BlogSolutions for SAR/STR Filing: Best Practices for Crypto CompaniesNovember 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... |
BlogThe Future of Crypto Compliance: The Need for Effective AML/CFT SolutionsOctober 14, 2022 by Verafin “E.O. 14067 recognizes that digital assets may pose significant illicit financing risks and commits the U.S. government to mitigating these and any other national security risks.” 1 While the use of digital assets such as convertible virtual currencies continues to... |
BlogAssessing AML/CFT Compliance Risks for Crypto CompaniesJuly 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... |
BlogCryptocurrency Fraud Scams Amass Over $1BJune 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.... |
BlogKeeping Pace with the Changing AML/CFT Landscape: Virtual Currency Payment RisksJune 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... |
BlogManaging the Growing Complexities of Sanctions RiskMay 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... |
BlogAML Crime Trends and TechnologyJanuary 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... |
BlogCrime Trends & Technology: Reflections & Perspectives for 2021December 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... |
BlogKey Takeaways from FFIEC Updated CDD Examination ProceduresJune 12, 2018 by Verafin On May 11, 2018, the FFIEC released new Customer Due Diligence (CDD) Examination procedures that reflect and codify the requirements of FinCEN’s final CDD rule. These updates detail how financial institutions must establish appropriate risk-based CDD procedures to understand the... |
BlogImproving your risk-based CDD with intelligent categorizationApril 17, 2018 by Verafin 2018 updates to Customer Due Diligence requirements have increased regulatory emphasis on how BSA/AML departments must conduct ongoing customer due diligence. The FFIEC BSA/AML Examination Manual states that AML programs, at a minimum, are required to implement: appropriate risk-based procedures... |
