BlogCombating Human Trafficking with Verafin’s Data-Driven Financial Crime Management PlatformJuly 5, 2022 by Nasdaq Verafin Generating an estimated $150 billion per year, human trafficking is one of the most profitable and heinous international crimes. Human trafficking and human smuggling was identified in the AML/CFT National Priorities as one of eight “predicate crimes that generate... |
BlogCrossing Boundaries: The Expansive Threat of BECMay 20, 2021 by Nasdaq Verafin “For five years in a row, BEC is responsible for the most financial losses reported to the FBI. We have no reason to believe that 2021 will be any different.” Agari, 2021 As the industry rebounds from a challenging year,... |
BlogDefining Moments in the War on Financial CrimesJune 30, 2020 by Jim Richards Fifty years ago, the law we now call the Bank Secrecy Act (BSA) was passed, and the war on financial crimes truly began. The BSA began with the Currency and Foreign Transactions Reporting Act of 1970. In the years that followed,... |
BlogFraud Risks in Turbulent TimesMarch 20, 2020 by Nasdaq Verafin As the COVID-19 pandemic continues to spread throughout the world, financial institutions have been encouraged to remain steadfast in their ongoing scrutiny of potentially suspicious behavior and to diligently report suspected fraudulent activity. On March 16, 2020, FinCEN released a... |
BlogDeconstructing the Currency Transaction ReportFebruary 18, 2020 by Jim Richards With FinCEN reporting increases in BSA report filings year over year, it is likely that over 16 million Currency Transaction Reports, or CTRs, were filed in 2019, each one reporting one or more cash transactions made by or on behalf... |
BlogThe Bank Secrecy Act Doesn’t Really ExistJanuary 15, 2020 by Jim Richards Happy New Year! Happy New Decade! But most importantly, Happy 50th Anniversary of the Bank Secrecy Act! Yes, the (so-called) Bank Secrecy Act was passed fifty years ago this October. As every BSA/AML professional knows, the Bank Secrecy Act was first made... |
BlogElder Financial Abuse: SAR TrendsJune 12, 2019 by Nasdaq Verafin In February 2019, the Consumer Financial Protection Bureau (CFPB) released a study on elder financial abuse, Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends. The study utilizes information from Suspicious Activity Reports (SARs) to identify emerging trends in... |
BlogFinCEN and Federal Banking Agencies Encourage Banks to InnovateDecember 4, 2018 by Nasdaq Verafin A joint statement released on Dec. 3, 2018, by the Financial Crimes Enforcement Network (FinCEN) and its regulatory partners — the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and... |
BlogBuilding momentum in the fight against human traffickingJanuary 9, 2018 by Nasdaq Verafin Throughout 2017 awareness of human trafficking as a modern human tragedy — orchestrated by criminal organizations on a global scale — continued to grow. Equally important, there was an increased recognition of the vital role financial crime investigators at financial... |
BlogU.S. Court Case: 60 Funnel Accounts Used by Heroin Trafficking OrganizationSeptember 27, 2017 by Denise Hutchings “Narcotics traffickers will attempt to create elaborate financial networks in an effort to launder illegal drug proceeds.” (James Dorsey, Acting Special Agent in Charge IRS Criminal Investigation, June 2017) Heroin Trafficking Organizations Targeted by OFAC In May 2017, Treasury Secretary... |
