Last month further indictments were handed down related to the $4.9 million CommerceWest Bank settlement. The Justice Department charged Gareth Long, owner of Third-Party Payment Processor (TPPP) V Internet, with wire fraud and…
Carey Rome of Cypress Resources authors a useful piece in ABA Banking Journal that illustrates how business customer intelligence is one of the best practices for…
I recently attended the WACHA Electronic Payments Conference in Middleton, WI which had record attendance. It was a very engaging and informative conference covering a number of the hottest topics in payments such as…
In recent days, casinos have been the key link in two significant money laundering scams. The first involved a $81 million theft from the Bank of Bangladesh. The second involved an illicit use of Amazon gift cards to hide gambling money flows. In both cases, the speed of cash flying through gambling operations has exposed…
We’ve got an exciting spring ahead of us and hope to see you on the road! Want to connect with our team? Meet with us at these upcoming industry…
When it comes to building a comprehensive KYC program, monitoring your business customers’ reputation is an important component. A declining reputation can signal that a particular business customer is engaging in…
Numerous states — 23 and counting — have legalized distribution of medicinal and recreational marijuana. A growing number of cannabis businesses seek access to financial institutions (FIs). How should banks approach this opportunity?
When you say Third-Party Payment Processor (TPPP) or Know Your Customer (KYC) supervision, most US banks think first of prudential regulators. In particular, the Office of the Comptroller of the Currency (OCC) oversees nationally chartered banks and…
As if to finish the year on a watchful note, FinCEN announced December assessments against two businesses that operated in ways that could conceal the flow of dirty money. They both violated the Bank Secrecy Act (BSA), yet neither one was a bank.
I recently attended the Third-Party Payment Processors Association (TPPPA) Executive Leadership Summit in Arizona where there were many interesting and informative presentations from attorneys, the Attorney General from the State of Arizona and others. The following are some of the key points that…
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