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Tag: BSA/AML Compliance

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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... 

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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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Cryptocurrency Fraud Scams Amass Over $1B

June 27, 2022 by Verafin

According to a sobering new report by the Federal Trade Commission, since the start of 2021 more than 46,000 people have collectively reported more than $1 billion in losses to crypto-related scams, with an average loss of $2,600 per person.... 

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Keeping Pace with the Changing AML/CFT Landscape: Virtual Currency Payment Risks

June 8, 2022 by Verafin

The use of Convertible Virtual Currency (CVC) is increasing, offering an alternative transaction channel for consumers and a new transaction channel for criminals to exploit. Virtual currency activity is relevant to all financial institutions, even those that do not offer... 

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Managing the Growing Complexities of Sanctions Risk

May 9, 2022 by Verafin

The Russian invasion of Ukraine and the subsequent escalation of the Russian-Ukrainian war has been met with condemnation and resulted in severe economic sanctions from governments across the globe. Sanctions are crucial to enforce foreign policy objectives and deter criminal... 

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AML Crime Trends and Technology

January 12, 2022 by Verafin

Keeping pace with the changing landscape of BSA/AML is a significant challenge for financial institutions. In our year-end presentation we explored industry-wide AML trends and the specific challenges facing compliance programs today — including the recent passing of the AML Act of... 

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AML Act of 2020 Formalizes Risk-Based Approach for Compliance

July 28, 2021 by Jim Richards

The fifth instalment in Jim Richards’ Renewing the BSA Series. Under the current law, 31 USC Section 5318(h) and it’s subsequent regulations, financial institutions are required to have an Anti-Money Laundering (AML) program, but there has never been a requirement... 

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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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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... 

  Blog

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...