The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a critical alert addressing the growing use of deepfake media in fraud schemes targeting financial institutions. This guide explores the implications, detection methods, and best practices for mitigating risks associated with deepfake technologies.  What Are Deepfakes?  Deepfakes are synthetic media created using Generative AI (GenAI), which manipulates or fabricates audio, video, images, or text to appear authentic. While often sophisticated, deepfakes do [...]

In recent months, the Consumer Financial Protection Bureau (CFPB) has introduced proposed regulations that could significantly impact the operations of data brokers. These new guidelines may require data brokers to comply with the Fair Credit Reporting Act (FCRA), a shift that could have broad implications for how data is handled, shared, and utilized across various industries. At Vital4, we recognize the importance of staying ahead of these regulatory changes and ensuring that businesses are prepared [...]

In its ongoing efforts to combat illicit financial activities, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has released a Financial Trend Analysis (FTA) shedding light on the intersection of convertible virtual currency (CVC) and online child sexual exploitation (OCSE) and human trafficking. This analysis, based on Bank Secrecy Act (BSA) reporting from January 2020 to December 2021, reveals concerning trends that underscore the need for heightened vigilance and cooperation across financial [...]

As we usher in the new year, U.S. businesses are bracing themselves for a significant shift in regulatory requirements. Effective January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) will enforce the Corporate Transparency Act (CTA), compelling most U.S. companies to report ownership information. This marks a pivotal moment in the fight against tax fraud, terrorism, and money laundering, with implications that extend to businesses of all sizes, including clients served by Vital4.  The U.S. [...]