FinTech Futures: Top five stories of the week – 25 March 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Here’s our pick of five of the top news stories from the world of finance and tech this week.
USAA admitted to failing to accurately report in a timely manner thousands of suspicious transactions to FinCEN.
Some $16 billion in reportable transactions passed through the bank’s platform.
Changes could be needed on both sides to prevent another FinCEN Files.
Major leak of suspicious activity reports shows “mind blowing” scale of money laundering issues.
FinCEN wants to update the Bank Secrecy Act to reflect modern threats.
A former MoneyGram compliance head will pay a $250,000 fine and be barred from performing a compliance function for a money transmitter for the next three years after agreeing to a settlement over alleged AML and fraud prevention failures that took place at the company under his watch.
When payment systems come under attack, the broad retail and service economies suffer. That’s why legal concerns and information-sharing programs need to be reexamined.