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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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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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 Regulations keep piling up, fraudsters are finding new ways to exploit gaps, and outdated processes are making it harder to keep up.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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The U.S. Department of the Treasury remains busy as the close of 2024 fast approaches. Last week, the Treasury’s Office of Foreign Assets Control (OFAC) – the department’s financial intelligence and enforcement agency tasked with enforcing economic and trade sanctions in support of domestic national security and foreign policy objectives – levied sanctions against two […]
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Money laundering is the process by which criminals disguise the illegal origins of their money. Anti-money laundering (AML) policies are designed to prevent this from happening
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The poorly planned and executed departure of the United States military presence from Afghanistan under the Biden administration has at least in part contributed to the Middle Eastern
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With the depth of AML/CFT regulations and federal legislation seen today largely governing the day-to-day workflows of American financial institutions small and large,
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As part of the United States growing efforts to crack down on corporate crime and other white-collar criminal exploits, the U.S. Justice Department (DOJ) recently announced the creation
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