US congress orders FinCen to stop discrimination in the financial industry

New US congressional legislation passed last month instructed FinCen of the Treasury Department to warn and make sure that financial institutions mainly banks stop the bias and discrimination embedded in their AML implemented tools. Under the section called “Automated Technologies to Combat Money Laundering”, as noted above FinCen and the Treasury Department are instructed to […]

No one can win the fight against Sophisticated Money Laundering with Simple Technology

Screening of Names is a fundamental action that financial institutions & Fintech’s must perform as part of their AML compliance obligations, and this seemingly simple task is the main reason for the heavy fines by the regulators. The legal obligation for names screening is during KYC/KYB, almost every Transactions and On-Going (every time a sanction […]

FinCEN Issues $60 Million Penalty Against Bitcoin ‘Mixers’

U.S. Treasury’s FinCEN Issues $60 Million Penalty Against Operator of Bitcoin ‘Mixers’. The Wall Street Journal, Oct 19, 2020For the first time, FinCEN imposed a civil penalty against virtual currency mixers and tumblers. Cryptocurrency tumbler or cryptocurrency mixing offers the mixing of potentially identifiable or ‘tainted’ cryptocurrency funds with others, thus obscuring the identity of […]