BlogInformation Sharing Prioritized in AML Act of 2020March 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... |
BlogAML Act of 2020 Progresses SAR RegimeFebruary 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... |
BlogA Brief Introduction to the AML Act of 2020February 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... |
BlogFinCEN Supplemental Advisory Outlines New Human Trafficking Typologies, Red FlagsJanuary 14, 2021 by Nasdaq 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... |
BlogCrime Trends & Technology: Reflections & Perspectives for 2021December 16, 2020 by Nasdaq 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... |
BlogCriminals Strike SBA Programs Amidst COVID-19 PandemicAugust 7, 2020 by Nasdaq 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... |
BlogDefining Moments in the War on Financial CrimesJune 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,... |
BlogMoney Mules Moving Illicit Proceeds from COVID-19-Related CrimesJune 11, 2020 by Nasdaq Verafin “In the past, money mules have been viewed as low-level offenders, transferring small amounts of cash. However, organised, sophisticated money mule schemes have evolved as a [professional money launderer] mechanism.” – Financial Action Task Force From economic stimulus payments to... |
BlogAnalysis & Commentary: FinCEN’s Proposed Burden Estimate for Preparing and Filing SARsMay 29, 2020 by Jim Richards On May 26, 2020, the Financial Crimes Enforcement Network (FinCEN) published a Notice in the Federal Register titled “Proposed Updated Burden Estimate for Reporting Suspicious Transactions Using FinCEN Report 111 – Suspicious Activity Report.” This Notice is required under the... |
BlogBenefits Fraud Rising as Unemployment Claims SoarMay 28, 2020 by Nasdaq Verafin “It is deeply troubling to see these reports of fraudulent unemployment claims being filed and allegedly paid by the State Employment Security Department. These are our public tax dollars. These funds are intended for those in need, and not for... |
