Finextra

OCTOBER 2, 2024

The Financial Conduct Authority has fined Starling Bank £29 million for failings related to its financial sanctions screening.

AML 126

AML Authorization 126

Fintech Review

OCTOBER 1, 2024

A new focus on digital identity verification As the financial landscape continues to evolve, the importance of Anti-Money Laundering ( AML ) and Know Your Customer (KYC) processes has never been more pronounced. Emerging AML and KYC trends for 2024 As we move through 2024, several key trends are emerging to shape the future of AML and KYC.

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AML Verification Research Consumer 98

The Paypers

FEBRUARY 23, 2024

The Financial Conduct Authority (FCA) of the UK has initiated an investigation into Lloyds Banking Group ’s Anti-Money Laundering (AML) controls.

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AML Money Laundering Authorization 83

Neopay

APRIL 10, 2025

This follows a 2022 penalty of 70,000 for delayed accounts and after previous attention of the UK’s Financial Conduct Authority in 2019 on AML compliance. The fine of 3.5 The cumulative record paints a picture of a company that is still developing its control environment in spite of its fast growth and global footprint.

Central Bank 52

Central Bank Money Laundering AML Financial Crimes 52

The Fintech Times

APRIL 29, 2024

In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. Alexandre Pinot , co-founder and head of innovation and strategy at Vilnius, Lithuania, headquartered AMLYZE , the AML/CFT compliance firm explains where the gaps in the current AML system are.

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Money Laundering AML SARS Financial Crimes 78

Fintech News

MARCH 12, 2025

The Monetary Authority of Singapore (MAS) has deepened its financial collaboration with Vietnam through two key agreements signed on March 12, reinforcing economic ties and fostering innovation between the two nations.

Finance 78

Finance Money Laundering Cross-Border Agreements 78

The Payments Association

NOVEMBER 25, 2024

The regulatory landscape: FCA and PSR’s roles in de-risking The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) are pivotal in shaping the UK’s financial ecosystem. This shift increases financial crime risk and erodes the efficacy of the UK’s AML and counter-terrorist financing (CTF) frameworks.

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Risk Financial Crimes AML Financial Inclusion 88

Payments Source

OCTOBER 14, 2020

Better dialogue between banks and authorities coupled with stronger anti-money-laundering measures could help address the suspicious activity report flaws revealed by investigative journalists.

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Fincen Money Laundering AML Authorization 101

PYMNTS

DECEMBER 10, 2020

This lack of identity information is compounded by the weak KYC procedures of many cryptocurrency exchanges, with a recent study finding that 56 percent of all exchanges lacked sufficient KYC processes, many of which did so on purpose to avoid complying with AML regulations. Enforcing AML/KYC Compliance At Cryptocurrency Exchanges.

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AML Cryptocurrency Money Laundering Compliance 88

PYMNTS

FEBRUARY 4, 2019

FIs have made strides in establishing know your customer (KYC) and anti money laundering (AML) policies, but these changes are routinely challenged by emerging technology and cross-border transaction costs. A DIY Approach To AML/KYC. One of the problems that AML/KYC procedures face is lack of standardization.

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AML Money Laundering Due Diligence Fincen 64

PYMNTS

FEBRUARY 27, 2019

The only reform agreed upon was a minor one that would allow the European Banking Authority to increase the number of officials working on money laundering to 12 people. States have so far been against creating such an organization, even after calls for such an initiative by the European Central Bank.

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Authorization Money Laundering AML Financial Crimes 60

Fintech News

OCTOBER 6, 2024

Singapore is enhancing its anti-money laundering (AML) framework with new recommendations from the Inter-Ministerial Committee (IMC). The IMC’s recommendations aim to adapt Singapore’s AML framework to counter increasingly sophisticated criminal methods.

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Money Laundering Law Enforcement Financial Crimes Due Diligence 120

PYMNTS

JUNE 11, 2020

Social distancing restrictions implemented to curb the virus’s spread are preventing compliance professionals from obtaining physical identification documents and holding in-person meetings that typically enforced anti-money laundering/know your customer (AML/KYC) compliance. Compliance Enforcement Goes Remote With Biometrics.

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AML Legal Compliance Verification 74

Finextra

OCTOBER 11, 2024

This article was co-authored with Stacy Dubovik, ScienceSoft's Financial Technology and Blockchain R.

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AML Automation Blockchain Authorization 98

PYMNTS

FEBRUARY 1, 2021

million fine for violating anti-money laundering (AML) regulations, The Wall Street Journal reported on Monday (Feb. The bank was recently fined in a separate charge that it failed to comply with a 2015 request by the FDIC to improve its AML compliance. Manhasset, New York-headquartered Apple Bank For Savings will have to pay a $12.5

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AML FDIC Fincen Money Laundering 60

Fintech News

OCTOBER 8, 2024

The Monetary Authority of Singapore (MAS) has released a consultation paper , inviting public feedback on its proposed regulatory framework for Digital Token Service Providers (DTSPs). The consultation paper further details MAS’ approach to AML/CFT compliance, reporting obligations, and technology risk management.

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Service Provider Due Diligence AML Money Laundering 105

The Paypers

FEBRUARY 1, 2022

The European Banking Authority (EBA) has launched its central database for anti-money laundering and counter-terrorist financing (AML/CFT).

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Database AML Money Laundering Authorization 53

Seon

MAY 10, 2024

Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income. Since the global financial crisis, AML fines totaled $56 billion, with US-based financial institutions incurring $5 billion in fines for related infractions in 2022.

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AML Money Laundering SARS Suspicious Activity Report (SAR) 52

The Fintech Times

APRIL 26, 2024

PwC , the assurance, tax and advisory services provider, has published a new report revealing what factors impact effective anti-money laundering (AML) practices the most. In its report, titled EMEA AML Survey 2024: Spotlight on Effectiveness , PwC reveals that many organisations do not feel they have adequate AML operations.

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AML Regulations Financial Crimes Money Laundering 59

Fintech Finance

APRIL 1, 2025

RS2’s research concludes that an AI-driven orchestration layer can optimize banking operations by intelligently routing transactions to lower processing fees, increase authorization rates, and reduce failures.

ISO 20022 59

ISO 20022 Innovation Fraud Detection AI 59

Neopay

JULY 4, 2024

With the change in the anti-money laundering (AML) supervisory approach of the Financial Conduct Authority (FCA), many firms are nervous about whether they will face FCA scrutiny and what to expect if they do. He has shared his insight and experience to assist firms with the changes to the FCA’s approach to AML supervision.

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AML Due Diligence Suspicious Activity Report (SAR) Risk Assessment 52

PYMNTS

JUNE 17, 2020

million — “for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017,” Britain’s main bank regulator said in a news release on Wednesday (June 17). Firms should recognize that AML controls are vitally important to the integrity of the UK financial system.”.

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AML Due Diligence Money Laundering Authorization 52

Neopay

DECEMBER 18, 2023

Given the cross-border nature of financial crime, the new authority will boost the efficiency of the anti-money laundering and countering the financing of terrorism (AML/CFT) framework, by creating an integrated mechanism with national supervisors to ensure obliged entities comply with AML/CFT-related obligations in the financial sector.

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Money Laundering Authorization AML Agreements 52

Finextra

MAY 9, 2024

Cryptocurrency exchange Binance has been fined C$6 million by Canadian authorities for violating money laundering and terrorist financing laws.

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Money Laundering AML Laws Cryptocurrency 72

FICO

OCTOBER 2, 2018

This is not the best approach to AML case management, as this example illustrates: The Swiss Financial Market Supervisory Authority (FINMA) internally maintains a "Red List" listing some 20 Swiss banks are listed that the supervisors believe are most likely to have customers who might be involved in crooked business — specifically, money laundering.

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AML Money Laundering TPS Compliance 58

PYMNTS

JULY 5, 2019

In March , t he head of the Financial Supervisory Authority (FSA) in Finland warned that Nordic banks involved in money-laundering scandals should be measured in their response and not withdraw from the area. We need an independent EU-wide supervisory anti-money laundering [AML] authority,” she said.

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AML Money Laundering Authorization Checks 58

PYMNTS

DECEMBER 6, 2019

million), and is a consequence of the bank not flagging suspicious transactions in time, as well as not having enough anti-money laundering (AML) oversight. When footage of the raid, which involved about 170 authorities, was released, the bank’s shares plummeted to an all-time low. The bank said it accepts the fine.

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AML Money Laundering Audit Financial Crimes 52

The Payments Association

FEBRUARY 14, 2025

Safeguarding customer funds The Financial Conduct Authority (FCA) has proposed significant changes to the safeguarding regime for payments and e-money firms. In 2025, three priorities stand out: safeguarding customer funds, expanding open banking, and preparing for stablecoin regulation.

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Stablecoins Payment APIs and Integration Regulatory Compliance Compliance 88

Fintech News

DECEMBER 9, 2024

This proactive approach, driven by the Monetary Authority of Singapore (MAS), seeks to enhance the nation’s financial infrastructure. The global nature of cryptocurrencies presents regulatory hurdles, particularly in areas like anti-money laundering (AML) and combating the financing of terrorism (CFT).

Cryptocurrency 114

Cryptocurrency Cross-Border Consumer Protection Facilitators 114

Fintech News

DECEMBER 22, 2024

New crypto regulations came into effect, introducing requirements relating to anti-money laundering (AML) and countering the financing of terrorism (CFT) and financial stability, and reflecting Singapores commitment to fostering innovation in the crypto and tokenization space.

FinTech 111

FinTech Cross-Border Payments Cross-Border Money Laundering 111

Fintech News

JULY 17, 2024

And contrasting with the non-crypto native space, the Hong Kong Monetary Authority (HKMA) just fined DBS Bank (Hong Kong) Limited, the HK subsidiary of DBS , a HK$10 million penalty for breaches of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The United Arab Emirates has amended Federal Decree-Law No. (20)

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Money Laundering Law Enforcement AML Non-Bank 107

PYMNTS

OCTOBER 16, 2019

The latest Digital Banking Tracker brings research and expert commentary from the FinTech and consumer banking space with a focus on anti-money laundering (AML) and solutions. Scandal and fraud tarnishing banks’ reputations aside, the impact that AML compliance controls have had on these banks’ bottom lines can’t be underestimated.

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AML Compliance Money Laundering Financial Crimes 49

Neopay

MARCH 7, 2024

In a recent move, the Financial Conduct Authority (FCA) has taken a significant step in addressing the prevalent anti-money laundering (AML) shortcomings among Annex 1 firms. The post FCA issues warning to firms over AML failings appeared first on Neopay. To find out more about how we can support you business, click here.

AML 52

AML Financial Crimes Crime Risk Assessment 52

The Paypers

APRIL 23, 2024

The German Federal Financial Supervisory Authority ( BaFin ) has demanded bank Commerzbank pay a fine of EUR 1.45 million over AML regulation breaches.

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AML Breach Regulations Authorization 41

PYMNTS

DECEMBER 18, 2019

The probe is being done by the Swedish financial supervisory authority, and on Wednesday (Dec. 18), the organization said it was looking into how the bank handled money laundering monitoring and how strong its anti-money laundering (AML) measures actually were. .

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AML Regulations Money Laundering Authorization 53

The Paypers

MARCH 9, 2022

The Monetary Authority of Singapore (MAS) has issued a new notice and other various revised notices applicable to financial institutions and variable capital companies (VCCs).

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AML Authorization 67

PYMNTS

MARCH 14, 2019

The head of the Financial Supervisory Authority (FSA) in Finland has warned that Nordic banks involved in money laundering scandals should be measured in their response and not withdraw from the area, according to a report by Bloomberg. We need an independent EU-wide supervisory anti-money laundering authority,” she said.

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AML Money Laundering Regulations Authorization 49