As more baby boomers and seniors go online to get their banking done — making payments, investing and paying bills or taxes — the fraudsters are finding elder abuse of a financial nature to be quite lucrative. Coming into 2024, the PYMNTS Intelligence report “How...
The fight between financial institutions and fraudsters is an eternal one, and a key battlefield remains identifying customers at the initial point of interaction and onboarding. In short, making sure that a person or entity is who they say they are, is difficult in the digital age. New practices determining how...
Federal authorities are warning banks against the rising threat of passport card fraud. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Department of State’s Diplomatic Security Service (DSS) issued a notice to financial institutions Monday (April 15), urging them to be on the lookout for suspicious...
Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the Federal...
January 30, 2023
The U.S. Treasury Department is flexing its cryptocurrency enforcement muscles as industry attention grows. The turbulent crypto sector has historically suffered from the perception that its anonymous and decentralized technical architecture provides a haven for money laundering and other illicit activities around the globe. “2022 was a really big year for sanctions,” Andrew Fierman, head of […]
July 16, 2024
Federal agencies are warning financial institutions about timeshare fraud schemes associated with Mexico-based transnational criminal organizations. The Financial Crimes Enforcement Network (FinCEN), jointly with the Department of Treasury’s Office of Foreign Assets Control (OFAC) and the FBI, released a notice on the topic Tuesday (July 16). In addition, OFAC said Tuesday that it sanctioned three […]
April 15, 2024
Federal authorities are warning banks against the rising threat of passport card fraud. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Department of State’s Diplomatic Security Service (DSS) issued a...
April 11, 2024
Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and Exchange Commission (SEC), the Office of the...
March 28, 2024
The Financial Crimes Enforcement Network (FinCEN) requested comments on its Customer Identification Program (CIP) requirements for banks. The agency is exploring ways to modernize these requirements and has issued a request for information on...
