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.

AML 83

AML Money Laundering Authorization 83

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.

AML 94

AML Money Laundering Financial Crimes Scams 94

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.

AML 98

AML Verification Research Consumer 98

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.

Travel Rule 52

Travel Rule Money Laundering Rules Finance 52

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.

Money Laundering 52

Money Laundering AML SARS AI 52

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.

AML 88

AML Money Laundering Financial Crimes Non-Bank 88

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.

AML 104

AML Cryptocurrency Verification Money Laundering 104

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.

Money Laundering 36

Money Laundering Rules AML Authorization 36

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.

AML 41

AML Money Laundering Authorization 41

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.

Money Laundering 52

Money Laundering AML Rules Authorization 52

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.

Money Laundering 52

Money Laundering Consulting Finance AML 52

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.

Money Laundering 68

Money Laundering Law Enforcement AML Payments 68

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.

AML 52

AML Financial Crimes Crime Risk Assessment 52

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.

AML 52

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.

AML 41

AML Transactions Money Laundering Rules 41

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.

AML 59

AML Regulations Financial Crimes Money Laundering 59

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.

Money Laundering 74

Money Laundering Rules Due Diligence Central Bank 74

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.

Money Laundering 124

Money Laundering Cross-Border Central Bank Cross-Border Payments 124

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.”

Money Laundering 73

Money Laundering Central Bank Legal Framework AML 73

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.

AML 88

AML Cryptocurrency Money Laundering Compliance 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.

Fincen 101

Fincen Money Laundering AML Authorization 101

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.

Money Laundering 75

Money Laundering Risk AML Finance 75

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.

Service Provider 71

Service Provider Due Diligence AML Money Laundering 71

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.

Money Laundering 57

Money Laundering Regulations Law Enforcement Non-Bank 57

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.

Money Laundering 52

Money Laundering Payment Networks Law Enforcement AML 52

The Paypers

JANUARY 18, 2024

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

Money Laundering 68

Money Laundering AML Rules Authorization 68

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).

Database 53

Database AML Money Laundering Authorization 53

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.,

Money Laundering 59

Money Laundering Regulations Financial Crimes Authorization 59

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.

Money Laundering 77

Money Laundering Law Enforcement Credit Cards AML 77

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.

Financial Crimes 52

Financial Crimes AML Money Laundering Crime 52

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.

AML 52

AML Money Laundering Audit Financial Crimes 52

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.

Authorization 60

Authorization Money Laundering AML Financial Crimes 60

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.

Cross-Border Payments 88

Cross-Border Payments Cross-Border Regulatory Compliance Fraud Detection 88

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.

Money Laundering 43

Money Laundering Procedures AML Authorization 43

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

AML 52

AML Due Diligence Money Laundering Authorization 52

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.

AML 64

AML Money Laundering Due Diligence Fincen 64

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.

Best Practices 40

Best Practices Money Laundering Law Enforcement AML 40