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Tag: Money Laundering

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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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Disorganized Data: How Unresolved Entities Complicate AML Investigations

September 22, 2022 by Verafin

From savings accounts and credit cards to online banking and P2P payments such as Zelle, today’s financial institutions offer more products and services than ever before. There are dozens of product lines and service providers, and each product may require... 

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Four Ways Data Creates Challenges for AML Investigators

September 14, 2022 by Verafin

From BSA Officers to Complex Investigations teams, efficiency in AML investigations is a challenge. The consumer banking market is changing. FinTechs are quickly on the rise. Financial institutions are being pushed to adapt to consumer demands for frictionless banking at... 

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Rising U.S. & International Wire Fraud Threats

July 29, 2022 by Verafin

The high dollar value and irrevocable nature of many wire transfers make them inherently risky and a prime target for criminals. With fraudsters unrelenting, financial institutions must remain informed of growing wire fraud threats, both domestically and internationally.  Our experts... 

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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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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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AML Act of 2020 Formalizes Risk-Based Approach for Compliance

July 28, 2021 by Jim Richards

The fifth instalment in Jim Richards’ Renewing the BSA Series. Under the current law, 31 USC Section 5318(h) and it’s subsequent regulations, financial institutions are required to have an Anti-Money Laundering (AML) program, but there has never been a requirement...