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How FinCEN enforces BSA AML rules in the US
The Bank Secrecy Act (BSA), passed by the US Congress in 1970, established the foundation for anti-money laundering (AML) compliance in the financial sector....
How to detect and stop fraud rings in financial systems
Fraud rings are becoming a serious threat across finance, payments, and cryptocurrency. These organised criminal networks continually adapt to exploit weaknesses in financial systems,...
Breaking the link between trafficking and laundering
Human trafficking and money laundering are interlinked crimes that thrive on the exploitation of vulnerable populations and the abuse of global financial systems. With...
FinCEN issues alert on deepfake fraud schemes targeting financial institutions
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a critical alert to assist financial institutions in identifying and addressing fraud schemes involving deepfake media created with generative AI (GenAI) tools.
The impact of AI on enhancing AML/KYC effectiveness
AI is progressively transforming the landscape of AML and KYC within financial institutions, aiming to amplify their efficiency, efficacy, and scale.
According to Saifr,...
How KYC is reinventing financial security standards globally
The battle against financial crime is ongoing and complex, with Know Your Customer (KYC) protocols at the forefront of safeguarding compliance and securing business...
FinCEN’s latest AML requirements: Impact and strategies for RIAs and ERAs
Compliance officers in the asset management sector are pivotal, often juggling multiple responsibilities.
How the latest AML/CFT proposals will reshape investment advisory
The world of finance is on the brink of a significant transformation, especially for investment advisors in the United States. On February 15th, 2024, a pivotal announcement was made by the Financial Crimes Enforcement Network (FinCEN) that is set to redefine the landscape of anti-money laundering (AML) and counter-financing of terrorism (CFT) compliance.
Navigating the regulatory minefield: Record fines highlight 2023’s compliance challenges
In 2023, the global regulatory landscape unveiled a startling revelation as fines imposed by authorities exceeded a colossal $10.5bn. This figure not only reflects the stringent enforcement actions but also spotlights the emerging areas of regulatory scrutiny.
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...
