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BSA/AML - Banking Exchange
FinCEN Orders US Banks To Block MEXC Transfers

FinCEN Orders US Banks To Block MEXC Transfers

Regulator cites at least $16bn in alleged illicit flows linked to sanctions evasion and cybercrime
Banks face gaps in fraud and money laundering defenses

Banks face gaps in fraud and money laundering defenses

Fragmented monitoring leaves financial institutions exposed to financial crime risks
Slow Advancement of AI Poses Risks to Fincrime Defense, According to SAS Study

Slow Advancement of AI Poses Risks to Fincrime Defense, According to SAS Study

It is striking that 40% have no plans to adopt AI/ML in the near future
Metro Bank fined over money laundering risks

Metro Bank fined over money laundering risks

The Financial Conduct Authority has fined Metro Bank £16.7 million
AI Could Save $3.13 Trillion in Money Laundering

AI Could Save $3.13 Trillion in Money Laundering

Global economies can use AI to prevent and detect money laundering and terrorist financing
Bank Associations Call for Industry-Wide Collaboration to Combat Scams

Bank Associations Call for Industry-Wide Collaboration to Combat Scams

Despite their efforts and technological investments, banks cannot fight fraud on their own
FinCEN Underestimates Community Banks’ Reporting Burden

FinCEN Underestimates Community Banks’ Reporting Burden

ICBA says rules for reporting suspicious activity reduces community bank’s ability to attract capital
Jefferies: TD fines could reach $4 Billion

Jefferies: TD fines could reach $4 Billion

Toronto Dominion Bank could face fines of $4 billion relating to money laundering charges in the United States
FinCEN Underestimates Time Required to File Suspicious Activity Report

FinCEN Underestimates Time Required to File Suspicious Activity Report

Banks spend 10 times the regulator’s estimates when filing a suspicious activity report
Scams Led to $486 Billion in Losses in 2023

Scams Led to $486 Billion in Losses in 2023

Nasdaq recommends closer collaboration between banks to prevent financial crimes
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