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 of State’s Diplomatic Security Service (DSS) issued a notice to financial institutions Monday (April 15), urging them to be on the lookout for suspicious...
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 Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the Federal...
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 management companies — to embrace technology in the service of beefing up their onboarding processes and automating them too. ...
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 for banks, the key point of interaction — the initial onboarding of clients — requires a re-examination of the data...
January 30, 2023
The U.S. Treasury Department is flexing its cryptocurrency enforcement muscles as industry attention grows. The turbulent crypto sector has historically suffered from the perception that its anonymous and decentralized technical architecture provides a haven for money laundering and other illicit activities around the globe. “2022 was a really big year for sanctions,” Andrew Fierman, head of […]
April 15, 2024
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 of State’s Diplomatic Security Service (DSS) issued a notice to financial institutions Monday (April 15), urging them to be on the lookout for suspicious activity related to the use of counterfeit passport cards. “Since […]
April 11, 2024
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 Exchange Commission (SEC), the Office of the...
March 28, 2024
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 has issued a request for information on...
February 14, 2024
A top House Republican says the White House’s new beneficial ownership rules are needlessly complex. U.S. Rep. Patrick McHenry, (R-N.C.), head of the House Financial Services Committee, questioned the new reporting requirements during...
