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FinCEN Adds New Unit to Focus on Money Laundering Threats Globally & Locally

The Financial Crimes Enforcement Network announced the launch of its newly created Global Investigations Division (GID), with responsibility for targeting terrorist financing and money laundering threats, both domestically and internationally. Matthew Stiglitz, a former principal deputy chief in the Department of Justice’s Criminal Division, will lead the GID. Stiglitz brings […]

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The Greatest Threat To Your Check Cashing Business

Stop and think for a minute of what presents the greatest threat to your check cashing business…….. No really—–Stop Reading —– Think —— and then Continue to Read On. So now that you’ve pondered for a moment, perhaps you thought competition such as a nearby Walmart is the greatest threat. […]

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Agengies Issue Joint Statement on AML Compliance

Treasury’s FinCEN and Federal Banking Agencies Issue Joint Statement Encouraging Innovative Industry Approaches to AML Compliance As a result of a working group established by the U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence and the Federal depository institutions regulators, the Financial Crimes Enforcement Network (FinCEN) and […]

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Sweeping Regulaton reforms for fintechs

WASHINGTON – A group of state regulators Thursday agreed to 14 recommendations, developed by the fintech industry, that are geared at streamlining state-by-state licensing and supervision process. The effort through the Conference of State Bank Supervisors marks one of the most significant partnerships between state regulators and fintechs to date, […]

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ACI To Purchase Western Union’s Speedpay

western union speed pay

ACI Worldwide has announced a deal with The Western Union Company that will see ACI acquire Speedpay, Western Union’s United States bill pay business, for $750 million in an all-cash transaction. The combined ACI-Western Union business will service over 4,000 customers across the U.S. and have reach that expands into consumer […]

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Chip and PIN protections Could fall short with new future threats

The protections that chip and PIN payment card solutions offer may fall short as cyber criminals begin installing command-and-control malware on infected EMV device readers, a new report warns. Cyber criminals could begin re purposing ATM EMV malware to attack retail environments by infecting point-of-sale (POS) machines (possibly via malicious […]

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Money-Laundering and Sanctions Risks Not Being Adequately Prepared for by Financial-Services Institutions,

New York, Dec. 20, 2017 (GLOBE NEWSWIRE) — Even though financial institutions are perhaps more aware than ever of risks related to money-laundering and sanctions-related investigations, many of them may be “de-risking”—disassociating themselves, perhaps needlessly, from otherwise-profitable businesses and relationships. And, at the same time, a significant number lack both […]

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An Examination of the Decline of the Paper Checks Slow Down, What Will Bring Back Their Usage

Digital Check Corp. has published a new white paper explaining the reasons behind the resurgence of the paper check after the Federal Reserve Bank released its most recent Payments Study last December. The paper, titled The Reappearing Check, is a follow-up to the company’s 2015 white paper series, The Disappearing […]

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Thomson Reuters Anti-Money Laundering Insights Report Reveals a Very Real Fear of Noncompliance

Cyber-enabled crime, shifting economic sanctions’ targets along with new data-reporting demands have created an extreme upheaval in the U.S. anti-money laundering regime. Thomson Reuters recently surveyed 438 AML compliance leaders connected with the Association of Certified Anti-Money Laundering Specialists (ACAMS) to gain an understanding of how U.S. financial institutions are […]

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