Tags FinCEN

Tag: FinCEN

Unravelling the importance of CIP rules for financial institutions

Financial institutions often fall prey to money launderers who exploit these platforms to funnel, mask, transfer, and cleanse ill-gotten gains. This doesn’t just endanger...

Navigating AML compliance in 2023: A detailed guide for MSBs

Money Service Businesses (MSBs) have emerged as a crucial part of the financial ecosystem, bridging a gap that once only traditional banks would fill.

Revolutionising risk and compliance: How large language models combat financial crimes

There's a revolution happening in the world of technology, and it's making waves in our society. AI Large Language Models (LLM), such as ChatGPT, have dramatically changed our interaction with technology, sparking both intense excitement and lingering fears of an AI uprising.

The role of AML audits in enhancing regulatory compliance

In a recent post by Alessa, the firm outlined the role of AML audits in enhancing regulatory compliance at companies. 

What financial institutions need to know about GTOs

Geographic Targeting Orders (GTOs) were recently reissued by FinCEN and could pose regulatory requirements to banks. But what do they need to know?

An anniversary to forget: one year on from the FinCEN files...

Documents from the US Financial Crimes Enforcement Network (FinCEN) were leaked to the press and published globally in September 2020. It exposed over 2,100 documents and around $2trn in transactions and showed how some of the world’s largest banks enabled criminals to move dirty money around the globe. A year on, has the industry been able to clean up its act?

Industry responses to the US’ new Anti-Money Laundering Act 2020

The US Congress passed the Anti-Money Laundering Act 2020 and could be one of the most impactful changes to AML for two decades. This new...

FinCEN slams Capital One with $390m fine for “egregious” AML breaches

FinCEN has fined Capital One with a $390m civil money penalty for engaging in both wilful and negligent violations of the Bank Secrecy Act.

US regulators attempt to make it easier for banks to tackle...

Major US financial markets watchdogs have issued a joint fact sheet to make it easier for banks to tackle risks when it comes to charities and non-profit organisations.

US regulatory bodies issue statement on digital assets

US regulators have come together to issue a joint statement reminding those engaged with digital asset to meet anti-money laundering (AML) and counter financing terrorism (CFT).

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