Tag: bank secrecy act

NY DFS Fines Western Union $60 Million for Anti-Money Laundering Violations

The New York State Department of Financial Services (DFS) has fined Western Union for failure to implement effective anti-money laundering compliance programs in-house and for failure to report suspicious activity – some of which could have facilitated human trafficking.

Customer Due Diligence Requirements are Changing for Financial Institutions. What Does This Mean for PayFacs?

Financial transparency and security are important. FinCEN and the staffs of the Federal functional regulators and the Department of Justice agree. As such, FinCEN has determined that more explicit rules for covered financial institutions with respect to Customer Due Diligence (CDD) are necessary to clarify and strengthen CDD within the Bank Secrecy Act (BSA) regime.