Money transfer company Wise was fined $360K by Abu Dhabi regulators for violating the country’s AML laws. The country’s financial governing agency, Financial Services Regulatory Authority (FSRA), found that the company “did not establish nor maintain adequate AML systems and controls to ensure full compliance… Read More »Wise FIned $360K for AML Violations
Ping Express, the company, to be sentenced for AML violations following former personal liability penalties assessed to Ping execs.
OFAC fined Banco Popular de Puerto Rico for failing to detect and prevent transactions with two low-level Venezuelan government employees.
Kevin Greenfield from the Office of the Comptroller of the Currency (OCC) testified on May 13 during a hearing before the House Financial Services Committee Task Force on Artificial Intelligence (AI). He discussed the OCC’s approach to innovation, and its supervisory expectations for banks’ use… Read More »OCC Stresses Importance of RegTech
The NYS Department of Financial Services (DFS) took an uncommon approach in encouraging cryptocurrency firms to enhance their risk management practices – in guidance issued in late April, they stated that firms “must” implement certain RegTech solutions. The DFS guidance focused on three areas: (1) augmented KYC… Read More »NY State Setting Standards for Crypto Monitoring
