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  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

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... 

  Archived Webinar

A Risk-based Approach to Sanctions Compliance

Originally Presented: July 27, 2022

An effective sanctions screening program that meets the growing complexities of sanctions compliance is essential for financial institutions. Relying on legacy and disparate systems across... 

  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... 

  Archived Webinar

Banking Cannabis-Related Businesses: Marijuana, Hemp and CBD

Originally Presented: June 30, 2022

The burgeoning U.S. cannabis industry is subject to a complex regulatory compliance landscape, with laws differing from coast to coast, at state and federal levels,... 

  Blog

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.... 

  Blog

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... 

  Blog

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... 

  Blog

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... 

  Archived Webinar

2021 Crime Trends & Technology: A Year in Review

Originally Presented: December 7, 2021

From growing fraud threats to the evolving BSA/AML landscape, 2021 has been a significant year in financial crime management — and 2022 may bring new...