Money launderers are opportunists and the real estate sector is a weak link when it comes to regulation, writes Jay Ryan, an executive vice president at Accuity.
By taking advantage of the peak sales periods with higher-than-usual transaction volumes such as Valentine’s Day, criminals can use legitimate payment and shipping platforms without raising fraud alerts, writes Ron Teicher, CEO of EverCompliant.
Rep. Emanuel Cleaver, D-Mo., sent a letter to two virtual currency trade associations on Thursday asking them what their members are doing to prevent hate groups from using cryptocurrencies to finance themselves.
The federal banking regulators should create a working group that, rather than propose new rules and regulations, would clarify the application of existing rules to blockchain technology.
Many standard procedures are possible as there are significant similarities in the information requirements across the globe, writes Zac Cohen, general manager for Trulioo.
By replacing human judgment with other identity technologies, higher levels of verification accuracy can be achieved in a fraction of the time, writes Romana Sachová, co-chair of the Security and Biometrics Workgroup at Mobey Forum.
The 3-year-old order was related to Discover Bank’s programs for combating money laundering. A related agreement with the Federal Reserve Bank of Chicago remains in effect.
A data-driven approach to money laundering prevention can help increase profits and improve regulatory compliance, writes Edmund Tribue, risk and regulatory practice leader at NTT Data Services.
Payment processors and banks are being called on to cut off funds to white supremacist groups, but there are practical and legal limits to what firms can do.
The fine for BTC-e was the Treasury’s first action against a money-services business located in a foreign country, and the second against a virtual currency exchange.
