Money Service Business
December 28, 2020 The Financial Crimes Enforcement Network (FinCEN) issued a Notice this week to alert financial institutions about the potential for fraud, ransomware attacks, or similar types of criminal activity related to COVID-19 vaccines and their distribution. This Notice also provides specific instructions for filing Suspicious Activity Reports (SARs) […]
NEW YORK, Dec. 17, 2019 /PRNewswire/ — DailyPay, the leading provider of the daily pay benefit — a benefit offered through employers that allows employees to receive instant access to their earned wages, today announced its partnership with InfoSync, a leading accounting, reporting and human resources outsourcing solution that principally serves […]
New York (CNN Business) By Clare Duffy, CNN Business Updated 4:09 PM ET, Mon August 5, 201 The Federal Reserve wants to make paying bills and transferring money easier and faster. The Fed announced Monday that it will develop a real-time payment service called “FedNow” to help move money around […]
ACI Worldwide has announced a deal with The Western Union Company that will see ACI acquire Speedpay, Western Union’s United States bill pay business, for $750 million in an all-cash transaction. The combined ACI-Western Union business will service over 4,000 customers across the U.S. and have reach that expands into consumer […]
The protections that chip and PIN payment card solutions offer may fall short as cyber criminals begin installing command-and-control malware on infected EMV device readers, a new report warns. Cyber criminals could begin re purposing ATM EMV malware to attack retail environments by infecting point-of-sale (POS) machines (possibly via malicious […]
PR Release for Immediate Release Steve Hudak, 703-905-3770 Purchase Threshold Lowered to $300,000 and Virtual Currencies Included WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the issuance of revised Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash […]
The U.S. Treasury Office of Inspector General for Tax Administration (TIGTA) has criticized the Internal Revenue Service in two key areas related to financial crime compliance and investigations, stating in one report that the agency’s anti-money laundering (AML) division – that typically examiners all non-bank operations without a federal functional […]
Friday, August 3, 2018 South Carolina’s money transmitter licensing law, the South Carolina Anti-Money Laundering Act, and its implementing regulations (collectively, the “Act”) became effective on May 25th 2018 becoming the latest state to implement such legislation. This means that the newly established Money Services Division (the “Division”) within the […]
NASHVILLE, Tenn. (WKRN) – From Green Dot pre-paid cards to gift cards, experts say they’re the perfect vehicles for scam artists to steal your money. “It acts like cash,” said Lisa Smith with the Better Business Bureau of Middle Tennessee. “So, once it’s gone, it’s gone.” “It’s untraceable, there’s no recourse,” Smith […]
ICO issuers commonly screen purchasers in initial token or “coin” offerings (ICOs) for anti-money laundering (AML) and “Know-Your-Customer” (KYC) purposes using online vendors. But there has been uncertainty as to whether, and under what conditions, an ICO issuer would need to go as far as registering as a money service […]