FinCEN issues alert for check fraud via USPS
Working with the U.S. Postal Inspection Service, FinCEN identified red flags to help banks detect, prevent and report suspicious activity connected to mail theft-related check fraud.
Browsing: Bank Secrecy Act
FinCEN issues alert on Russian activity in commercial real estate
The Financial Crimes Enforcement Network this week issued an alert to financial institutions on potential attempts by Russian elites to evade sanctions through the U.S. commercial real estate sector.
Mobile apps: Ensuring BSA and FFIEC compliance
Protections for mobile apps must have the capability to recognize and block the tools that criminals use and abuse to commit fraud.
Compliance for 2023: What does the future hold?
With uncertainty the rule, the best advice is to have banks’ change-management processes ready for whatever comes.
FinCEN: Depository institutions played critical role in tracking Russian activity
In a report today, the Financial Crimes Enforcement Network said it was able to identify tens of billions of dollars in suspicious activity by Russian oligarchs thanks in large part to filings from U.S. depository institutions.
Demystifying beneficial ownership
Financial institutions should not wait for a central registry to come online. Banks benefit by becoming proactive right now.
Survey: Regulatory change remains top concern for banks
Keeping up with changing regulations was the top concern for U.S. financial services firms, according to Wolters Kluwer’s annual Regulatory and Risk Management Indicator survey.
FinCEN report: Ransomware filings more than double from 2020 to 2021
The value of ransomware-related BSA filings in 2021 approached $1.2 billion—a 188% increase compared to the previous year.
Government watchdog: DOJ falling short of obligations to share BSA info
The Government Accountability Office found significant room for improvement regarding the Department of Justice’s obligation under the Anti-Money Laundering Act of 2020 to provide the Financial Crimes Enforcement Network with information on their use of Bank Secrecy Act reports.
How the new SAR pilot may aid in the financial crime fight internationally
Successful information sharing will reduce the time it takes to interdict, stop and report criminal activity, boost customer trust and protect a brand’s reputation.