Tag: FinCEN

A new analysis from the U.S. Department of the Treasury’s FinCEN has revealed the scale of ransomware activity reported by financial institutions, showing more...

In the world of digital finance, compliance and growth often sit on opposite ends of a tightrope. Compliance teams are under pressure to protect...

Suspicious Matter Reporting (SMR) has become a central component of global efforts to combat money laundering and terrorist financing. As criminals continue to exploit...

Gatekeeper professions, including lawyers, accountants, real estate agents and trust and company service providers, occupy a pivotal position in the fight against illicit finance....

Trade-based money laundering (TBML) has become one of the most challenging threats facing the financial system, as illicit funds can be hidden behind legitimate...

Financial institutions continue to invest heavily in compliance technology, spending billions each year to strengthen their ability to detect and prevent financial crime. Yet...

Identifying ultimate beneficial owners (UBOs) remains one of the toughest challenges for compliance teams conducting customer due diligence (CDD). According to KYC360, these individuals, who...

Many financial institutions across the US are rethinking how they tackle financial crime, driven by the rising cost of compliance, new regulatory demands, and...

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....

Fentanyl has become one of the deadliest threats in the global drug trade, killing thousands each year. The flow of money that supports it...