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Tag Archives: Financial Crimes Enforcement Network
Fighting Money Laundering with the Bank Secrecy Act
Money launderers beware: The Financial Crimes Enforcement Network (FinCEN)—an agency within the Department of Treasury—has many ways of collecting information on financial activities, making life harder for criminals to hide their illicit cash. Today’s WatchBlog looks at 2 recent reports … Continue reading
Deterring Financial Crime with the Bank Secrecy Act
Money laundering, terrorist financing, and other illicit activities pose threats to national security and the integrity of the U.S. financial system. The Bank Secrecy Act (BSA) requires financial institutions—such as banks and money transmitters—to verify customers’ identities and report suspicious … Continue reading
Posted in Financial Markets and Institutions
Tagged Anti-money laundering, Bank examination, Bank secrecy, Bank supervision, Compliance oversight, crime, Crime prevention, Electronic funds transfer, FBI, Federal Reserve, Financial Crimes Enforcement Network, financial institutions, Financial Markets and Community Investment, financial regulation, financial regulators, Financial services regulation, law enforcement, Michael Clements, money laundering, Regulatory burden, Suspicious activities, Treasury Department, White collar crime
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The Risks of Virtual Currencies
In February 2014, the Mt. Gox virtual currency exchange filed for bankruptcy, stating that a security breach resulted in the loss of bitcoins worth more than $460 million at the time. This incident is one of many real-world illustrations of … Continue reading
Posted in Business Regulation and Consumer Protection, Financial Markets and Institutions, Information Security, Justice and Law Enforcement
Tagged banking, bitcoin, bitcoin wallet, consumer, currency, currency exchange, European Banking Authority, Financial Crimes Enforcement Network, financial literacy, FinCEN, FMCI, Gox, IRS, mining, Mt Gox, risk, virtual currency
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