The Payments Association

JANUARY 13, 2025

The introduction of the Digital Assets Bill and the Financial Conduct Authority (FCA)s ongoing efforts to regulate cryptoassets demonstrates the regulator’s intentions to further define just how digital assets are governed and traded. In summary, firms should prioritise several key actions to prepare and build resilience in the sector.

Legal 88

Legal Stablecoins Cross-Border Due Diligence 88

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.”.

AML 52

AML Due Diligence Money Laundering Authorization 52

The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. July 2024: CB Payments Limited (Coinbase UK)3.5 million in prohibited transactions.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

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.

AML 52

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

PYMNTS

DECEMBER 28, 2018

The vice president of the European Commission in charge of the euro, Valdis Dombrovskis, said Brussels wants more stringent enforcement of anti-money laundering (AML) rules after a series of scandals that rocked the industry, according to the Financial Times.

Money Laundering 74

Money Laundering Rules Due Diligence Central Bank 74

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.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

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)

Money Laundering 107

Money Laundering Law Enforcement AML Non-Bank 107

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

FICO

JANUARY 27, 2017

The Financial Conduct Authority (FCA) wants to ensure that if banks and other regulated financial organisations do de-risk, it’s in a manner that is fair to customers. The FCA has indicated that AML measures in themselves are not a reason to suspend or deny accounts.

AML 55

AML Risk Money Laundering Due Diligence 55

Segpay

NOVEMBER 26, 2024

Compliance with Regulations : Many industries, especially financial services, are subject to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which mandate the verification of customers’ identity to prevent illegal activities like money laundering, terrorism financing, and tax evasion.

Verification 111

Verification Identity Theft Money Laundering Due Diligence 111

Stax

DECEMBER 4, 2023

The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. In this article, we’ll discuss everything you need to know about ensuring AML compliance as a payment facilitator (or PayFac). Let’s get started.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

PYMNTS

MARCH 5, 2019

tax authority, HM Revenue & Customs (HMRC), conducted a week-long investigation into 50 estate agents suspected of trading without being registered. As a result of the investigations, the agency found that Countrywide did not conduct proper due diligence, adding that it had broken rules concerning “proper record-keeping.”

AML 53

AML Money Laundering Due Diligence Legal 53

PYMNTS

SEPTEMBER 7, 2018

Following scandals at European lenders, the European Central Bank (ECB) wants the European Union (EU) to step up enforcement of anti-money laundering (AML) rules. To that end, ING Group said it has agreed to pay €775 million (US$900 million) to settle investigations by Dutch authorities over money laundering and other illicit activities.

AML 43

AML Money Laundering Due Diligence Financial Crimes 43

Open Banking Excellence

NOVEMBER 7, 2023

It has the potential to quickly gain ubiquity at low cost, as it is based on the comprehensive customer due diligence checks already applied by banks to their 50 million customers. Banks spend around 5% of their revenue on AML compliance and customer due diligence (CDD). Sweden’s BankID – a precedent to follow?

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Due Diligence Ubiquitous Governance Government 130

Segpay

MARCH 24, 2025

Australia and the USA have similar compliance and AML goals, but differ in frameworks, enforcement agencies, and approaches. KYC & Customer Due Diligence (CDD) Australia: Risk-based approach, with minimum KYC checks under the AML/CTF Rules. PSPs verify identity and monitor transactions. though some areas overlap.

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

Seon

JUNE 29, 2023

KYT is an anti-money laundering (AML) and counter-terrorist financing (CTF) requirement. As an AML and CTF operation, Know Your Transaction complements the process of Know Your Customer (KYC) by focusing on which transactions people are making, as opposed to just who is making them. Ask an Expert What Does KYT Mean for AML Compliance?

Transactions 52

Transactions Due Diligence Money Laundering AML 52

Global Fintech & Digital Assets

MARCH 5, 2024

AML/CFT : Banks must comply with their existing anti-money laundering and counter-financing of terrorism obligations in connection with providing custodial services. Regulator sets out its expectations for banks looking to provide digital asset custody services, and sell and distribute tokenised products.

Authorization 59

Authorization Product Due Diligence Procedures 59

Neopay

JANUARY 25, 2024

The European Banking Authority (EBA) on 16th January extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). The amending Guidelines will apply from 30 December 2024.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

Neopay

OCTOBER 3, 2024

The recent £29 million fine imposed on Starling Bank by the Financial Conduct Authority (FCA) for financial crime failings offers important lessons for businesses in the e-money and payments industry. Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

PYMNTS

DECEMBER 10, 2020

Still, it was a wake-up call for the industry, showing that such lapses could result in significant fees and criminal prosecution if basic due diligence is not followed. . Banks and other FIs must be certain that their clients are who they claim to be and adhere to AML compliance — or be held accountable. .

Due Diligence 80

Due Diligence Online and Mobile Banking BSA Federal Reserve 80

Fintech News

FEBRUARY 18, 2024

Moving fast without compromising compliance As a Major Payment Institution licensed by Singapore’s Monetary Authority, dtcpay operates in a complex regulatory environment. This flexibility, alongside advanced features and constant AML monitoring has been central to dtcpay’s efforts to streamline its operations.

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Verification Travel Rule Multi-Currency Compliance 117

The Fintech Times

JUNE 20, 2024

This integration will enable banks to onboard new users swiftly, perform anti-money laundering (AML) screening on customers, verify business clients, and monitor for fraud and suspicious transactions with the option to adopt and manage all features through a single platform.

Compliance 59

Compliance Process APACS Money Laundering 59

PYMNTS

SEPTEMBER 26, 2019

The bank is accused of not performing due diligence or customer monitoring, and not reporting suspicious transactions to the proper authorities, and when it did report them, not doing so in a timely manner. Netherlands bank ABN Amro revealed on Thursday, Sept.

AML 43

AML Money Laundering Finance Due Diligence 43

PYMNTS

MARCH 14, 2017

As banks and payments companies endeavor to meet anti-money laundering (AML) regulations to avoid hefty fines for non-compliance, easily identifying customers in the digital channel becomes paramount to their success. Why Good Processes Alone Can’t Make AML Stick. In the U.S. Which is why, Clark said, it’s time for a change.

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AML Verification Money Laundering Authentication 44

PYMNTS

JANUARY 17, 2020

And in tracking and stopping the flow of funds, challenges exist because authorities often cannot have crypto addresses shut down due to the decentralized nature of blockchains themselves, according to Chainalysis. The schemes themselves are varied. A week ago, on Jan.

Money Laundering 57

Money Laundering Due Diligence Cryptocurrency AML 57

PYMNTS

SEPTEMBER 26, 2019

The bank is accused of not performing due diligence or customer monitoring, and not reporting suspicious transactions to the proper authorities, and when it did report them, not doing so in a timely manner. .

AML 40

AML Money Laundering Due Diligence Procedures 40

Seon

SEPTEMBER 23, 2024

Compliance with anti-money laundering (AML) regulations is now a legal obligation. Payment screening helps ensure transactions comply with AML laws and international sanctions, protecting financial institutions, fintechs, payment providers, and igaming companies from fines and legal issues.

Suspicious Activity Report (SAR) 52

Suspicious Activity Report (SAR) Money Laundering Due Diligence AML 52

The Fintech Times

JULY 31, 2024

Julie Cunningham, founder and CEO of Portend As Julie Cunningham , founder and CEO of due diligence platform Portend , explains: “Fintech impact platforms often grapple with complex regulatory landscapes. “Platforms must comply with AML and know-your-customer regulations to prevent illicit activities.

Compliance 64

Compliance AML Regulations Due Diligence 64

Segpay

OCTOBER 18, 2023

Hide & Seek: Transaction launderers know how to avoid detection by payment processors and regulatory authorities. However, in most cases, the merchant is unaware of being abused by criminal gangs or transaction fraudsters and runs a tremendous risk. They continuously change tactics and employ various methods to evade detection.

Transactions 52

Transactions Due Diligence Money Laundering Legal 52

PYMNTS

JANUARY 16, 2020

s Financial Conduct Authority (FCA) took the reins on oversight of cryptocurrency asset oversight — specifically, oversight of anti-money laundering (AML) and counter terrorist financing (CTF) activities. Across the pond, and on the Continent, the regulatory landscape is shifting for cryptos. Earlier this month, the U.K.’s

Regulations 52

Regulations Money Laundering Due Diligence Cryptocurrency 52

Neopay

NOVEMBER 13, 2024

The Financial Conduct Authority (FCA) recently levied a substantial £16,675,200 fine against Metro Bank PLC (Metro) for significant shortcomings in its financial crime prevention systems and controls. This ensures that appropriate systems and controls are in place to identify, prevent and manage financial crime risks.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

Neopay

JUNE 27, 2024

Compliance policies and procedures: Develop comprehensive compliance policies and procedures that address key regulatory requirements, such as anti-money laundering (AML) and Know Your Customer (KYC) obligations (see below). Compliance with AML and Financial Crime Regulations AML and financial crime compliance is a top priority for the FCA.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

PYMNTS

MARCH 13, 2017

With the increased usage of alternative payments has quickly come increased attention from both cybercriminals and the authorities charged with keeping them at bay. It’s more than just AML that you need to worry about as payment method — it’s really reputation as well,” Frechtling noted. Consequences of Aiming Low.

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AML Credit Cards Payments Law Enforcement 59

PYMNTS

DECEMBER 10, 2018

authorities, prompting China to warn Canada to release the CFO or face “severe consequences.” HSBC Holdings and Standard Chartered, the two U.K. banks, have been embroiled in the Huawei Technologies scandal in which Canada arrested the company’s Chief Financial Officer Meng Wanzhou at the request of U.S.

Due Diligence 51

Due Diligence Money Laundering Legal Laws 51

Seon

JULY 10, 2024

For regulatory compliance, they meet AML requirements by monitoring transactions above certain thresholds. You might also be interested in: SEON: What Is Transaction Monitoring in AML & How to Set It Up The post Transaction Monitoring for Fraud and Payments appeared first on SEON.

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

FICO

MARCH 16, 2021

But when the consumer provides personal data and authorization credentials, the bogus service provider captures the information and uses it to commit an account takeover. . Most service providers are required to complete due diligence in the shape of anti-money laundering (AML) checks.

Money Laundering 52

Money Laundering Fraud Prevention Financial Crimes Crime 52

Neopay

DECEMBER 6, 2023

The Financial Conduct Authority (FCA) employs skilled person reviews, also known as Section 166 reviews, to assess and rectify concerns within financial institutions. This includes assessing the effectiveness of anti-money laundering (AML) measures, fraud prevention, and adherence to relevant regulations.

Audit 59

Audit Regulatory Compliance Financial Crimes Compliance 59