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A Mandate for Innovation in the AML Act of 2020

May 28, 2021 by Jim Richards

The fourth instalment in Jim Richards’ Renewing the BSA Series. Innovation is a key theme throughout the Anti-Money Laundering Act of 2020 (AMLA or the Act). As financial crimes evolve and regulatory compliance commitments advance, financial institutions need innovative solutions... 

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A Brief Introduction to the AML Act of 2020

February 12, 2021 by Jim Richards

The first instalment in Jim Richards’ Renewing the BSA Series. The landscape of the Bank Secrecy Act (BSA) is changing. The latter half of 2020 saw repeated calls to examine and modernize Anti-Money Laundering (AML) and Countering the Financing of... 

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Persistence Pays as Fraud Continues Under COVID-19

July 12, 2021 by Verafin

Earlier this year, FinCEN issued an advisory to “alert financial institutions to health insurance and health care frauds related to the COVID-19 pandemic.” Fraudsters have been targeting multiple sources of funds, including Medicare, the Medicaid/Children’s Health Insurance Program (CHIP), TRICARE,... 

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Crossing Boundaries: The Expansive Threat of BEC

May 20, 2021 by Verafin

“For five years in a row, BEC is responsible for the most financial losses reported to the FBI. We have no reason to believe that 2021 will be any different.” Agari, 2021 As the industry rebounds from a challenging year,... 

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Information Sharing Prioritized in AML Act of 2020

March 4, 2021 by Jim Richards

The third instalment in Jim Richards’ Renewing the BSA Series. Many professionals are touting the Anti-Money Laundering Act of 2020 (AMLA) as the biggest change to American efforts to fight crime and corruption since the USA PATRIOT Act of 2001... 

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AML Act of 2020 Progresses SAR Regime

February 19, 2021 by Jim Richards

The second instalment in Jim Richards’ Renewing the BSA Series. On January 1, 2021 the United States Senate approved the National Defense Authorization Act (NDAA), and with it, the most significant legislation addressing the U.S. Anti-Money Laundering and Countering the... 

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FinCEN Supplemental Advisory Outlines New Human Trafficking Typologies, Red Flags

January 14, 2021 by Verafin

On October 15, 2020, the Financial Crimes Enforcement Network (FinCEN) released a Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity, in response to the potential growth in illicit activity during the COVID-19 pandemic. The Supplemental Advisory broadens... 

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Crime Trends & Technology: Reflections & Perspectives for 2021

December 16, 2020 by Verafin

In a recent year-end presentation, we explored the unrelenting challenges of 2020, the trends and technology developments throughout the year, and offered an overview of how recent industry threats may continue into the future. The following highlights and related resources will... 

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Criminals Strike SBA Programs Amidst COVID-19 Pandemic

August 7, 2020 by Verafin

“While American small business owners and employees are struggling, fraudsters are busy trying to steal the money meant to help those families survive. With billions of dollars in aid available, they will try every trick in the book to rob... 

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Defining Moments in the War on Financial Crimes

June 30, 2020 by Jim Richards

Fifty years ago, the law we now call the Bank Secrecy Act (BSA) was passed, and the war on financial crimes truly began. The BSA began with the Currency and Foreign Transactions Reporting Act of 1970. In the years that followed,...