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Capital One Fined $390 Million

The Financial Crimes Enforcement Network (FinCEN) announced on January 15 that Capital One, National Association (Capital One) was fined $390,000,000 for engaging in willful and negligent violations of the Bank Secrecy Act (BSA). The violations involved a business unit within its commercial bank called the… Read More »Capital One Fined $390 Million

New UK Sanctions Regime

The UK is introducing its new sanction regime in preparation for a future outside of the EU. As of 11pm on the 31st December 2020, financial services firms must comply with the UK’s Sanctions and Anti-Money Laundering Act 2018 (the “UK Sanctions Act”). Although very… Read More »New UK Sanctions Regime

Unhosted Wallets Under Fire

On December 18, FinCEN gave another gift to the cryptocurrency industry. It proposed a rule applicable to banks and money service businesses (MSBs) aimed largely at ‘unhosted’ wallets, which are wallets that are not provided by a financial institution but instead reside on a user’s… Read More »Unhosted Wallets Under Fire

Identity Verification: Only Half the Battle in the War On Money Laundering

There’s a common misconception — reinforced by many well known identity verification providers — that simply verifying a customer’s identity and scanning them against a sanction list satisfies the US anti-money laundering regulations. That’s not quite true. In 2018, FinCEN added an extra layer of… Read More »Identity Verification: Only Half the Battle in the War On Money Laundering

Beware of Mules!

What do social media, unemployment, our aging population and the search for a soulmate have in common? They are all opportunities for fraudsters to recruit Money Mules, 2,300 of which US federal agencies caught during their annual Money Mule Initiative according to a DOJ press release on… Read More »Beware of Mules!

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