Moving from a ‘check the box’ mentality to a system that better protects consumers and banks.
Browsing: Financial crimes
The Financial Crimes Enforcement Network today issued government-wide priorities for anti-money laundering and countering the financing of terrorism policy.
At its annual Law Enforcement Awards ceremony, held virtually today, the Financial Crimes Enforcement Network recognized several state and federal law enforcement agencies for their work using information reported by financial institutions under the Bank Secrecy Act in its criminal investigations.
Fighting credential stuffing requires planning and coordination across security, fraud, technology and customer experience teams.
As the Financial Crimes Enforcement Network prepares to create a new beneficial ownership registry, ABA made several recommendations that should guide the agency as it develops the database—including that FinCEN ensure usability and ease of access for reporting companies, law enforcement and financial institutions.
Ransomware attacks are becoming more numerous, sophisticated and costly, especially during the COVID-19 pandemic.
As the COVID-19 pandemic turns one, bankers and cyber experts reflect on the rapid rise of scams and fraud schemes aimed at banks and their customers.
By streamlining their anti-money laundering operations, banks will not only maintain their defenses, but also their market share.
Modernization efforts will likely be accompanied by increased enforcement activity. A strong culture of compliance will be more critical than ever.