Taiwan fast-tracks new AML regulations for crypto businesses
The Paypers
DECEMBER 2, 2024
Taiwan accelerates the rollout of new AML regulations for crypto businesses, aiming to enhance compliance and secure the digital asset market.
AML Compliance Regulations 
Fincrime compliance report 2024
The Payments Association
OCTOBER 17, 2024
For the previous two years, fscom has released a fincrime compliance report to provide insight into our AML/CTF audit service and, more specifically, the compliance challenges regulated and supervised financial services firms face. Download the report here.
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EU expands AML regulation impacting cryptocurrency compliance
Finextra
APRIL 26, 2024
The European Parliament has voted to adopt a package of laws to strengthen the EU’s AML and terrorist financing toolkit, with a particular impact on the cryptocurrency industry.
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The Future of AML and KYC in 2024: Insights from Consumer Research on Digital Identity Verification
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. These protocols are integral to combating financial crime and ensure regulatory compliance.
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Understanding AML Compliance in the Banking Sector
Fi911
NOVEMBER 7, 2023
A cornerstone of this mission is the concept of “AML,” or “Anti-Money Laundering” protocols. But, what does AML entail? Why is it non-negotiable for financial institutions across the globe, and how can you ensure that your institution is compliant with all AML procedures? Rigorous verification of each customer’s identity.
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Sumsub’s New Solution Helps APAC Firms Navigate Data Privacy Regulations
Fintech News
SEPTEMBER 2, 2024
As data privacy regulations tighten across APAC, driven by growing digital transformation and increased awareness of privacy concerns, Sumsub’s LDP solution aims to help businesses navigate these evolving requirements. LDP simplifies compliance with these local regulations by ensuring data is stored and processed locally.
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Intix Survey Reveals Only 1 in 3 European Banks Ready for Instant Payments Regulation
Fintech Finance
OCTOBER 23, 2024
Led by Intix, the survey explored readiness levels and compliance with key regulations, including ISO 20022 standards, as well as the readiness of banks as they prepare to meet the EU’s Instant Payments Regulation, which takes effect in January 2025 for receiving instant payment transactions and October 2025 for sending instant payment transactions.
DataVisor Unveils its AI-Powered End-to-End AML Compliance Solution
Finovate
MARCH 28, 2024
Fraud and risk platform DataVisor launched its anti-money laundering (AML) solution this week. The new offering combines fraud fighting and anti-money laundering operations in a unified, approach that helps institutions better deal with emerging threats and evolving regulations.
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TD Bank Group Announces Resolution of AML Investigations
Fintech Finance
OCTOBER 11, 2024
TD Bank Group (“TD” or the “Bank”) (TSX: TD) (NYSE: TD) today announced that, following several years of active cooperation and engagement with authorities and regulators, it has reached a resolution of previously disclosed investigations related to its U.S. AML leadership team. The Bank and certain of its U.S.
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Payments Compliance Faces Runaway Costs
The Payments Association
MARCH 12, 2024
Payment compliance is expensive, but the cost of non-compliance can be worse. No one-size-fits-all solution exists to meet the varying risk profiles of all firms but organisations can access cloud solutions to improve their compliance and adapt to the ever-changing AML landscape. Read more
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How to Maintain Anti-Money Laundering Compliance as a PayFac
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.
AML in Banks: Ensuring Regulatory Compliance
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.
Advapay and Complytek strike alliance on compliance
Finextra
SEPTEMBER 30, 2024
Complytek, a leader in AML compliance solutions, and Advapay, a specialist in core banking systems, have partnered to offer fintech companies a complete end-to-end solution—ensuring that businesses can grow their business while remaining fully compliant with local and global regulations.
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Uniform Regulations and High End Talent Are Key to Successful AML Operations Reveals PwC
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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Only 1 in 3 European banks prepared for instant payments regulation
Neopay
NOVEMBER 26, 2024
The clock is ticking for European banks as the EU’s mandatory instant payment regulations approach, but a recent survey by transaction data management specialist Intix reveals a worrying lack of readiness. Compliance hurdles are significant. To bridge these gaps, many banks are prioritising compliance and risk management investments.
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Binance on the Hunt for Top Compliance and Investigation Talent to Match Industry Growth
The Fintech Times
NOVEMBER 26, 2024
With over 240 million customers across the globe, global blockchain ecosystem and cryptocurrency exchange, Binance is seeking top compliance and investigation talent to ensure it can keep pace with the industry and company’s rapid maturation and growth. “We Currently, the firm employs over 1,000 compliance staff and contractors.
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James Young, Transak’s Head of Compliance, Joins Elliptic’s Client Advisory Board
Fintech Review
NOVEMBER 26, 2024
Miami, Florida, November 26th, 2024, Chainwire Advancing compliance and trust in the cryptocurrency ecosystem. We are proud to announce that James Young , Transak’s Head of Compliance and MLRO , has joined the Elliptic Client Advisory Board. Congratulations to James Young on this significant achievement!
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What Regulatory and Compliance Issues Face Impact Platforms?
The Fintech Times
JULY 31, 2024
While many organisations are successfully solving genuine issues , regulators are as keenly focused on these firms as those out to maximise profits. “Issues such as data privacy, cross-border transactions, and adherence to stringent anti-money laundering (AML) protocols require constant vigilance and adaptation. .
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Boerse Stuttgart Digital Selects Fenergo to Streamline Compliance Processes
The Fintech Times
NOVEMBER 7, 2024
Through this partnership, Boerse Stuttgart Digital is aiming to embrace the continuing growth of Europe’s crypto market by enhancing the scalability of its infrastructure solutions, while streamlining compliance processes in collaboration with Fenergo. Together with Fenergo, we continue to drive the adoption of crypto across Europe.”
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Cindy Ho to Lead FOMO Group’s Compliance Strategy in New Appointment
Fintech News
MARCH 3, 2024
FOMO Group, a Singapore-based financial holding company, announced that it has appointed Cindy Ho as its new Group Head of Compliance. FOMO Group has consistently demonstrated its commitment to the highest standards of compliance. She has previously served as the Chief Control Officer at Bank J. Before her tenure at Bank J.
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Signicat Partners with AsiaVerify to Help Businesses Meet Compliance Requirements
Finovate
NOVEMBER 27, 2024
The strategic partnership will help businesses looking to expand from Europe to Asia, and vice versa, meet local regulatory compliance requirements with regards to KYC, KYB, and UBO. Photo by Avonne Stalling The post Signicat Partners with AsiaVerify to Help Businesses Meet Compliance Requirements appeared first on Finovate.
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How do you create a better relationship between Compliance and Sales?
Neopay
AUGUST 7, 2024
As regulatory requirements have increased over recent years, the pressure between compliance and sales is causing problems for many firms. The relationship between compliance and sales is critical for the success of any financial services business.
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FCA issues warning to firms over AML failings
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.
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Deep Dive: Cracking Down On Cryptocurrency Exchange Cybercrime With AML/KYC Compliance
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. Enforcing AML/KYC Compliance At Cryptocurrency Exchanges. Cryptocurrency-related crimes totaled $4.3
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AML/KYC Compliance Just Got Harder
PYMNTS
JANUARY 28, 2020
10, with new regulations for cryptocurrencies, wallets and exchanges. Issuers, merchants, payments service providers (PSPs) and other interested parties are closely watching developments in AML/KYC and counter terrorist financing (CTF) regulations, as governments worldwide clamp down strongly on identity scams.
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De-risking dilemmas: The unintended consequences threatening UK-Iran personal remittances
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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Takeaways from “Collaborating for Impact: The Benefits for Fraud Prevention and AML Detection”
Seon
JULY 11, 2024
Guest panelists included James Nurse, Managing Director at FINTRAIL; Hannah Becher, Lead of Fraud and AML Surveillance at Pleo; Matthew Tataryn, Director of Financial Crime Risk at Tide Platform; and Jeremy Doyle, Director of Growth, AML Solutions at SEON. Below are the top takeaways from the discussion: 1.
Cryptocurrency Exchanges Turn To Mobile Verification To Stop AML
PYMNTS
DECEMBER 8, 2020
Cybercriminals are constantly one step ahead of government regulators, developing new and inventive schemes faster than the authorities can quash them. Developments Around The AML/KYC Space. Many banks and government regulators have a growing sense of distrust in cryptocurrency exchanges due to this widespread lack of compliance.
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How do Regulations Make the World of Alternative Investment More Secure?
The Fintech Times
NOVEMBER 20, 2024
Where there is a drastic change in the value of something, the risks involved become much greater, so we reached out to industry experts to find out how regulations and regulators have played a role in ensuring alternative investing is secure. However, they can often be restricted in this regard due to strict regulations.
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Understanding Payment Processing Compliance When Implementing Credit Card Surcharging
Stax
JANUARY 15, 2024
Learn how to achieve payment processing compliance when surcharging to improve your company’s financial stability and reputation. Surcharging involves understanding federal laws, state-specific restrictions, and international regulations. Credit card surcharging can help offset these expenses, but it can be tricky.
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BIS: Stablecoins Offer Promise, but Need Consistent Regulation
Fintech News
APRIL 10, 2024
These efforts cover a comprehensive range of regulatory concerns, including but not limited to licensing requirements, reserve asset management, redemption rights, capital adequacy, consumer protection, and compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) guidelines.
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Understanding the importance of a Compliance Monitoring Plan: An expert interview
Neopay
SEPTEMBER 2, 2024
As regulatory compliance continues to become more complex, having a robust monitoring plan in place is more important than ever. Margita, why is having a Compliance Monitoring Plan so important for businesses today? Can a Compliance Monitoring Plan be used for more than just adhering to FCA regulations? Absolutely.
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Enforcing AML/KYC Compliance When Legal Precedent Does Not Apply
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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Quantifind, Oracle Team To Offer AI Automation For AML Compliance
PYMNTS
SEPTEMBER 23, 2019
Financial crimes risk management software company Quantifind and Oracle Financial Services have teamed up to improve anti-money laundering (AML) compliance and to add intelligence and automation properties directly into the compliance workflows, according to a release.
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Equifax Canada Named First Partner to Use Minerva’s New AML Channel Programme
The Fintech Times
JANUARY 17, 2024
Helping firms achieve this, Minerva , an anti-money laundering (AML) compliance technology provider, has launched a new channel programme to provide better accessibility to its services. The channel programme is ideal for organisations looking to resell, cosell, integrate, or refer Minerva’s AML solution to customers.
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AML Compliance Controls Can Be Costly
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. The Cost of Compliance. However, more than half (51 percent) characterized their AML risk assessment, specifically, as “very” or “completely” effective.
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Navigating the evolving landscape of cross-border payments
The Payments Association
OCTOBER 24, 2024
Cross-border payments are transforming rapidly with evolving regulations and technological advancements. provides a robust solution to companies that balance compliance, security, and operational efficiency. As businesses navigate the complexities of global trade, DigiDoe Ltd. Connect on Linkedin here
Keytom: How Crypto Companies Can Enhance Security and Navigate the Compliance Maze?
The Fintech Times
MAY 30, 2024
As regulatory and law enforcement agencies across the globe are doggedly seeking to assert jurisdiction over the crypto industry, many companies have come under intense scrutiny in recent years due to many cases of compliance violations. To address this issue, the cryptocurrency industry must enhance its compliance frameworks.
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Regulated Firms Neglecting Critical Business Verification Checks, Finds SmartSearch
The Fintech Times
MARCH 20, 2024
The latest survey from digital compliance specialists SmartSearch has revealed that firms do not always complete verification checks when taking on new business clients. Given the clear requirements of regulators, advancements in technology can help streamline this process considerably and help firms complete such checks.
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Shaping the future of payments: Insights from the industry
The Payments Association
DECEMBER 2, 2024
The future of payments is evolving at an unprecedented pace, driven by innovation, regulation, and shifting consumer behaviours and, most importantly, payments professionals. We’re seeing a lot of companies realise the impact of not just what regulators are saying, but also their operational obligations.
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8 Risks Open Banking Poses to Financial Crime Compliance
FICO
AUGUST 12, 2021
Financial Institutions’ compliance officers and teams should be concerned that Open Banking may render their existing AML/CTF and KYC compliance programs inadequate. In some markets, like the EU, Open Banking is mandated and regulated. AML compliance has not traditionally focused on monitoring this type of network.
AMLYZE: Is the Global Anti-Money Laundering (AML) System Broken?
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.
ADVANCE.AI Expands ‘Know Your Business’ Service in Singapore and Malaysia
Fintech News
AUGUST 1, 2024
This service aims to streamline business due diligence and compliance for financial institutions and SMEs, addressing counter-party risk, credit exposure, and compliance with anti-money laundering (AML) regulations. JewelPaymentech, acquired by ADVANCE.AI
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Fenergo: Financial Firms Hit With 57% More Financial Fines in 2023 for Compliance Shortcomings
The Fintech Times
JANUARY 13, 2024
Penalties for financial firms which failed to adequately comply with regulations surged by 57 per cent in 2023; according to Fenergo , the digital solution provider for Know Your Customer (KYC) and Client Lifecycle Management (CLM).
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