Fincen news and trends

TD Bank Reportedly Facing $3 Billion Money Laundering Penalty
Bank Regulation // October 10, 2024

TD Bank’s American unit is reportedly set to plead guilty to anti-money laundering failures. The Toronto-based bank is expected to pay a roughly $3 billion penalty and agree to limits on its growth in the U.S. as part of the plea deal, the Wall Street...

FinCEN Says ABLV Bank No Longer of Primary Money Laundering Concern
AML // September 26, 2024

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has withdrawn its finding that ABLV Bank, AS is a financial institution of primary money laundering concern, because the bank no longer operates as a depository institution. ABLV was a commercial bank located in Riga, Latvia, and FinCEN found...

This Week in B2B: Embracing Automation, Digitizing Payments, Unlocking Value
B2B Payments // September 12, 2024

Digital transformation is a one-way street and a two-way journey — particularly within B2B. Embracing innovation is a one-way exercise in that businesses that realize the benefits of leaving paper-based and manual processes behind rarely pull a U-turn and pick those error-prone and friction-filled solutions...

FinCEN Says Check Fraud Approached $700 Million Over 6 Months
Security & Fraud // September 11, 2024

Earlier this week, FinCEN reported that mail theft-related check fraud amounted to more than $688 million in a recent six-month period. The bulk of the reports were filed by banks, to the tune of 88% of all reports by filing. As to the costs of...

Interviews & Exclusives
Spike in Identity Fraud Forces Banks to Embrace Innovation

April 23, 2024
To the hammer of a bad actor, everything vulnerable looks like a nail. And with the rise of sophisticated fraud techniques, organizations like financial institutions that are operating within security-critical sectors are increasingly faced with the daunting task of safeguarding against a shifting mix of fraudulent attack strategies from adversaries and criminals — both online […]

Bad News for Fraudsters as US Boosts Crypto-Crime Toolkit

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...

FinCEN Looks to Turn Tech Sprint Proposals Into Regulatory Actions

May 06, 2022
For a few weeks in April, experts in digital identity from banks, vendors, FinTech, law firms and regulators worked in the Digital Identity Tech Spring to develop ideas about how to...

Public-Private Collaboration Crucial to Innovating Digital Identity

April 28, 2022
A few weeks ago, the Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) organized a Tech Sprint, inviting experts from the private and public sector to...

Quick Reads
Regulators Tell TD Bank How to Fix AML Failures

October 10, 2024
TD Bank Group said Thursday (Oct. 10) that it takes full responsibility for the failures of its U.S. Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance programs and will continue its work to remediate them. The bank said this on the day it and several U.S. regulators and authorities announced that TD Bank Group […]

TD Bank Reportedly Facing $3 Billion Money Laundering Penalty

October 10, 2024
TD Bank’s American unit is reportedly set to plead guilty to anti-money laundering failures. The Toronto-based bank is expected to pay a roughly $3 billion penalty and agree to limits...

FinCEN Says ABLV Bank No Longer of Primary Money Laundering Concern

September 26, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has withdrawn its finding that ABLV Bank, AS is a financial institution of primary money laundering concern, because the bank no longer operates as...

FinCEN Says Banks Reported $688 Million in Mail Theft-Related Check Fraud

September 09, 2024
Mail theft-related check fraud amounted to more than $688 million in a recent six-month period. So said the Financial Crimes Enforcement Network (FinCEN) in a Monday (Sept. 9) press release...