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Category: Industry Commentary

Financial industry research and analysis to help you understand key trends and issues facing financial institutions.

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  Blog

The Faster Payments Era: New Channels & Expectations

July 27, 2023 by Verafin

“The shift to real-time payment infrastructure requires a focused effort, but the shift is inevitable. The time is now for all key stakeholders—financial institutions, core service providers, software companies, and application developers—to devote the resources necessary to support instant payments.”... 

  Blog

Check Fraud is a Growing Problem – Financial Institutions Need a Solution

June 12, 2023 by Verafin

“In 2022, banks saw an 84% increase in check fraud, costing consumers an estimated $815 million.” – Senate Committee on Banking, Housing, and Urban Affairs, 2023 Even though check use is declining in the U.S., incidents of check fraud and... 

  Blog

Criminals Cash in on Stolen Checks: FinCEN Releases 10 Red Flags for Mail-Related Check Fraud

March 24, 2023 by Verafin

Mail-related check fraud is surging. In 2022, check fraud-related SARs filed to FinCEN reached over 680,000, almost doubling the previous year’s number of filings. In response to a nationwide surge of stolen check fraud schemes targeting the U.S. mail system,... 

  Blog

Scale to Prevail: Five Benefits of Proactively Scaling your Compliance Platform

March 7, 2023 by Verafin

Regulatory enforcement is rapidly evolving for crypto companies and manual processes are costing you more. As fines for compliance violations increase, staying ahead of regulatory requirements is a necessity for crypto companies, to avoid financial penalties and damage to your... 

  Blog

Big Lessons for Crypto Companies From Even Bigger AML Fines

March 6, 2023 by Verafin

For crypto companies, the immense challenge of navigating the  multitude of regulators, escalating number of fines, and evolving landscape of compliance is overwhelming. Crypto companies are facing increased pressure to remain compliant, while avoiding penalties and reputational damage. The Current... 

  Blog

Learning from the Past for a Lucrative Future

January 30, 2023 by Verafin

The landscape of financial crime is evolving – both for traditional financial institutions and crypto companies. As financial institutions advance anti-financial crime programs to maintain regulatory compliance and combat fraud, there are valuable lessons that crypto companies can use to... 

  Blog

Anatomy of a Crypto Hack: Digital Funds, Real-World Consequences

December 16, 2022 by Verafin

While cryptocurrency exists in a digital space, criminals leveraging crypto can have a significant impact on the traditional financial industry. Tracking the flow of funds across blockchain to fiat is essential for finding the perpetrator of these crimes – and... 

  Blog

Solutions for SAR/STR Filing: Best Practices for Crypto Companies

November 7, 2022 by Verafin

Virtual currencies are swiftly becoming the currency of choice for fraudsters – the rate of Suspicious Activity Reports (SAR) filed including cryptocurrency is rapidly rising. According to the U.S. Government Accountability Office (GAO), from 2017-2020, the number of SARs referencing... 

  Blog

Rising U.S. & International Wire Fraud Threats

July 29, 2022 by Verafin

The high dollar value and irrevocable nature of many wire transfers make them inherently risky and a prime target for criminals. With fraudsters unrelenting, financial institutions must remain informed of growing wire fraud threats, both domestically and internationally.  Our experts... 

  Blog

Assessing AML/CFT Compliance Risks for Crypto Companies

July 26, 2022 by Verafin

Companies that operate cryptocurrency exchanges or crypto ATMs in the U.S. must be registered as MSBs with FinCEN, and meet all AML/CFT compliance requirements, including identifying and reporting potentially suspicious activity. Recently released guidelines from the MSBA, ETA, INFiN, and... 

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