 10 that the information they...
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Bank RegulationRegulators Detail Banking Rules For Hemp Firms
Four federal agencies, in conjunction with state bank regulators, clarified the legal status of hemp-related businesses and the applicable edicts under the...
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RegulationFinCEN Head Warns AML Crypto Rules Will Be Strictly Enforced
Financial Crimes Enforcement Network (FinCEN) Director Kenneth A. Blanco said on Friday (Nov. 15) that anti-money laundering (AML) laws will be strictly...
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ANTITRUSTBig Tech Antitrust Examination By AGs Gathers Steam
Antitrust headlines dominated the regulatory sphere this past week – focused, of course, on marquee names such as Facebook and Google. In...
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Cryptocurrency‘Travel Rule’ To Force Crypto Exchanges To Share Customer Data
The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. 15) that the U.S. government is going...
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AMLFinCEN Releases Advisory On FATF’s List Of AML/CFT Deficiencies
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to announce an updated list of jurisdictions with anti-money laundering (AML) and...
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AMLFinCEN Head: FinTech Firms Must Follow AML Laws
The head of the Financial Crimes Enforcement Network (FinCEN) has warned FinTech firms that they must abide by anti-money laundering (AML) laws....
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Security & FraudFinCEN Director Sees Digital Identity As National Security Issue
The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth A. Blanco, gave a speech at the 2019 Federal Identity (FedID) Forum...
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RegulationFinCEN Deputy Director Talks Reform, NBFI Supervision
Jamal El-Hindi, the deputy director of the Financial Crimes Enforcement Network (FinCEN), spoke at the 2019 Money Transmitter Regulators Association Annual Conference...
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RegulationFinCEN Director On Why Casino Cooperation Is Central To Fighting Financial Crime
Cooperation in an environment that is rapidly advancing on many technological fronts was the theme when FinCEN Director Kenneth A. Blanco took...
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B2B PaymentsFinCEN: BEC Scams Tried to Siphon $9B Since 2016
BEC is gaining steam, accounting for billions of dollars in attempted (and successful) thefts across all manner of industries, FinCEN finds. Separately, in...
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B2B PaymentsBEC Scams Nearly Double Over Three Years
Business E-mail Compromise (BEC) fraud scams are on the rise, and the latest data shows a boost in the number of incidents...
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Security & FraudFinCEN Calls For Private Sector Innovation
The Financial Crimes Enforcement Network (FinCEN) is launching an initiative called the FinCEN Innovation Hours Program, as a call to private sector...
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CryptocurrencyFinCEN Issues Guidance On Virtual Currencies
In response to questions by law enforcement, financial institutions and regulators, the Financial Crimes Enforcement Network (FinCEN) issued guidance for companies and...
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BitcoinBitcoin Daily: FinCEN Penalizes P2P Currency Exchanger; Binance Announces Its Own Blockchain
A new report has found that ransomware payments increased nearly 90 percent in the first quarter of the year over the previous...
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AMLDeep Dive: How To Improve Existing AML/KYC Requirements
The following Deep Dive examines how the 2008 financial meltdown paved the way for existing AML/KYC practices, and how FIs can work...
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RegulationShutdown Impacting FinTech Firms, Financial Regulations
Count the FinTech sector — and regulation of that sector — among those impacted by the government shutdown that has roiled Washington...
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Bank RegulationTaking On Financial Crime With Tech, CCOs Must ‘Abandon Fear’
Multiple regulators issued a joint statement encouraging banks to embrace innovation when it comes to battling financial crime. In an interview with...
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InnovationBridging Banking Gaps For Cannabis Companies
More banks than ever are providing services to the cannabis industry, but a banking gap remains as cash still is king. Green...
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RegulationFinCEN Tightens Real Estate Cash-Buyer Reporting Threshold
The Financial Crimes Enforcement Network (FinCEN) announced that it has issued revised Geographic Targeting Orders (GTOs), which will now require U.S. title...
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Security & FraudFinCEN: US Banks Should Be Wary Of Nicaragua Assets
The Financial Crimes Enforcement Network said Thursday (October 4) that U.S. financial institutions are at increased risk that proceeds from Nicaragua may...
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BankingMassachusetts Credit Union Gets Into Cannabis Banking
A credit union (CU) is now the first financial institution (FI) in Massachusetts to offer banking services to recreational marijuana companies. GFA...
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BitcoinBitcoin Daily: India Considers Crypto For Financial Transactions; Bitcoin Makes Up Half Of Crypto Market
The Ministry of Industry and Information Technology (MIIT) in China is seeking to double down on its efforts to make a fertile...
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RegulationFinCEN Eyes Cryptocurrency Amid 1,500 Monthly Complaints
1,500 complaints about suspicious activity per month. That’s the tally that FinCEN Director Kenneth A. Blanco told a conference last week that FinCEN,...
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RegulationMay’s Days See CDD And GDPR Take Effect
May 11 marked a watershed moment of sorts when, this past Friday, the final customer due diligence rule via the Financial Crimes...
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Bank RegulationCDD Rule Becomes Official
The deadline cometh. Today (May 11) is the day the final rule, served up by the Financial Crimes Enforcement Network (FinCEN), takes effect. The...
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Bank RegulationGIACT: Beneficial Ownership Compliance: Ready But Mostly Not
May 11 is basically here, with new Customer Due Diligence rules likely to send ripples, if not shockwaves, across the FI landscape. As...
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RegulationTrulioo GM: FinCen, Technology And ID’ing Beneficial Owners
Customer due diligence rules are changing via FinCEN, with a focus on identifying and monitoring beneficial owners. Trulioo GM Zac Cohen notes...
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InternationalLatvia’s Central Bank Rocked By Bribery, North Korean Sanction Violations
Latvia’s banking system is facing more issues. Not only did one bank have to request emergency support after U.S. officials accused it...
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Data DiveMissing The Podium Edition: US Bank, SoFi And Bitcoin On Cards
Not everyone gets a trophy, an inevitable truth discovered by the U.S. Olympic team in Pyeongchang — at least so far. It’s not been...
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Bank RegulationUS Bank Fined $613M For AML Violations
U.S. Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the...
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NewsCourt Rules On Anti-Money Laundering Accountability
A court ruling has found that compliance officers, among other executives, can be held responsible for anti-money laundering controls or lack thereof,...
- Mobile
It’s Official: Microsoft Is Licensed To Do Payments
Microsoft has officially entered the world of payments. The Windows software giant has received its first money transmitter license from the state...
- International
Bank Group Asks For More Leeway To Fight Money Laundering
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) should let banks share their reports of suspected money-laundering activity with their foreign branches...
