Tag: Bank Secrecy Act

CDD and KYC obligations have become foundational components of compliance for lawyers, accountants, real estate agents and TCSPs. Often referred to as “gatekeeper professions”, these...

The Bank Secrecy Act (BSA), enacted in 1970, remains a cornerstone of the United States’ fight against financial crime. Its purpose is to ensure...

Fraud rings are becoming a mounting concern for businesses operating in finance, payments, and cryptocurrency. Every day, organised criminals search for ways to exploit...

Human trafficking and money laundering are two interlinked crimes that together enable vast networks of exploitation. With human trafficking generating billions in illicit revenue...

The Financial Crimes Enforcement Network (FinCEN) has recently issued a pivotal final rule that mandates registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish comprehensive anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks under the Bank Secrecy Act (BSA).

On December 3, 2024, the enforcement of the CTA was halted by a nationwide preliminary injunction, casting doubt over its future implementation. According to Moody's,...

Cross-border payments, encompassing transactions between entities in different countries, are vital to the global economy. According to AIPrise, these payments facilitate various international activities, from...

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a critical alert to assist financial institutions in identifying and addressing fraud schemes involving deepfake media created with generative AI (GenAI) tools.

TD Bank has been slapped with a staggering $3bn penalty for breaches of the BSA marking a record-setting moment in U.S. financial regulatory history.

In the complex landscape of financial regulation, compliance managers play a pivotal role, often finding themselves at the forefront of critical challenges.