by James | Aug 6, 2024 | Money Laundering, Regulatory, Terrorist Financing
The official title of the USA PATRIOT Act is “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001.” The purpose of this Act is to deter and punish terrorist acts in the...
by James | Aug 6, 2024 | Banking, Money Laundering, Regulatory
The Currency and Foreign Transactions Reporting Act of 1970, along with its amendments and related statutes, is collectively known as the Bank Secrecy Act (BSA). This Act authorizes the Department of the Treasury to impose reporting and other requirements on financial...
by James | Aug 6, 2024 | Due Diligence, Payments, Sanctions
In recent years, the financial sector has introduced instant payment systems that allow users to send and receive funds almost instantly, at any time, on any day of the year. These systems, being developed in the United States and abroad, enable real-time transmission...
by James | Aug 6, 2024 | Digital Currency, Due Diligence, Sanctions
Virtual currencies are increasingly significant in the global economy, bringing greater exposure to sanctions risks, such as involvement by sanctioned individuals or entities in transactions. The virtual currency industry—including technology companies, exchangers,...
by James | Aug 6, 2024 | Money Laundering, Regulatory, Technical Compliance
This Follow-Up Report (March 26, 2024) analyzes the United States’ progress in addressing the technical compliance deficiencies identified in its Mutual Evaluation Report. The United States has made significant progress in relation to Recommendation 24 on...
