The U.S. Treasury Department recently announced a surprising decision to suspend the long-awaited enforcement of the Corporate Transparency Act (CTA), an anti-money laundering law targeting potential bad actors hiding behind certain classes of business ownership across America. The move is seeing early criticism from financial analysts and even the very entities that were meant to […]
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FTX Begins Repaying Customers Over Two Years After Collapse More than two years after the dramatic collapse of once-prominent cryptocurrency exchange FTX, some of its slighted customers have begun to receive re-payments for their lost investments. In October of 2024, a bankruptcy judge approved FTX’s initial re-organization plan that became effective on January 3rd, 2025. […]
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Keeping your business safe from fraud and compliance issues starts with strong customer due diligence. But many companies overlook key details, leaving them open to risks. Missing even one step could lead to legal trouble, financial losses, or damage to your reputation. The right Customer Due Diligence (CDD) Software can help, but first, you need to know […]
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Businesses of all sizes need strong KYC (Know Your Customer) software to fight fraud and meet legal rules. But a small business doesn’t have the same needs as a big company. Picking the right software can be tough, with so many choices out there. The key is to find a solution that fits your budget, team size, […]
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After hinting at such a move during the initial days of his presidency, U.S. President Donald Trump officially signed an executive order designating a total of eight Mexican drug cartels and Latin-American crime organizations as foreign terrorist organizations (FTOs). Formalized by Secretary of State Marco Rubio and published in the Federal Register on February 20 […]
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Why Financial Institutions Can’t Afford to Stay Stuck in the Past Compliance teams are overwhelmed. Regulations keep piling up, fraudsters are finding new ways to exploit gaps, and outdated processes are making it harder to keep up. Financial institutions are expected to verify identities, monitor transactions, and detect financial crime efficiently, yet many still rely […]
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In a significant and somewhat ironic development in the ongoing domestic fight against financial crime, Brink’s Global Services USA has reached a settlement with both the U.S. Department of Justice (DOJ) and the Financial Crimes Enforcement Network (FinCEN) over allegations of operating an unlicensed money transmitting business and various willful violations of anti-money laundering (AML) laws. The […]
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As the greater developed world continues to be exposed to the allure of decentralized finance via cryptocurrencies, cyber-criminals have shifted their focus to using these payment forms for laundering ill-gotten funds. The international regulators and government agencies continue to crackdown on this space for this very reason, the first month of 2025 alone saw multiple […]
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The battle between SWIFT and XRP represents a clash between traditional and modern payment networks vying for dominance in cross-border transactions. SWIFT, a decades-old system used by over 11,000 financial institutions worldwide, relies on a network of correspondent banks to send secure payment messages. SWIFT is a messaging network that banks use to send payment […]
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As we navigate the early months of 2025, the European Union’s comprehensive anti-money laundering and countering the financing of terrorism (AML/CFT) reform package is entering a crucial phase. This article provides essential updates on the current state of these reforms and their imminent implications for financial institutions. The Anti-Money Laundering Authority (AMLA): Preparing for Launch AMLA, the […]
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