Reported by Lindsay Brocki and Stella Lellos By January 1, 2025, millions of existing businesses must have filed certain information with the Financial Crimes Enforcement Network (FinCEN) to remain in compliance with the Corporate Transparency Act (CTA). As this deadline approaches, concern is growing among lawmakers. During a House Financial Services Committee hearing, committee members […]

Reported by Transform Finance Common Labor Trafficking Red Flags: • Feel pressured by their employer to stay in a job or situation they want to leave • Owe money to an employer or recruiter and/or not being paid what they were promised or are owed • Do not have control of their passport or other […]

Reported by Jennie Taer The vicious Venezuelan prison gang Tren de Aragua has now expanded its territory to at least 16 US states — an area that includes half of America’s population, The Post has learned. Homeland Security officials last week were warned in an internal department intelligence memo about TdA’s growing presence across the country, most […]

Reported by PwC Canada Introduction A global North American financial institution faced mounting challenges in its Know-Your-Customer (KYC) operations, including identity verification, customer due diligence, and onboarding. Pressured to modernize and streamline its processes, the organization engaged a consulting team to help reimagine its approach. Through collaborative discussions, the team shared industry-leading practices and piloted […]

Reported by EY The document by EY emphasizes a risk-based approach to Know Your Customer (KYC) refresh programs, tailored to various banking customer types. It suggests aligning refresh models with customer risks, including retail, wealth management, and corporate clients, each requiring different strategies based on complexity, risk, and regulatory requirements. Retail banking leverages digital prompts […]

Reported by FinCEN The recent FinCEN alert on deepfake media highlights growing risks to financial institutions, particularly regarding Know Your Customer (KYC) and Customer Due Diligence (CDD) processes. The use of generative AI and deepfakes enables bad actors to create realistic fraudulent identity documents, voice recordings, and videos that can bypass traditional verification measures. This […]

Reported by JPMorgan Chase The Kinexys “Project EPIC” whitepaper focuses heavily on integrating privacy-preserving Know Your Customer (KYC) and Anti-Money Laundering (AML) processes into blockchain-based financial systems. It highlights how traditional KYC processes, often labor-intensive and redundant, can be streamlined using decentralized identifiers (DIDs) and verifiable credentials (VCs), enabling seamless identity verification across multiple platforms […]

Reported by Todd Gillespie Citigroup Inc. is being investigated by US government agencies over its ties to a sanctioned Russian official, according to a person familiar with the matter. The probe, by the Department of Justice, the FBI and the IRS, centers on Citigroup’s work for Heritage Trust, which holds assets owned by Suleiman Abusaidovich […]

Reported by Steve Thompson The mansions in leafy McLean, Virginia, like mansions everywhere, tend to hold interesting characters with money. Here along a quiet street in a neighborhood called The Ridings, there’s a noted plastic surgeon, a high-powered corporate lawyer and the CEO of a defense consulting firm, among others, property records show. But court […]

Reported by James Langton Amid allegations of inadequate anti-money laundering and financial crime controls, the U.K.’s Financial Conduct Authority (FCA) has fined Metro Bank plc £16.7 million. In a release Monday, the FCA said it sanctioned the bank for allegedly breaching the regulator’s principles by implementing a flawed system that was supposed to automatically monitor […]