The evolving financial landscape has spurred an unprecedented synergy between FinTechs and traditional Financial Institutions (FIs), aimed at enhancing anti-money laundering (AML) compliance through real-time, automated processes. This collaborative effort is not just about keeping up with
The Federal Reserve recently terminated a decade-old enforcement action against Citigroup that focused on deficiencies related to the bank’s anti-money laundering (AML) practices. This action, initially taken in 2013 by the Federal Deposit Insurance Corporation (FDIC) and the Office of the C
Blockchain technology has grown beyond its origins in cryptocurrency, increasingly being adopted across various sectors for its potential to revolutionize security and transactional integrity. Notably, large financial institutions and startups alike are leveraging blockchain to mitigate fraud and
The fintech industry is undergoing rapid transformation, characterized by an increasing need for robust compliance and core banking solutions. Recognizing this imperative, Complytek and Advapay have announced a landmark partnership aimed at equipping fintech firms with comprehensive tools to
Navigating the realm of cannabis banking can be akin to walking a tightrope. Credit unions find themselves balancing between the lucrative prospects offered by cannabis-related businesses (CRBs) and the stringent compliance regimes dictated by ever-evolving state and federal laws. This article
The Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of the Treasury, has recently made the significant decision to withdraw its previous finding that ABLV Bank, AS was a financial institution designated as a primary money laundering concern. This development
