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.
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.
Authorities have shuttered a digital currency service allegedly used to launder funds stolen in a $45 million ATM cash-out scheme exposed earlier this month. Learn why experts say lax laws paved the way for the fraud.
Why are ATM cash-out schemes expected to increase - especially in the U.S.? John Buzzard of FICO's Card Alert Service offers insights, based on federal investigators' most recent global fraud bust.
HSBC and SCB will pay millions in penalties for violating anti-money-laundering laws. Experts say the penalties are justified, but question the deterrent effect.
According to our new survey, more than half of banking institutions expect an increase in fraud-fighting resources this year. But how are they investing those resources? The answers may surprise you.
The FDIC has issued revised guidance describing potential risks associated with relationships to third-party payment processors. What are regulators' new risk-management expectations of banks?
In the wake of Libyan ruler Moammar Gadhafi's death, U.S. banking institutions are on heightened alert for money-laundering and terrorist financing linked to Libya and other parts of Northern Africa.
Since the summer of 2009, financial institutions and their corporate customers have been defrauded by increased incidents of account takeover. These incidents have pitted banks and customers against one another in court, and they were a key impetus behind the release of the new FFIEC Authentication Guidance. So, how...
Payments are moving away from tangible currency to so-called new economies, where value relies more on reputation than currency. Venues such as Facebook facilitate e-commerce via new economies. But as with any change in the payments scheme, industry experts expect these new economies to be accompanied by new risks.
Anti-money laundering expert Kevin Sullivan says that U.S. banking institutions should not take Osama bin Laden's death as a sign that they can let their AML and BSA screenings become more lax. "We have not defeated terrorism yet."
EastNets' Paul Buelens says fraud-fighting is an international concern, as old schemes abound and new threats emerge. Fraud risks are some of the most challenging banks have ever faced.
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