FinCEN Warns of Impostor, Money Mule Scams Connected with COVID-19
The Financial Crimes Enforcement Network today issued an advisory alerting financial institutions to imposter scams and money mule schemes connected to the coronavirus pandemic.
Browsing: Financial crimes
What Are the Biggest Challenges Facing the AML and Financial Crimes Communities?
The pandemic pointed out three major problems for risk professionals. Here is how to solve them.
How Privacy-Enhanced Technologies Can Make Financial Crime Compliance More Effective
Financial institutions will need to break out of old paradigms and adopt improved information sharing strategies that enable more efficient criminal investigations.
Podcast: Adding Value in AML with Tech, Talent
Two challenges for today’s anti-money laundering professionals: focusing on high-value functions and eliminating false positives that consume unnecessary resources. Nicholas Piccininni, who leads a 1,500-person financial crimes risk management team at Wells Fargo, explains how Wells puts technology to use to tackle these challenges.
Podcast: Beyond Stovepipes and Silos in Financial Crimes
For a long time, AML, cybersecurity and fraud prevention were seen as have-to-dos and cost centers, says Juan C. Zarate. “Today, management of financial crime risk is now a fundamental part of banking.”
ABA Launches Bank Training for Detecting Human Trafficking
Recognizing the crucial role banks can play in combating human trafficking and human smuggling, ABA yesterday launched a new online course on ways bankers can spot the signs of illicit financial activity associated with these crimes.
FinCEN Issues Warning on Illicit Fentanyl Scams
The Financial Crimes Enforcement Network today issued an advisory to financial institutions on illicit financial schemes related to the trafficking of fentanyl and other synthetic opioids.
FinCEN Recognizes Law Enforcement Successes Resulting from BSA Reporting
At its annual Law Enforcement Awards ceremony 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 their criminal investigations.
OFAC Publishes Sanctions Compliance Guidance
As anticipated, the Office of Foreign Assets Control today issued compliance guidelines to help banks develop appropriate compliance sanctions programs.
ABA, Trade Groups Call for National Beneficial Ownership Registry
As the House Financial Services Committee today held a hearing on the financial crime, the American Bankers Association joined eight other financial trade organizations in a letter to committee leaders highlighting the need for a national beneficial ownership registry.