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Tag: CDD/EDD

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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... 

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The Future of Crypto Compliance: The Need for Effective AML/CFT Solutions

October 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... 

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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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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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Key Takeaways from FFIEC Updated CDD Examination Procedures

June 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... 

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Improving your risk-based CDD with intelligent categorization

April 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... 

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