Heightened money laundering risks are posed globally by individuals who are considered to be Politically Exposed Persons (PEPs), but how can you best assess how relations with PEPs could impact your organisation?
The latest whitepaper from LexisNexis Risk Solutions is designed to clarify the due diligence...
Instead of hacking into trading platforms, prosecutors say a gang stole confidential press releases, enabling traders to illegally earn $100 million. Security experts say it's time to review the "information supply chain."
The U.S. Department of Justice has announced charges against nine people suspected of running an international insider-trading and hacking scheme predicated on stealing confidential press releases before publication.
Fraud, money laundering and other financial crimes are a thorn in the side of every financial institution. These activities can cut into profits, damage public trust and expose banks to massive regulatory penalties if found to be out of compliance with governmental regulations. Many organizations simply accept...
Banking institutions' technical and procedural shortcomings pose increasing risks to the nation's critical infrastructure, two banking regulators note. Learn why they say more transaction monitoring and information sharing are needed.
For the first time since 2010, the FFIEC has released updated guidance about Bank Secrecy Act compliance requirements and money-laundering risks. As a result, a fraud expert says banks should brace for more regulatory scrutiny in early 2015.
Retailers say tokenization and encryption are critical to ensuring payment card data security. Aite's Natalie Reinelt describes how merchants will use layers of security to protect data at the point of capture.
The banking industry is watching closely as the New York State Department of Financial Services proposes a groundbreaking "BitLicense" regulatory framework for virtual currency businesses that's designed to help fight fraud.
New guidance from FinCEN addresses know-your-customer concerns surrounding financial transactions linked to legal marijuana businesses. Anti-money-laundering expert Kevin Sullivan sorts through the advice.
JPMorgan Chase will pay more than $2 billion in fines for violations of the Bank Secrecy Act tied to failure to report suspicious activity related to Bernie Madoff's decades-long, multi-billion dollar Ponzi scheme.
A $400,000 settlement in a case against a community bank in North Carolina for violations of the Bank Secrecy Act should serve as a reminder that anti-money-laundering woes are not just a big-bank issue, experts say.
Financial institutions will always be threatened by fraud. Security protocols, fraud and AML prevention and detection techniques must continue to keep pace with potential criminal activity. With millions of dollars and reputational risk at stake, the imperative is there in order to achieve peace of mind.
TD Bank has been ordered to pay $52.5 million in penalties for violations of the Bank Secrecy Act and securities laws as a result of failing to file timely suspicious activity reports related to nearly $1 billion worth of transactions.
Another organized cyber-attack and subsequent cash-out scheme illustrates increasing risks to the U.S. payments chain. One fraud expert says this trend "is of grave concern" for banking institutions and their accountholders.