Abrigo

JUNE 27, 2023

Regulations such as Geographic Targeting Order updates help identify AML risks by requiring identification for certain real estate purchases. The limited regulation around the real estate industry has made it especially easy for these bad actors to cycle their dirty money into the financial system using this avenue. In 2017, over 5.51

El Paso 195

El Paso Miami United States New York City 195

Insights on Business

MAY 1, 2019

In the financial services industry in the United States, one thing remains constant – change. A recently published Thomson Reuters study titled “ Fintech, Regtech and the Role of Compliance in 2019 ” found that a new regulatory alert is issued every seven minutes. As recently as two weeks ago, the U.S. Read the report here.

Compliance 141

Compliance United States Regulation Study 141

PYMNTS

OCTOBER 5, 2018

In the rundown of how individual countries rank, in terms of regulators levying fines on people and corporations, the United States tops the list. Activity in Europe was bolstered by more active enforcement by regulators such as the European Commission, Central Bank of Ireland and France’s Autorité des Marchés Financiers.

Regulation 128

Regulation US United States Compliance 128

PYMNTS

JANUARY 18, 2019

The Consumer Financial Protection Bureau (CFPB) has asked the United States Congress for the authority to supervise compliance of the Military Lending Act (MLA), the organization announced on Thursday (Jan. The requested authority would complement the work the Bureau currently does to enforce the MLA.

Compliance 122

Compliance Lending United States Regulation 122

Perficient

MAY 25, 2023

Promethium Ember Capital, (“PEC”), a wholly owned subsidiary of Promethium, has become the first digital asset custody provider to come under federal regulation. Secondly, as a qualified custodian, which is what the SPBD classification offers, subjects Promethium to provisions of the landmark United States Exchange Act of 1934.

cryptocurrency 251

cryptocurrency United States Retail Security 251

Perficient

NOVEMBER 10, 2023

However, in the current rising interest rate environment in the United States since 2022, loan rates have adapted more rapidly than deposit rates. Retail banks respond to the Federal Reserve’s short-term interest rate adjustments with corresponding changes in lending and deposit rates.

Risk Management 221

Risk Management United States FDIC Compliance 221

PYMNTS

AUGUST 29, 2017

federal and state laws require financial institutions to set policies and procedures to detect and prevent illicit money transfers, including screening customers and reporting suspicious transactions to regulators. courts and that there will be no “material impact on HBL’s business outside of the United States.”

New York 102

New York Regulation Compliance United States 102

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

PYMNTS

OCTOBER 5, 2018

. In the rundown of how individual countries rank, in terms of regulators levying fines on people and corporations, the United States tops the bill. Regulators globally are also using a wider range of enforcement tools in an attempt to improve conduct,” he said. million euros in 2016 to 2.9

Regulation 100

Regulation US United States Compliance 100

Perficient

MARCH 3, 2022

Federal bank regulators work together to design Comprehensive Capital Analysis and Review (“CCAR”) stress tests that are designed to ensure that even in the case of a severe recession, significant banks can lend to households and businesses. As repeated by federal bank regulators, the required economic scenarios are not forecasts.

Capital 294

Capital Regulation Exercises United States 294

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

CFPB Monitor

DECEMBER 2, 2021

Covered banking organizations are required to provide notice to their relevant regulator in the event that a “Notification Incident” occurs. operations, including associated services, functions, and support, the failure or discontinuance of which would pose a threat to the financial stability of the United States.

Regulation 78

Regulation Report FDIC Security 78

Gonzobanker

JUNE 14, 2023

Cross River Bank recently found itself in hot water with the FDIC when the agency declared that the bank engaged in unsafe or unsound banking practices in relation to its compliance with fair lending laws and regulations, specifically the Equal Credit Opportunity Act and the Truth-in-Lending Act. Don’t get complacent.

Compliance 109

Compliance FDIC Strategy Fintech 109

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

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

APRIL 6, 2022

Takeaway 2 The change includes an obligation to inform regulators of a “notification incident” ASAP and no later than 36 hours after a reportable event occurs. In this guest column by Jeffrey Taft and Matthew Bisanz of Mayer Brown 's Financial Services Regulatory & Enforcement practice, learn more about how to be ready for compliance.

Security 195

Security Regulation District of Columbia United States 195

PYMNTS

NOVEMBER 16, 2020

Regulation. Tencent Holdings President Martin Lau said further regulations are needed in China to mirror a “new reality.”. As technology companies become bigger and more important to the economy, I would say more regulations to reflect the new reality are needed," Lau said, according to the report.

Maryland 151

Maryland Taxes Online Groups 151

PYMNTS

OCTOBER 19, 2020

Regulation. Keijzer serves as the state secretary for economic affairs and climate policy for the Netherlands, while O is the secretary of digital transition and electronic communications for France. The new regulations would also reshape the manner in which these companies collect and harness information. and Microsoft Corp.

Taxes 143

Taxes Compliance Regulation Google 143

Abrigo

JULY 13, 2023

Pig butchering scams originated in Southeast Asia and have escalated significantly in the United States. Crafty scammers exploit weaknesses in fraud and anti-money laundering (AML) compliance programs such as outdated technology, human error, or inadequate monitoring systems.

Fraud 195

Fraud cryptocurrency Training social media 195

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

DECEMBER 5, 2019

Banking regulators, state regulators, and FinCEN release joint statement. The 2018 Farm Bill removed hemp as a Schedule I narcotic under the Controlled Substances Act and directs the United States Department of Agriculture (USDA) to regulate legal hemp cultivation and production. BSA Rules and Regulation.

Regulation 195

Regulation United States Training Compliance 195

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

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 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

DECEMBER 16, 2020

While Malta passed blockchain-friendly regulations in 2018 to encourage innovation, “traditional banks have written off blockchain at its early stages,” said Malta Finance and Employment Minister Clyde Caruana, Cointelegraph reported, citing Lovin Malta , a media outlet. “It users to avoid running into potential compliance issues.

blockchain 151

blockchain Bitcoin cryptocurrency United States 151

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

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

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.

Training 259

Training Community Software Texas 259

PYMNTS

JANUARY 28, 2019

And Starbucks has grown its loyalty rewards program enrollment, while big-name merchants in the United States are adopting Apple Pay. companies that believe non-compliance with GDPR would affect their reputations. companies that believe non-compliance with GDPR would affect their reputations. All this, Today In Data.

Data 180

Data United States Apple Payments 180

PYMNTS

SEPTEMBER 2, 2019

3 hearing advises that system-wide governance should be established to regulate virtual asset service providers (VASPs), CoinTelegraph reported Monday (Sept. Although regulation could make it hard for some crypto firms to continue operations, Murray said it’s not the BSA’s job to accommodate everyone. financial system.

Groups 124

Groups cryptocurrency Regulation United States 124

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

PYMNTS

OCTOBER 10, 2019

To reiterate, Alipay closely monitors over-the-counter transactions to identify irregular behavior, and ensure compliance with relevant regulations. In the meantime, Binance is poised to debut in the United States, with the company opening account registration and accepting deposits starting on Sept.

Bitcoin 169

Bitcoin cryptocurrency United States blockchain 169

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

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

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

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

PYMNTS

MARCH 11, 2020

Meanwhile, Britain’s trade negotiators are seeking to have an impact on the international regulation of blockchain in trade discussions with the United States, CoinDesk reported, citing the U.K.’s s Department for International Trade’s (DIT) goals.

blockchain 153

blockchain US Bitcoin United States 153