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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Compliance AML Money Laundering Regulatory Compliance 106

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.

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

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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Compliance Regulatory Compliance Money Laundering Assessments 59

PYMNTS

SEPTEMBER 24, 2020

Reducing fees for remittances might push price points low enough that more consumers could resume sending money home, though, and some researchers believe that money transfer service providers could make such price adjustments if they are able to reduce their own expenses through more robust and cost-effective regulatory compliance measures. .

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Regulatory Compliance Compliance Correspondent Bank Correspondent 89

The Fintech Times

JULY 31, 2024

. “Issues such as data privacy, cross-border transactions, and adherence to stringent anti-money laundering (AML) protocols require constant vigilance and adaptation. Collaborative efforts between industry leaders and regulators are essential to streamline compliance processes without stifling innovation.”

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Compliance AML Regulations Due Diligence 64

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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AML Financial Crimes Crime Risk Assessment 52

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.

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AML Money Laundering SARS Suspicious Activity Report (SAR) 52

The Paypers

SEPTEMBER 8, 2023

Full-cycle verification platform Sumsub has announced a partnership with Canada-based regulatory compliance outsourcing company AML Incubator to simplify identity verification.

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AML Regulatory Compliance Verification Compliance 41

The Fintech Times

APRIL 8, 2024

While BaaS solutions offer a lot of potential, many have concerns regarding the regulatory compliance of providers and the third parties that use them. To find out more about the regulatory hurdles the BaaS space possesses, we reached out to industry leaders and asked them which regulatory challenges fintechs should be most aware of.

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FinTech Regulatory Compliance BSA Money Laundering 116

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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AML Compliance Money Laundering Financial Crimes 49

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.

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Risk Management Risk Regulatory Compliance Payment APIs and Integration 88

The Paypers

NOVEMBER 23, 2020

RIDDLE&CODE , a European blockchain interface company, has engaged regtech provider Coinfirm to leverage its AML compliance solution for digital asset management.

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AML Regulatory Compliance Compliance Blockchain 28

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. AML experts are concerned about this model because TPPs can limit an FI’s visibility into how funds flow in and out of its systems and through the ecosystem.

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Financial Crimes Compliance Crime Risk 52

PYMNTS

FEBRUARY 22, 2019

Office of the Comptroller of the Currency (OCC), over deficiencies that the OCC identified in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The office recently examined the branches for BSA/AML and Office of Foreign Assets Control (OFAC) sanctions compliance. On Wednesday (Feb.

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OCC AML Office of the Comptroller of the Currency Compliance 43

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.

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Financial Crimes AML Crime Money Laundering 61

FICO

OCTOBER 25, 2021

In the global fight against money laundering, every bank shares the same top-line challenge and bottom-line reality; anti-money laundering (AML) operations are essential in combatting financial crime—and a costly compliance commitment. For context, here are some refresher facts on the scope of the global AML challenge.

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AML Suspicious Activity Report (SAR) Money Laundering SARS 52

Neopay

JUNE 27, 2024

To ensure compliance, firms must thoroughly familiarise themselves with the regulations applicable to their business models. Your senior team will all need to have understand the obligations on the firm and be able to prioritise regulatory compliance and its impact across the business.

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Financial Crimes Money Laundering Compliance Crime 52

Neopay

DECEMBER 6, 2023

Skilled person reviews are an integral component of the FCA’s regulatory toolkit, initiated to obtain an independent and expert assessment of a firm’s activities. These reviews play a crucial role in identifying potential risks, ensuring regulatory compliance, and safeguarding the integrity of financial markets.

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Audit Regulatory Compliance Financial Crimes Compliance 59

Fintech News

JUNE 11, 2024

Hawk’s explainable AI enables financial institutions to enhance their financial crime detection and prevention capabilities while maintaining regulatory compliance for AML/CFT. Founded in 2018 by finance industry veterans, Hawk has reported rapid global growth and now is said to monitor billions of transactions worldwide.

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Financial Crimes Crime Regulatory Compliance Fraud Prevention 106

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.

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Seon

JUNE 20, 2024

As industry players brace for implementing these regulations, the focus remains on balancing regulatory compliance with operational efficiency. With this maturation comes new challenges, particularly in regulatory compliance and licensing across various markets. Sign up here. Sources: 1. Gartner: What is a Superapp?

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Fraud Prevention Regulatory Compliance AML Instant Payments 52

Fintech Finance

AUGUST 2, 2024

ComplyTek introduces an advanced transaction screening solution for instant payments , designed to ensure compliance and mitigate fraud within the critical 10-second processing window. AML Screening : Sanctions and watchlist screening, transaction pattern analysis for detecting money laundering activities. Faisal I. ,

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Instant Payments Transactions Payment APIs and Integration Compliance 94

FICO

FEBRUARY 15, 2021

Eurobank , one of the four Greek systemic banks, now performs real-time AML (anti-money laundering) and KYC (Know Your Customer) checks, with automation across digital and remote channels resulting in substantial efficiency improvements. . New Regulatory Requirements. All Digital Transactions Monitored For High-risk Behaviour.

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Money Laundering Regulatory Compliance Correspondent Bank AML 52

PYMNTS

JUNE 26, 2019

Oracle Financial Solutions announced the launch of its AML Express Edition for small and medium-sized financial institutions, connecting these banks with a streamlined platform for money laundering and terrorist funding detection, investigation and reporting solutions. KYC technology can be a problem for even the largest banks.

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AML Money Laundering Regulatory Compliance Financial Crimes 46

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.”

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Money Laundering AML Economy SWIFT 64

Seon

JULY 10, 2024

It ensures smooth processing and compliance for legitimate payments, primarily verifying transaction details, validating customer credentials, screening against sanctions and watchlists, and ensuring compliance with regulations. For regulatory compliance, they meet AML requirements by monitoring transactions above certain thresholds.

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Transactions Fraud Prevention Regulatory Compliance Payments 52

PYMNTS

MAY 8, 2018

DMG Blockchain Solutions announced a new tool for crypto exchanges and enterprise payment platforms that facilitate cryptocurrency transactions aimed at enabling anti-money laundering (AML) and anti-fraud capabilities for users. Regulatory compliance for crypto exchanges is an emerging focus for industry players.

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AML Blockchain Money Laundering Regulatory Compliance 40

PYMNTS

SEPTEMBER 10, 2019

Netki announced that it has upgraded its digital identity service so that cryptocurrency firms can meet AML recommendations by the Financial Action Task Force (FATF) for fighting money laundering. That’s all we can say on the matter at the moment, but we wish Angelina all the best,” a company spokesperson said, according to Yahoo Finance.

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AML Compliance Law Enforcement Money Laundering 40

Seon

SEPTEMBER 20, 2023

KYC onboarding is crucial: It is required by AML-obligated and/or fraud prevention-focused industries. By ensuring identity verification compliance, KYC onboarding increases an organization’s likelihood that it won’t waste its time dealing with illegitimate individuals. What Is the Relationship Between KYC Onboarding and AML?

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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.

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AML Compliance AI Money Laundering 40

The Payments Association

OCTOBER 4, 2024

Cross-border payments also face heightened scrutiny regarding anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. Regulatory compliance The industry operates under stringent regulatory frameworks that vary across regions.

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Cross-Border Payments Online and Mobile Banking Cross-Border Alternative Payment Methods 88

Payments Source

AUGUST 30, 2017

A data-driven approach to money laundering prevention can help increase profits and improve regulatory compliance, writes Edmund Tribue, risk and regulatory practice leader at NTT Data Services.

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Money Laundering AML Regulatory Compliance Compliance 60

Fintech Finance

APRIL 21, 2024

Since then, the breadth and depth of Trulioo capabilities and industry expertise has enabled Nium to work across highly regulated markets and achieve Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance on both sides of transactions, even for thin-file consumers. As we assessed our U.K.

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Cross-Border Payments Cross-Border Verification Payment APIs and Integration 52

FICO

JULY 31, 2019

Fraud management and AML compliance are both about tackling financial crime, but often they are managed by different teams, each with their own processes and technology. On the surface there are clearly reasons why the fraud and AML compliance departments should work together. by Sarah Rutherford.

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AML Financial Crimes Crime Compliance 40

The Fintech Times

OCTOBER 5, 2024

Commenting, Andrew Doyle , CEO at NorthRow , the AML compliance management software provider, said: “The £28.9million fine imposed on Starling Bank is a significant financial penalty, but it’s clear that the issue goes beyond the monetary punishment. “Effective compliance isn’t just about ticking boxes.

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Financial Crimes Crime Compliance Money Laundering 52

FICO

FEBRUARY 7, 2018

Meeting the separate AML compliance requirements of multiple countries can be a nightmare, not only because of differences in rules but differences in data sources. To meet this challenge, global fintech 4finance, based in the Baltics, turned to FICO, and their results earned them a FICO Decisions Award for regulatory compliance.

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AML Rules Money Laundering Compliance 49

FICO

JULY 21, 2020

As my colleague TJ Horan says in his post , the worlds of fraud and compliance are moving closer together. The objectives of the fraud department are different from those of the compliance team and traditionally they have come at the thorny issue of accurately identifying and understanding their customers from different angles.

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Compliance Money Laundering Regulatory Compliance Due Diligence 52