Money Service Business
ICO issuers commonly screen purchasers in initial token or “coin” offerings (ICOs) for anti-money laundering (AML) and “Know-Your-Customer” (KYC) purposes using online vendors. But there has been uncertainty as to whether, and under what conditions, an ICO issuer would need to go as far as registering as a money service business (MSB)1 with the Treasury […]
By Samuel Rubenfeld Feb 28, 2018 7:16 am ET A congressional watchdog found banks closing accounts or branches along the southwestern U.S. border at high rates due to elevated money-laundering risks, and said regulators haven’t fully assessed the factors causing financial institutions to make those decisions. The Southwest border region is a high-risk area for […]
U.S. Bank, the fifth-largest commercial bank by assets in the United States, was charged by the federal authorities on Thursday with failing to guard against illegal activity and, in at least one instance, even abetting it. The Justice Department accused U.S. Bank, which is based in Minneapolis, of severely neglecting anti-money laundering rules, helping a […]
By Anne Eberhardt | January 8, 2018 Recent headlines have been teeming with money laundering stories, as journalists and hackers reveal ever more sophisticated money laundering schemes, and law enforcement officials issue high-profile arrest warrants and criminal indictments. Meanwhile, over the past half century, the definition of a financial institution subject to money laundering regulations […]
NEW YORK (Thomson Reuters Regulatory Intelligence) – The U.S. Congress should mandate the collection of information about the true owners of corporations, law enforcement should share more information with banks to help spot criminals and artificial intelligence should be considered as a means to lower bank anti-laundering costs, members of the Senate Banking Committee urged […]
by Jose Pagliery A U.S. senator is asking the Treasury Department to explain its efforts to ensure that bitcoin is not being used by criminals and terrorists to evade bank regulations. Senator Ron Wyden sent his questions in a letter to the Treasury Department’s Financial Crimes Enforcement Network on Thursday. FinCEN, as the unit is […]
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 adequate anti-money-laundering (AML) and sanctions […]
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 Check, which correctly predicted the […]
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 addressing the regulatory disruption. The […]