Tag: FinCEN

AML compliance teams are facing growing challenges in how they handle backlogs of alerts. Traditionally, banks and financial institutions have approached these backlogs by...

In the US, KYB is not just a regulatory requirement but a fundamental practice critical for maintaining the integrity of financial operations and fostering trust within the business ecosystem.

As artificial intelligence (AI) continues to transform financial crime compliance, a new industry benchmark is emerging: compliance-first AI.

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.

In a stride towards combating financial crimes, the US introduced the CTA, designed to peel back the layers of secrecy often associated with business...

Customer Due Diligence (CDD) stands as a cornerstone in the ongoing battle against money laundering and terrorist financing. It compels regulated entities to collect and verify personal details—name, address, date of birth, and government-issued identification—from customers to authenticate their identities and assess potential financial crime risks.

The FinCEN has recently proposed new regulations that would expand AML and CIP requirements to encompass both registered investment advisers and exempt reporting advisers.

Compliance officers in the asset management sector are pivotal, often juggling multiple responsibilities.

In today's financial landscape, AML transaction monitoring is key for protecting the integrity of financial institutions and the global financial system.

In an era where regulatory oversight of the wealth and asset management sector is intensifying globally, the stakes for compliance have never been higher. This sector, pivotal to national economies, plays a crucial role in helping consumers manage their assets and achieve their financial goals. However, its significance also makes it a potential target for misuse by malicious entities aiming to launder money.