First Half of 2018: Global Crimes and Heavy Fines

On: August 02, 2018

Financial institutions are faced with a dire reality that their Anti Money Laundering (AML) programs may not be compliant with card brand and international, federal or state regulations. Hong Kong-based consultants, Quinlan and Associates, estimates U.S. regulators have imposed over $17 billion in AML-related penalties since 2009. The financial...

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The New FinCen Customer Due Diligence Rule: What It Means for Current KYC Programs

On: July 25, 2018

In May 2016, the Financial Crimes Enforcement Network (FinCEN) formalized new rules for Customer Due Diligence (CDD) procedures, requiring applicable financial institutions to verify the identities of individuals opening an account for a legal entity customer. In May 2018, two years later, FinCEN started its efforts to put the...

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High-Risk Countries for Money Laundering

On: July 03, 2018

The global fight against money laundering has led many countries to develop strict AML/CTF (Anti-Money Laundering/Combating the Financing of Terrorism) regimes. These regimes are designed to build programs that identify, trace, and prevent financial support to criminals, terrorists, or fraudulent merchants. As a result, countries that don’t have a...

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Merchant Monitoring Systems Are Not Keeping Up with Criminals – 5 Must Haves to Stay Ahead

On: May 25, 2018

Laundering money once required a great deal of effort from a criminal standpoint; they had to set up or purchase a brick-and-mortar business, ensure it was seemingly running legitimately, keep clean books, hire and manage staff, and front a lot of operating expenses. As we collectively head into a...

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Transaction Laundering is the New, Advanced Form of Money Laundering

On: May 23, 2018

Electronic Money Laundering, known as Transaction Laundering, is the digital evolution of money laundering and has become one of the biggest challenges facing the Anti-Money Laundering (AML) regime today. Transaction Laundering occurs when an undisclosed business uses an approved merchant’s payment credentials to process payments for another undisclosed store...

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