Joon P.

How Blockchain is Transforming FIU Investigations & Enhanced Due Diligence! Imagine turning paper chaos into real-time truth. Blockchain brings instant clarity to financial investigations—helping track suspicious funds and streamline Enhanced Due Diligence with HD-level precision. Think upgrading from grainy CCTV to crystal-clear livestreams. 🔍⚡ 🎧 Full Podcast on the Intersection of FIU-IND & EDD in Blockchain dropping soon! Join Nadcab Labs as we explore the future of financial crime investigations and compliance. #fiuind #enhancedduediligence #financialintelligence #compliancetech #financialcrime #cryptocompliance #fintechindia #blockchain #blockchaintechnology #linkedin #linkedinpost #linkedinreels #reels #reelitfeelit #reelsvideo #explore #explorepage #trending #trendingreels #trend #trendingnow #viral #viralreels #viralvideo #foryou #foryoupage #relatable #nadcablabs

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✅ Regulatory green light: the Office of the Comptroller of the Currency has cleared national banks to hold and transact crypto. How will your custody stack respond? The OCC has confirmed that national banks may offer crypto custody and execution services under existing charters. This clarity is a milestone for TradFi institutions exploring digital-asset offerings. Key takeaways for custody teams: 🔵 Banks can now integrate wallet governance under their trust powers. 🔵 Outsourcing custody to qualified non-bank providers remains an option. 🔵 Rigorous audit trails and approval workflows will be a requirement. At Satoshi Safe we deliver non-custodial, policy-driven approval engines and immutable logs so that banks and integrators can meet these new guidelines out of the box. How are you adapting custody workflows to align with the OCC’s guidance on crypto services? https://lnkd.in/eNp_vMzq #CryptoCustody #Regulation #InstitutionalCrypto #SatoshiSafeThoughtLeadership

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With numbers like this, it is imperative for institutions to comprehensively look at potential fentanyl, CMLN and cartel-related risk exposure. "FinCEN analyzed 137,153 BSA reports (the dataset), totaling approximately $312 billion in suspicious activity, filed between 1 January 2020 and 31 December 2024 (the review period), associated with suspected Chinese money laundering network (CMLN) activity." 1,038 institutions filed BSA reports contained in this dataset. Of note, however, there are 294,000 institutions who file BSA reports. So, only a small number have identified and filed on this risk. Few points here: - The presented dataset is strictly what was filed and nothing more (meaning, this is just the tip of the iceberg); and - Given the volume, large swathes of the financial sector are almost certainly exposed (knowingly or unknowingly) See the full report below, as well as some really interesting typologies. Thank you to the team at FinCEN for getting this out. https://lnkd.in/eJcti9fh

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Financial Crimes Enforcement Network, US Treasury is on a roll publishing another Notice for FIs. This one is re: sextortion. Alison Jimenez has done a lot of research on this topic over the years. So check her posts out. Below I dive into some takeaways for every FI - tradFI or not. As a side note - the AI-enabled aspect (pg. 7) of sextortion is alarming and should serve as notice to every parent and caregiver. While most of this should be caught by involved and watchful parents, there are some aspects of financial extortion that can and should be caught by an FI. ⚠️ There are a few glaring issues that make this very difficult for tradFIs to fully operationalize - the lack of regulation/enforcement on the biggest P2P rails from a travel rule perspective (Zelle??)... no/little info on senders/receivers. As well as unregulated (AML) payment processors that are responsible for the facilitation of CSAM purchases. Add to that the prepaid card issues (regulated only at a $/use threshold) and again, this burden to detect and report is completely on banks/credit unions. 1) As noted in every other Notice/Advisory post from the last few years - if your FI does not have an AML system that provides you with the tools to operationalize the red flags found on pgs. 8-9, you'll need to remedy that. There are very clear starter rules with some conditions... having a rapid transfer in/out rule that you cannot add conditions to will not get you where you need to go. Reach out if you need some suggestions on what AML systems are top of the line. Starter data to implement, some need multi-conditions, some don't: a) ages of customers (joint and primary); b) jurisdictions of concern (in order: Cote d’Ivoire, the United States, the Philippines, Monaco, Burkina Faso, the Dominican Republic, Kenya, Benin, and Nigeria); c) description keywords in ACH fields and in wire fields ("delete the pic", "please stop", "for orphans", "for family"); d) description searches for prepaid card purchases, transfers to CVC; e) signs of a pass-through account (i.e. - no reason to send funds to your FI, only used to obfuscate trail) 2) For every FI - bank or credit union. Pgs. 3-4 and 8 have a copy/paste section that should be on your customer facing website. Should also be easily seen from the online banking platform as well, especially if your platform allows minor accounts to log-in and send wires or P2Ps (yes, even Zelle). Heck, if there is a minor on an account (primary or joint), it would be better to have a pop-up box warning against sending money under duress. 3) Prepaid card MSBs - I know most are not in the business of monitoring beyond cash. If anything, this type of crime should be immediately operationalized and use 314(b) to contact the FI that funded the prepaid card if you have questions. 4) MSBs that allow P2P and also sell prepaid cards... you should be looking across your data silos. No excuses. #ifollowdirtymoney

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