Money Service Business
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 […]
New York (CNN Business) By Clare Duffy, CNN Business Updated 4:09 PM ET, Mon August 5, 201 The Federal Reserve wants to make paying bills and transferring money easier and faster. The Fed announced Monday that it will develop a real-time payment service called “FedNow” to help move money around the economy more quickly. It’s […]
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 […]
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 […]
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 […]
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, […]
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 USB drives) and then introducing […]
It’s that time again! Or is it? Renewing your Money Service Business (MSB) registration is required every two years. While it sounds simple, errors in the MSB registration form is a common flaw I see in my compliance work with MSBs. Besides confusion on when to renew, errors include improperly designating the reason for the […]
PR Release for Immediate Release Steve Hudak, 703-905-3770 Purchase Threshold Lowered to $300,000 and Virtual Currencies Included WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the issuance of revised Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. […]
By Ryan Tracy of Wall Street Journal Oct. 30, 2018 1:39 p.m. ET Employees at one of the largest and fastest-growing credit unions in the U.S. told executives and regulators that it had a flawed program to prevent money laundering, according to people familiar with the matter and internal credit-union documents. The concerns raised about […]