Since the inception of Bitcoin in 2009, Cryptocurrency, has been met with major skepticism throughout the years, but one thing remains certain; it is a viable solution for many real-world applications. Powered by Blockchain technology, which both stores transaction records and validates token transactions or transfers (e.g., Bitcoin), has proven to be a promising alternative […]
It is important to follow these guidelines for processing money order transactions. Our experts break down and share what the acceptable forms of ID are and when to complete a monitoring log. If you are not following these guidelines already, feel free to make this a part of your procedures in your Anti-Money Laundering Program. FORMS […]
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The Financial Crimes Enforcement Network (FinCEN) has released an advisory concerning Unemployment Insurance (UI) fraud related to the COVID-19 pandemic. Money Services Businesses (MSBs) must be aware of different types of potential fraud, red flags to look for and how to file a Suspicious Activity Report (SAR) accordingly. FRAUD During the COVID-19 pandemic, UI claims […]
The Consumer Financial Protection Bureau (CFPB) conducted a hearing Tuesday, June 2, 2016 to discuss small-dollar lending in Kansas City, MO. Richard Cordray, Director of CFPB kicked the hearing off with their newly proposed rules that, if put into effect, will certainly change the canvas of the industry. Cordray, went on to explain that the […]
