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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Fintech News

JUNE 26, 2024

Lawrence Wong Prime Minister and Finance Minister Lawrence Wong announced the strategy at the Financial Action Task Force Plenary Meeting, underscoring Singapore’s commitment to bolstering its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) efforts.

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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. In the UK, the Financial Conduct Authority (FCA) is spearheading regulatory reforms aimed at strengthening integrity.

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Neopay

JULY 18, 2024

The European Banking Authority (EBA) issued new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes.

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FICO

JUNE 9, 2022

FICO’s New AML Scores Use AI and Machine Learning to Detect More Money Laundering. New AML scores reduce false positive alerts by 50% while detecting 100% of known money laundering transactions, and discover new aberrant, potentially risky behaviors. asokolowski@speednet.pl. Fri, 06/03/2022 - 12:24.

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Fintech News

MAY 7, 2024

Deputy Prime Minister and Minister for Finance, Lawrence Wong, discussed the potential expansion of the Monetary Authority of Singapore’s (MAS) anti-money laundering platform, COSMIC, to non-banking sectors in a recent response to a parliamentary question.

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PYMNTS

DECEMBER 8, 2020

Money laundering is a pervasive phenomenon around the world, with the estimated amount of money laundered in a given year totaling 2.7 Cybercriminals are constantly one step ahead of government regulators, developing new and inventive schemes faster than the authorities can quash them. billion by 2024.

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The Paypers

DECEMBER 22, 2023

The Financial Services Regulatory Authority has announced updates to its Anti-Money Laundering and Sanctions Rules and Guidance – the AML Rulebook.

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The Paypers

FEBRUARY 25, 2024

The Financial Market Authority (FMA) has initiated an investigation into Raiffeisen Bank International (RBI) over Anti-Money Laundering (AML) failures in Austria.

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PYMNTS

DECEMBER 5, 2019

5) agreed on strategy for anti-money laundering (AML) reforms and countering the financing of terrorism, Reuters reported. The European Council called for enhancements to AML rules and for the legislation to become national law. They also asked for “more robust and effective cooperation” among AML authorities.

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Neopay

NOVEMBER 27, 2023

The European Banking Authority (EBA) has launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes. The consultation runs until 26 February 2024.

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PYMNTS

OCTOBER 7, 2020

All eCommerce sites and payment providers have one thing in common no matter their size: the constant and pervasive threat of money launderers using their businesses to process ill-gotten gains, conceal the funds’ sources and convert them into clean, taxable income that government authorities cannot track.

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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.

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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. Definitely in terms of AML. Thanks for taking time out to talk to us. No problem.

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

The Paypers

JANUARY 31, 2024

Authorities from China have decided to amend the country’s Anti-Money Laundering (AML) regulations to include cryptocurrency-related transactions.

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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 fact, many do not think they are addressing the practicalities of modern AML operations as a result of current and upcoming AML regulations.

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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. We have … rules and actually quite strict ones.

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PYMNTS

SEPTEMBER 16, 2020

Chinese authorities have made a series of arrests alleging more than $2 billion was laundered at offshore gambling sites through faux eCommerce purchases. Money laundering carries a maximum penalty of 14 years in prison as well as a fine. the Shanghai-based company that calls itself the world’s largest online platform.

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PYMNTS

NOVEMBER 20, 2018

The European Central Bank is gearing up to launch a network of watchdogs that share information on money laundering in an effort to increase scrutiny of banks. Reuters noted that Nouy said the new initiative was “in full respect of the allocation of anti-money laundering responsibilities within the current legal framework.”

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PYMNTS

DECEMBER 10, 2020

Government regulators and cryptocurrency exchanges are frantically looking for ways to regulate and prevent the laundering of stolen money through cryptocurrencies, with some methods showing more promise than others. How Money Launderers Exploit Cryptocurrency. Enforcing AML/KYC Compliance At Cryptocurrency Exchanges.

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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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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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PYMNTS

OCTOBER 12, 2018

Amid the headlines detailing the billions of dollars in money laundering done through conduits like Danske Bank and Deutsche Bank, among others, a report shows that the problem is a global one — and that it is getting worse. Going down the ranks of “top spots,” Tajikistan topped the list for countries at risk for money laundering.

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PYMNTS

OCTOBER 9, 2018

Department of Justice (DOJ) over alleged money laundering. “We We are doing preliminary breach of union law inquiries on … the Danske Bank case in Denmark,” said European Banking Authority (EBA) Chair Andrea Enria told the European Parliament, according to Reuters. Last month, it was revealed that U.S.

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PYMNTS

DECEMBER 9, 2019

A country long blamed for weak measures against money laundering, Japan has over 80 banks interested in joining the Interbank Information Network (IIN), said executive Daizaburo Sanai. Among the several initiatives being developed, IIN uses digital technology to accelerate international money transfers.

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The Paypers

JANUARY 18, 2024

The European Union has reached a provisional deal to improve how national authorities collaborate to combat money laundering.

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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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PYMNTS

MARCH 12, 2019

As has been reported, the company has faced concerns over suspected money laundering, as noted in the Financial Times and elsewhere, and has been scrutinized by regulators including the Financial Conduct Authority (FCA) and in Lithuania (Revolut has a banking license in that country). In the U.K.,

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PYMNTS

FEBRUARY 8, 2019

That holds true for money launderers as well. Their particular business benefits from such shifts, as the best money launderers seek out new holes in anti-money laundering (AML) defenses, and new ways to escape the notice of law enforcement and regulators. One factor is lack of awareness.

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Neopay

MAY 31, 2024

The Financial Conduct Authority (FCA) significantly increased its anti-money laundering (AML) and counter-terrorist financing (CTF) supervision activity in 2022-23. These specialists, supported by sector supervisors, focused on ensuring firms adhered to AML requirements and broader regulatory obligations.

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PYMNTS

DECEMBER 6, 2019

Deutsche Bank has settled a case with Frankfurt prosecutors that involved a raid on its offices and resulted in a huge hit on earnings and stock value over suspected money laundering, according to a report by Bloomberg. . and German authorities, over money laundering issues and AML controls.

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PYMNTS

FEBRUARY 27, 2019

27) recommending that the EU create a police unit dedicated to the investigation of tax and financial crimes, as well as a watchdog organization to fight money-laundering, according to a report by Reuters. The report is a response to some high-profile money laundering cases and alleged finance-related crimes in the region.

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The Payments Association

OCTOBER 24, 2024

Addressing regulatory compliance Businesses, including EMD Agents, face a challenge in cross-border transactions: complying with anti-money laundering (AML) and know-your-customer (KYC) regulations.

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PYMNTS

APRIL 25, 2019

Sweden’s oldest bank is facing investigations in the United States as it has acknowledged it hasn’t done enough to prevent money laundering. Specifically, the probes showed weaknesses in know-your-customer procedures, as well as a lack of reports to authorities on suspicious transactions.

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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). Germany’s Commerzbank London has agreed to pay a fine of £37,805,400 — about $47.45

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PYMNTS

FEBRUARY 4, 2019

Banks, credit unions and other financial institutions have a significant responsibility, one that goes far beyond managing customers’ financial assets: They’re tasked with safeguarding the financial services ecosystem against bad actors, money launderers and other criminals. A DIY Approach To AML/KYC. billion.

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Electronic Transactions Association

MAY 10, 2022

WASHINGTON, DC (May 11, 2022) — The Electronic Transactions Association (ETA); INFiN, a Financial Services Alliance; the Money Services Business Association (MSBA); and The Money Services Round Table (TMSRT) today announced the release of Best Practices for U.S. The industry effort to identify and distribute Best Practices for U.S.

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