Tag: FinCEN

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.

Enhanced Due Diligence (EDD) represents an advanced level of scrutiny, serving as a crucial component beyond basic KYC checks.

KYB, or Know Your Business, is an essential process for businesses engaging with other companies. It serves as the backbone of safe, compliant third-party relationships, enabling firms to assess and manage potential risks before formalizing business agreements.

In a move to modernize AML/CFT frameworks, the U.S. Department of the Treasury's FinCEN has unveiled a proposal under the Anti-Money Laundering Act of 2020.

In a stride towards combating financial crimes, the US introduced the CTA, designed to peel back the layers of secrecy often associated with business entities.

Customer Due Diligence (CDD) stands as a cornerstone in the ongoing battle against money laundering and terrorist financing. It compels regulated entities to collect and verify personal details—name, address, date of birth, and government-issued identification—from customers to authenticate their identities and assess potential financial crime risks.

Compliance officers in the asset management sector are pivotal, often having to juggle multiple responsibilities.

In today's financial landscape, AML transaction monitoring is key for protecting the integrity of financial institutions and the global financial system. This continuous surveillance of...

Is your financial institution overlooking its greatest asset? In today’s competitive market, many companies undervalue the role of compliance.