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Improving your risk-based CDD with intelligent segmentation

April 17, 2018 by Verafin

FinCEN’s upcoming Final Customer Due Diligence (CDD) Rule is putting increased regulatory emphasis on how BSA/AML departments are conducting ongoing customer due diligence. FinCEN has explicitly stated that AML programs, at a minimum, are required to implement: appropriate risk-based procedures... 

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Optimizing high-risk customer management and ongoing due diligence

March 20, 2018 by Verafin

As we move through 2018, an already challenging BSA/AML compliance risk environment continues to grow in complexity. Without question, risk management is at the forefront of today’s regulatory scrutiny. In its Fall 2017 Semiannual Risk Perspective, the Office of the... 

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Building momentum in the fight against human trafficking

January 9, 2018 by Verafin

Throughout 2017 awareness of human trafficking as a modern human tragedy — orchestrated by criminal organizations on a global scale — continued to grow. Equally important, there was an increased recognition of the vital role financial crime investigators at financial... 

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Unmasking online account takeover

December 19, 2017 by Verafin

The intersection of fraud and online banking accounts continues to be big business. With our dependence on smart phones and as the Internet continues to seemingly expand into every aspect of our lives, criminals are fashioning masks molded from stolen... 

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Industry alert: NACHA warns of risks in C2C ACH Debits

November 28, 2017 by Verafin

NACHA has turned the risk spotlight on Consumer-to-Consumer (C2C — also known as Account-to-Account (A2A) or Peer-to-Peer (P2P)) debit payments again. Over the past six months we have seen a steady flow of warnings within the industry about the dangers... 

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Finding fraud in fallback transactions

November 20, 2017 by Verafin

Fallback transactions pose a significant danger to financial institutions (FIs) and are something criminals will lean on more heavily as the adoption of chip-enabled cards continues to gather pace. A fallback transaction is the swiping of a chip-enabled card at... 

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Beneficial Ownership FAQs

November 14, 2017 by Verafin

A lot of digital ink has been spilled concerning the collection of Ultimate Beneficial Owner (UBO) information. Most of the buzz around the FinCEN’s final rule on Customer Due Diligence (CDD) Requirements for Financial Institutions, since it was introduced, rests... 

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U.S. Court Case: 60 Funnel Accounts Used by Heroin Trafficking Organization

September 27, 2017 by Denise Hutchings

“Narcotics traffickers will attempt to create elaborate financial networks in an effort to launder illegal drug proceeds.” (James Dorsey, Acting Special Agent in Charge IRS Criminal Investigation, June 2017) Heroin Trafficking Organizations Targeted by OFAC In May 2017, Treasury Secretary... 

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Beneficial Ownership: 5 Key Compliance Obligations

August 14, 2017 by Verafin

For many years, financial crime investigators have warned of possible links between shell companies and international money laundering activity. In the 2013 report How Shell Companies Aid Terrorism, Crime and Corruption, the Open Society Foundations discussed how shell companies are used to launder billions... 

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No Jackpot: Recognizing Lottery Scam Activity

August 14, 2017 by Verafin

Congratulations! You’ve won the lottery! Wait. How have you won a lottery you don’t remember entering? Who cares! It’s a lot of money, right? Unfortunately, not in this case. There’s a catch… there’s always a catch. This is a variation...