CFPB Monitor

DECEMBER 2, 2021

As anticipated, the OCC, Federal Reserve Board, and FDIC recently approved and released the Final Rule Requiring Computer-Security Incident Notification (“Final Rule”). The Final Rule is designed to promote early awareness and stop computer security incidents before they become systemic.

Regulation 78

Regulation Report FDIC Security 78

PYMNTS

JULY 5, 2019

The Bank of Japan ( BOJ ), Japan’s central bank, has joined in with other regulators and officials around the world in its worry over Facebook’s proposed cryptocurrency Libra , according to reports. . The bank is worried that the currency will be difficult to regulate and that it could potentially harm the existing financial system. “It

Regulation 102

Regulation cryptocurrency United States Policies 102

Abrigo

JULY 13, 2023

Avoid fraud losses from pig butchering scams FinCrime professionals looking to prevent pig butchering scams in the age of cryptocurrency can follow these steps to tighten security. Pig butchering scams originated in Southeast Asia and have escalated significantly in the United States. billion in fraud losses in 2022.

Fraud 195

Fraud cryptocurrency Training social media 195

PYMNTS

FEBRUARY 9, 2018

The world’s first ICO regulations are coming, care of Gibraltar. The rapid global proliferation of initial coin offerings has become an issue of mounting concern among regulators and central banks around the world – in particular, the growth of ICOs has fueled massive growth in the cryptocurrency market in general.

Regulation 106

Regulation cryptocurrency United States Security 106

PYMNTS

OCTOBER 13, 2020

Across the globe, terrorists and criminals are leveraging cryptos in what is gearing up to be a significant national security threat to the United States. That’s according to the U.S. In the report from the U.S. The terrorist threat, in particular, represents what the report termed “the first raindrops of an oncoming storm.”

cryptocurrency 206

cryptocurrency United States social media Regulation 206

Abrigo

FEBRUARY 6, 2020

The Office of Foreign Assets Control ( OFAC ) hosts an annual symposium to provide updates on compliance requirements, sanctions activity, and enforcement efforts. Business owners and compliance professionals need to remain vigilant about potential risks and report suspicious activity to OFAC and pertinent agencies.

United States 195

United States Compliance Strategy National 195

Abrigo

JANUARY 3, 2024

Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a new regulation on the requirements, including how AML staff will access the information through a new federal beneficial ownership information (BOI) registry. This is in line with the current CDD regulations. Effective Jan. More is expected on this later.

Fraud 221

Fraud Regulation Report Compliance 221

PYMNTS

DECEMBER 26, 2018

The European Data Protection Board will soon decide if financial regulators around the world can freely engage in the exchange of cross-border information. The European Union’s General Data Protection Regulation (GDPR), which gives consumers more control over their private data, went into effect in May. The time is now.”.

Data 134

Data Regulation United States Compliance 134

PYMNTS

SEPTEMBER 29, 2017

The EU’s PI licensing requirements are especially stringent, with strict requirements on PI infrastructure, shareholder qualifications, Know Your Customer (KYC) and AML policies and information security programs. To date, only 10 companies have obtained the license in Luxembourg.

Security 129

Security Payments Fintech United States 129

PYMNTS

JUNE 29, 2020

Small- to medium-sized businesses (SMBs) have been especially hard hit, as many have pivoted quickly to enable online transactions and adhere to the regulations that often accompany them. The health crisis has brought about changes to this rule, however, and these may have long-term implications for payment standards and regulations.

How To 239

How To Payments Management social media 239

Abrigo

NOVEMBER 17, 2023

As overseers tighten the leash with stringent regulations aimed at protecting consumers, the cost of compliance grows. This is the first-time fraud has been addressed at a high level as part of AML compliance, but it makes sense. Proceeds from fraudulent activity must be laundered, so there is a direct correlation.

Fraud 195

Fraud Training Trends Compliance 195

PYMNTS

OCTOBER 30, 2020

It cannot be overstated how integral non-cash payments are to the global economy, with the United States processing more than 174.2 Slow compliance checks and sluggish processing times are commonplace, especially on the legacy systems still used by many banks around the world. Automating Compliance.

Operations 228

Operations Payments Compliance System 228

Abrigo

NOVEMBER 1, 2021

Takeaway 1 BSA and fraud functions have historically been siloed, and IT has been external to compliance. Bank Secrecy Act (BSA) and fraud functions have historically been siloed within financial institutions' structures in the compliance world. Similarly, IT security professionals generally do not have a compliance background.

Fraud 195

Fraud Video Training Compliance 195

Abrigo

JANUARY 17, 2024

FinCEN data shows that human trafficking in the United States takes place in a wide variety of industries—hospitality, agriculture, janitorial services, construction, restaurants, domestic work, and so on. Policies that promote the employment of former trafficking victims can help end cycles of trafficking, as well.

Training 259

Training Community Software Texas 259

CFPB Monitor

JULY 6, 2021

The Priorities purport to identify and describe the most significant AML/CFT threats facing the United States. Indeed, the regulated industry has been pushing for years for greater feedback and guidance from regulators and law enforcement on the usefulness of BSA filings.

United States 78

United States Fraud Regulation Compliance 78

Bank Innovation

MARCH 27, 2020

In a week that saw the coronavirus pandemic amplify in the United States, the fintech sector continued to weather economic dislocation and uncertainty. But even amid this uncertainty, fintech companies began formulating strategies to help banking and consumers emerge from the crisis with better tools and solutions.

Fintech 259

Fintech United States Tools Strategy 259

Abrigo

JULY 16, 2021

Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. FATF is the global watchdog for AML/CFT activity, and it is important to note that the United States shows full support in global efforts by their recent priorities release. How to prepare. financial system.

Community 195

Community Regulation Training Policies 195

Insights on Business

FEBRUARY 25, 2019

In the Financial Services industry, a range of businesses including banks, insurance companies, securities trading organizations, and capital market clients are required to comply with regulations that include information governance and stringent records retention requirements.

Meeting 87

Meeting Industry Compliance Policies 87

Abrigo

JUNE 13, 2022

Takeaway 3 Education and reporting are key to preventing this type of fraud, so know your state's policies. . Elder financial exploitation and elder fraud are serious crimes in the United States. Many states are mandatory reporters to APS for any elder abuse. BSA Rules and Regulation. BSA Rules and Regulation.

Fraud 195

Fraud Training United States Survey 195

Abrigo

FEBRUARY 27, 2020

Our Transparent AI is easy to explain to regulators. . Mosier will oversee FinCEN’s work to protect the financial integrity and national security of the United States by advancing the agency’s engagement with new technologies within the financial industry.

Innovation 195

Innovation Software United States Compliance 195

CFPB Monitor

OCTOBER 27, 2020

The proposed regulation would reduce the current $3,000 threshold to only $250 for international transfers, thereby substantially expanding the scope of these rules. Further, FinCEN estimates – likely conservatively – that compliance would require no less than 3.3 Even by FinCEN’s own estimates, the effect would be broad.

United States 78

United States Compliance Regulation Payments 78

PYMNTS

AUGUST 14, 2019

His worry, he said, are the areas where they have expected to see more data reporting and haven’t; as well as indications that casinos have been taking their foot off the gas pedal of late when it comes to their compliance activities. “It Mobile Gaming And Digital Currency . This includes offering sports betting through a mobile app.”.

Compliance 163

Compliance Las Vegas Mobile Data 163

PYMNTS

NOVEMBER 19, 2019

To make the onboarding process easier, the company also revealed that it has created a pre-compliance team. Ever since our pre-compliance team came into action, our onboarding speed has doubled with our U.K. Ever since our pre-compliance team came into action, our onboarding speed has doubled with our U.K.-regulated

blockchain 101

blockchain US Bitcoin United States 101

PYMNTS

SEPTEMBER 14, 2020

The United States may have some of the world's best cryptographers working for the National Security Agency and other spy shops, but the Internal Revenue Service (IRS) is crowdsourcing at least part of its effort to beat the algorithms that cloak information about certain cryptocurrencies. 1 have just taken effect.

blockchain 160

blockchain cryptocurrency Bitcoin Compliance 160

Abrigo

SEPTEMBER 20, 2023

Join Abrigo for a webinar discussing risk assessments' role in compliance. Given the current economic climate in the United States, it is essential to understand the effect personal financial security has on 1 st -party fraud. Regulators will be expecting this as they examine institutions for FinCEN priority preparedness.

Fraud 195

Fraud Trends Cards Software 195

PYMNTS

OCTOBER 10, 2019

Many want more options and control when it comes to their security. percent of customers agreed that mobile transactions would be more secure if the consumers themselves had more control over their authentication options. Regulators as well as banks are searching for ways to keep launderers and other fraudsters out of online banking.

Fraud 126

Fraud Digital Banking Strategy Security 126

FICO

MARCH 31, 2016

During this period of Congressional gridlock, much of the activity in Washington DC impacting the financial services industry remains focused on the development and implementation of new regulations. Here’s a very brief overview of what we’ll cover: Stress testing is a key area of emphasis for regulators around the globe.

Compliance 40

Compliance DC Washington Regulation 40

Abrigo

SEPTEMBER 10, 2021

Takeaway 2 The USA PATRIOT Act was the first legislation that criminalized terrorist financing in the United States. The role of BSA staff was typical compliance and very task-oriented. Regulatory scrutiny became ever-present, knowing that the security of their homeland was at stake. BSA Rules and Regulation.

Training 195

Training Risk Management Pennsylvania Resources 195

Bank Innovation

OCTOBER 20, 2017

billion, Chinese peer-to-peer lender Qudian is now the largest Chinese company listed in the United States. It is also the fourth biggest IPO in the United States this year. Valued at $11.7

United States 150

United States Marketing Data Report 150

CFPB Monitor

OCTOBER 27, 2022

Specifically, SB 1311 voids any security interest in a motor vehicle if it would cause a loan procured by a servicemembers in the course of purchasing the motor vehicle to be exempt from the Military Lending Act (“MLA”) and if the loan also funds the purchase of a credit insurance product or credit-related ancillary product.

California 148

California Security Regulation United States 148

PYMNTS

MAY 27, 2020

CU branches across the United States have temporarily closed to help slow the spread of contagion, forcing CUs to find new ways to engage with their members via connected technologies, from mobile devices to laptops and especially ATMs. About The Tracker.

ATM 243

ATM Innovation Meeting United States 243

Abrigo

APRIL 26, 2022

financial system has long been a desired destination for illicit funds linked to senior foreign political figures and kleptocracy, defined as a state of unrestrained political corruption. The Financial Crimes Enforcement Network ( FinCEN ) has profiled this global issue by naming corruption one of the eight national security priorities.

Training 195

Training Regulation System National 195

CFPB Monitor

JULY 21, 2022

CA), inserting into the NDAA a version of the “Establishing New Authorities for Business Laundering and Enabling Risks to Security Act,” otherwise more commonly known as the ENABLERS Act. As we will discuss, it applies the BSA to persons providing corporate formation, trust, third-party payment, or similar legal or accounting services.

United States 78

United States Taxes Regulation Compliance 78

Abrigo

JULY 12, 2021

This is a growing concern worldwide and is a growing threat in the United States. This new guidance will assist countries and the private sector in understanding and documenting these risks and prepare accordingly for this serious threat to international peace and security. BSA Rules and Regulation. While the U.S.

Training 195

Training Policies United States Report 195

PYMNTS

JUNE 26, 2019

Despite the compliance deadline being set back in 2015, many banks that offer application programming interfaces (APIs) to third-party providers and FinTech firms are still unprepared for SCA. Regulations can build trust and goodwill, though. PSD2’s impact in Europe has not gone unnoticed by regulators in other areas of the world.

California 109

California Regulation Fintech Data 109

PYMNTS

JUNE 6, 2019

When new regulations take effect, especially sweeping ones that impact eCommerce, at least some firms take a “wait-and-see” approach. As McLain noted, when it comes to privacy and GDPR for merchants, “at the end of the day, it’s about allowing consumers to exercise their rights under that regulation.” Call it the chain of doubt.

Fraud 180

Fraud Exercises Regulation Study 180

PYMNTS

JULY 22, 2019

Others are just looking for a way to even be able to comply with KYC [know your customer] regulations as they are trying to remotely enroll unbanked consumers.”. Part of that, he added, is across-the-board high standards when it comes to compliance and verification. A Diversity Of Needs.

Innovation 161

Innovation Payments Regional America 161