Credit unions’ operations put them in a similar financial crime risk category as banks. It is therefore of utmost importance that these firms fully understand their risks and associated obligations for anti-money laundering and counter-terrorist financing (AML/CFT) under federal law. […]
In the past, businesses created in the United States were not obliged to publicly disclose or maintain a record of the names of their shareholders or ultimate beneficial owners (UBOs). This lack of transparency meant it was possible for anonymous […]
76 percent of firms say complicated and lengthy processes lead them to give up onboarding a financial service or product. This infographic explores three ways firms can improve their KYB processes to deliver a better customer experience and reduce onboarding times.
Since 2017, many US financial institutions (FIs) have relied on the Automated Clearing House (ACH) or The Clearing House (TCH) Real-Time Payment Network rails for their payment transactions. However, given that TCH is privately held by some of the world’s […]
Between 2016 and 2022, broker-dealers suffered significant penalties – some in the millions – for customer due diligence failures. These fines have made it clear that firms dealing in securities are not exempt from global anti-money laundering (AML) regulators’ scrutiny. […]
Even the most advanced anti-money laundering and countering of terrorist financing (AML/CFT) technology depends on a well-conceived underlying governance structure to serve its intended purpose. Indeed, U.S. regulators expect firms to designate specific individuals solely responsible for AML/CFT functions – […]
Obtaining banking services as a Money Service Business (MSB) or fintech providing services similar to an MSB can be challenging. We’ve created this guide to help you achieve this goal by drawing on the experience of our regulatory and compliance experts, in-house practitioners who have advised MSBs and fintechs.
On December 15, 2022, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published an Operational Alert that lists terrorist activity financing indicators concerning domestic and international terrorist groups. Specifically aimed at businesses subject to the Proceeds of Crime […]
On November 30, 2022, the Financial Action Task Force (FATF) issued its inaugural report on money laundering from fentanyl and synthetic opioids. Co-led by the US and Canada, the report includes recommendations for prosecutors and law enforcement authorities on countering […]
Backed by investors such as Y Combinator and Kaszek, DolarApp was created to help solve the problem Latin American citizens face when trying to access banking in US dollars.
Anti-money laundering risk management depends on a host of factors. This infographic explores how FinTechs can break down their compliance program into actionable steps, summarized by the themes of paper, people, and platforms.
The AML/ATF ecosystem shapes FinTech’s regulatory responsibilities in Canada. This infographic spotlights five responsibility and opportunity areas for Canadian FinTechs, including registering with FINTRAC and submitting STRs.
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