PYMNTS

JANUARY 28, 2020

Best leave now if know-your-customer (KYC) due diligence isn’t your jam: The EU is already prepping 6AMLD, which cracks down even harder on money laundering, especially online gambling. It’s all detailed in the PYMNTS January 2020 AML/KYC Tracker ®, a collaboration with verification solutions firm Trulioo.

AML 60

AML Compliance Money Laundering Due Diligence 60

PYMNTS

OCTOBER 13, 2016

Regulation and compliance can be a tough space for many to wrap their heads around. Sunil Madhu , founder and CEO of Socure , joined Karen Webster to give context to some of the compliance concepts trending in the industry and also share his thoughts on what’s coming next down the regulatory pipeline. Compliance Decoded.

Compliance 76

Compliance Due Diligence Money Laundering Procedures 76

PYMNTS

MARCH 14, 2019

However, despite the friction points that can get introduced into the process due to anti-money laundering (AML) and Know Your Customer (KYC) processes, FIs have no choice but to comply, or they risk fines and loss of customer trust. Around the AML/KYC World. To stay current, FIs are investing in AML strategies.

Money Laundering 73

Money Laundering Due Diligence AML Compliance 73

The Fintech Times

AUGUST 9, 2024

AU10TIX , the identity verification and management firm, has unveiled a new anti-money laundering (AML) solution, in a move to help businesses ensure a safer approach to risk mitigation. This allows businesses to efficiently manage their compliance requirements, saving both time and money.

AML 64

AML Risk Payment APIs and Integration Money Laundering 64

FICO

MARCH 6, 2020

Visma Connect recently interviewed Jürgen Krieg, FICO's head of global compliance sales. In this excerpt from that article, Jürgen elaborates on the importance of compliance. . At FICO, I am responsible for planning and implementing growth strategies to develop new markets, and the expansion of our compliance business globally.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

Stax

NOVEMBER 27, 2023

From EDD and eKYC to AML to CDD, we’re going to cover everything you need to know about KYC in this article. While internationally CDD can be seen as a key component of KYC compliance, within the U.S., That said, besides the legal and financial repercussions, there are ethical reasons to have a strong AML and KYC policy in place.

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 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.

AML 64

AML Money Laundering Due Diligence Fincen 64

PYMNTS

SEPTEMBER 29, 2020

Jumio , known for its suite of artificial intelligence (AI)-powered identity verification and online know your customer (KYC) products, is beefing up its anti-money laundering (AML) powers. Another key component of the platform is helping companies manage various KYC and AML regulations in different jurisdictions across the world.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

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 FCA remains steadfast in its commitment to providing guidance and support to firms, fostering an environment of compliance and integrity.

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. He has shared his insight and experience to assist firms with the changes to the FCA’s approach to AML supervision. No problem.

AML 52

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

PYMNTS

FEBRUARY 13, 2019

The move targets one of the largest pain points of Know Your Customer (KYC) compliance for businesses and their financial institutions (FIs): the complexity linked to corporations that use multiple banks across multiple jurisdictions. Payments messaging firm SWIFT announced on Tuesday (Feb. It’s serious legal liability for the driver.”

Money Laundering 64

Money Laundering AML Economy SWIFT 64

The Fintech Times

JANUARY 13, 2024

Fenergo has released their annual financial fines analysis, showcasing that penalties for failing to comply with anti-money laundering (AML), KYC, environmental, social, and governance (ESG), sanctions and customer due diligence (CDD) regulations totalled $6.6billion in 2023, up considerably from $4.2billion in 2022 and $5.4billion in 2021.

Financial Crimes 59

Financial Crimes Due Diligence Compliance AML 59

PYMNTS

JUNE 20, 2019

But flipping through the latest edition of the PYMNTS AML/KYC Tracker, in collaboration with Trulioo , there is a lot of data to suggest that this is the situation in an awful lot of organizations. If the risk experts aren’t feeling confident — it is hard to know how anyone else in an organization is going to.

AML 66

AML Due Diligence Money Laundering Risk Assessment 66

PYMNTS

JUNE 17, 2020

According to a report in ZDNet , Westpac said that “a mix of technology and human error” and “deficient financial crime processes” were behind the financial institution’s (FI’s) lack of compliance with anti-money laundering (AML) regulations. Westpac said it identified three drivers of compliance failures, ZDNet reported.

AML 75

AML Money Laundering Compliance Financial Crimes 75

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

Fraud.net

NOVEMBER 24, 2023

Find out what regulations apply to AML in banks and how you can remain compliant. In this digital age, anti-money laundering is challenging.

Regulatory Compliance 52

Regulatory Compliance AML Money Laundering Compliance 52

FICO

JULY 25, 2016

Anti-money laundering (AML) is a good example. My FICO colleague TJ Horan recently blogged about the skyrocketing compliance costs that banks face in their fight against money laundering and other financial crimes. TJ wrote: In 2015 we acquired TONBELLER, an innovator in risk-based financial crime prevention and compliance.

AML 64

AML Money Laundering Financial Crimes Crime 64

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

Fintech News

FEBRUARY 18, 2024

This collaboration helps dtcpay balance speed and compliance as they expand across Asia and beyond. Moving fast without compromising compliance As a Major Payment Institution licensed by Singapore’s Monetary Authority, dtcpay operates in a complex regulatory environment.

Verification 119

Verification Travel Rule Multi-Currency Compliance 119

Fintech News

JULY 17, 2024

The HKMA concluded that the bank failed to continuously monitor business relationships, conduct enhanced due diligence in high-risk situations for a period, and maintain proper records for some customers. Monero transactions have risen steadily, with a notable spike in March 2024 due to a spam event called Black Marble.

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

Fintech Finance

NOVEMBER 6, 2024

Buna’s compliance program integrates rigorous Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and sanctions screening protocols both before and after settlement, offering real-time monitoring and thorough due diligence to safeguard financial transactions.

Cross-Border Payments 97

Cross-Border Payments Visa Cross-Border Multi-Currency 97

FICO

MAY 20, 2021

In my Financial Crimes Predictions 2021: More AI & Ransomware post , I talked about how banks will move to operationalize their Anti-Money Laundering (AML) compliance programs to achieve greater efficiencies and how robotic process automation (RPA) adoption will drive the paradigm shift. Collect data from internal and external sources.

Financial Crimes 52

Financial Crimes AML Crime Automation 52

PYMNTS

MARCH 5, 2019

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.” In addition, HMRC implemented a £68,595 fine for online estate agency Tepilo , which shut down in December.

AML 53

AML Money Laundering Due Diligence Legal 53

FICO

FEBRUARY 14, 2017

In yesterday’s post, my colleague TJ Horan introduced the topic of artificial intelligence being applied to anti-money laundering (AML). I’m going to explore the impact advanced analytics can have on the current state of regulatory compliance. The AML Threat Score uses historic alerts and user decisions. But it’s still too high.

AML 40

AML Compliance AI Money Laundering 40

Fi911

MARCH 14, 2024

Necessary Documentation to Provide a MID to a Merchant Before issuing a merchant identification number, banks or payment processors need to conduct due diligence to verify the legitimacy and financial stability of the merchant. Tax identification numbers, ensuring compliance with tax obligations.

Due Diligence 102

Due Diligence Processors Fraud Detection Money Laundering 102

Fintech News

MAY 22, 2024

Over the past years, financial crime tech has risen to prominence, driven by increasing complexity and frequency of financial crimes, stricter regulations and compliance requirements, and technological advancements. For larger enterprises and the consultants assisting them, Arctic Intelligence offers the Risk Assessment Platform.

Financial Crimes 85

Financial Crimes Crime APACS Risk Assessment 85

The Fintech Times

JUNE 20, 2024

Sumsub , the full-cycle verification platform, is partnering with Finastra , the global financial software applications and marketplaces provider, to support financial institutions worldwide with their compliance processes. “We are pleased to partner with Sumsub, following a rigorous due diligence process.

Compliance 59

Compliance Process APACS Money Laundering 59

Stax

JANUARY 8, 2024

Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. However, several complex types of risks come along with this. Let’s get started.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

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 88

Verification Identity Theft Money Laundering Due Diligence 88

PYMNTS

JUNE 10, 2019

In addition to the check issues, Deutsche Bank is looking into other “critical” and “significant” failings found by auditors, including client due-diligence name list screening practices in Hong Kong, Singapore and India, and staff sending sensitive information over WhatsApp or personal emails.

AML 55

AML Money Laundering Process Due Diligence 55

Seon

APRIL 11, 2024

Uniting fraud protection and prevention with AML checks and compliance allows for better collaboration across the historically siloed operations of teams dealing with distinct but related crimes – fraud and financial crimes, terrorist financing or other nefarious intentions.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

FICO

DECEMBER 6, 2019

The 2018 FATF mutual evaluation report of UK anti money laundering (AML) practices highlights a problem that to many is still surprising – when you set up a business in the UK, very little is done to establish the identity of the owners of that business, whether those are individuals or other businesses.

AML 52

AML Checks Due Diligence Money Laundering 52

PYMNTS

JANUARY 30, 2019

Compliance and risk management technology provider Opus is launching a new Know Your Customer (KYC) workflow solution for banks. The Software-as-a-Service (SaaS) tool also looks to streamline client onboarding and improve the accuracy of customer due diligence. A press release on Tuesday (Jan.

Due Diligence 46

Due Diligence Automation Money Laundering Fincen 46

Neopay

OCTOBER 3, 2024

As regulatory expectations rise, companies must ensure they have robust compliance frameworks in place, particularly when scaling rapidly. Compliance must keep pace with growth Starling’s rapid growth, from 43,000 customers in 2017 to 3.6 million in 2023, is impressive, but their compliance measures did not keep pace.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

Stax

AUGUST 22, 2024

PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. Major risk factors for PayFacs include fraudulent transactions, merchant credit risk, regulatory compliance, and operational risks. The due diligence doesn’t stop at onboarding.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

PYMNTS

OCTOBER 25, 2016

25) a partnership to integrate its Trusted Digital Identity online fraud prevention and compliance automation platform with Neoway’s Advanced Data solution. IdentityMind Global announced Tuesday (Oct.

Due Diligence 72

Due Diligence Fraud Prevention Money Laundering Compliance 72

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).

Due Diligence 130

Due Diligence Ubiquitous Governance Government 130