BlogAML Trends and Technology 2023January 27, 2023 by Bill Heys Keeping pace with the growing complexity of financial crime was a challenge for financial institutions in 2022 – finding a balance between meeting customers’ needs for faster, frictionless banking while managing regulatory scrutiny is no easy task. Investigators striving to... |
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... |
