FinCEN Issues Advisory on Medical Scams Related to COVID-19 and Companion Notice Providing Filing Instructions for Financial Institutions


FinCEN has issued an advisory to alert all financial institutions to rising medical scams related to the COVID-19 pandemic. This advisory contains red flags, descriptions of COVID-19 related medical scams, and information on reporting suspicious activity. This is the first of several advisories FinCEN intends to issue concerning financial crimes related to the COVID-19 pandemic. FinCEN has […]

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U.S. Anti-Money-Laundering Official Calls for Beneficial Ownership Registry

Citing Lack of business-ownership information creates a ‘dangerous and widening gap’ in the national security apparatus By Dylan Tokar Dec. 10, 2019 7:53 pm ET print Text WASHINGTON—A lack of information about who owns and controls businesses incorporated in the U.S. is creating a “dangerous and widening gap” in the country’s national security apparatus, the […]

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DailyPay Announces Partnership With InfoSync

NEW YORK, Dec. 17, 2019 /PRNewswire/ — DailyPay, the leading provider of the daily pay benefit — a benefit offered through employers that allows employees to receive instant access to their earned wages, today announced its partnership with InfoSync, a leading accounting, reporting and human resources outsourcing solution that principally serves restaurants and other multi-unit businesses. […]

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So much for the Cashless Society: Currency is popular again, especially the $100 bill

By Leonid Bershidsky and Mark Whitehouse | Bloomberg  Oct. 27, 2019 3 AM Modern finance requires a lot of trust, and its digital future will demand still more. If, for example, electronic payments are to replace cash, people must be willing to believe that the bits of data traveling among phones, cards, terminals and blockchains actually […]

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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 considerable experience to FinCEN in […]

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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. Or you may be most […]

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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 its regulatory partners today issued […]

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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, and it includes big names […]

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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 finance, insurance, healthcare, higher education, […]

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