CFT Compliance

U.S. Treasury Releases 2023 Illicit Finance Risk Assessment of DeFi

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The U.S. Department of the Treasury on April 06, 2023, released a report, titled Illicit Finance Risk Assessment of Decentralized Finance (DeFi). The report indicates significant potential risks associated with decentralized finance and its adverse impact on the efforts to counter terrorist financing and money laundering activities. The report outlines the key finding and recommendations …

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FinCEN Alert (FIN-2023-Alert003) on Mail Theft-Related Check Fraud Schemes

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The Financial Crimes Enforcement Network (FinCEN) has issued a new nationwide alert—FIN-2023-Alert003—to banks and financial institutions on theft-related check fraud schemes targeting the U.S. Mail. Check fraud is the largest source of illicit proceeds in the United States. Frauds in general, including check fraud, are one of the largest sources of money laundering in the …

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5 Key Takeaways From Recent FinCEN Alert on Human Smuggling on the Southwest Border

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The Financial Crimes Enforcement Network (FinCEN) released a new alert focused on human smuggling and trafficking across the United States’ southwestern border. This alert comprised guidance on relevant red flags, typologies, and SAR filing tips for financial institutions to help them detect and report suspicious transactions suggestive of human smuggling. This blog shares key takeaways …

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