PYMNTS

DECEMBER 10, 2020

Cryptocurrency is one of the fastest-moving industries in the digital world, with a market that was valued at $1.03 Bitcoin is one of the most famous names in the cryptocurrency space, accounting for $6 billion in daily transactions among 153 million registered user addresses. Cryptocurrency-related crimes totaled $4.3

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AML Cryptocurrency Money Laundering Compliance 88

PYMNTS

DECEMBER 9, 2020

There are currently more than 5,500 different cryptocurrencies in circulation, but the biggest name in the business — and often a metonym for the industry itself — is bitcoin. The first stage of money laundering prevention begins at the point of entry, when new customers sign up for accounts with BitGo. The year 2020 saw 18.42

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Money Laundering Cryptocurrency AML Bitcoin 66

Fintech News

MARCH 24, 2025

Cryptocurrency fraud is declining in Asia-Pacific (APAC), driven by advanced technology adoption and stricter regulatory oversight. According to a new report by Sumsub, crypto fraud rates declined by a remarkable 23% between 2023 and 2024, positioning APAC as a leader in combating crypto fraud. in 2023 to 2% in 2024.

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APACS Verification Fraud Detection Money Laundering 85

Stax

JANUARY 23, 2025

Ensure regulatory compliance by adhering to anti-money laundering (AML) laws and Know Your Customer (KYC) requirements. Anti-Money Laundering (AML): AML checks prevent the use of payment systems for illegal activities, such as money laundering or financing terrorism.

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Underwriting PCI DSS Money Laundering Processors 68

Fintech News

DECEMBER 9, 2024

Rather than shying away from the complexities of the digital asset revolution, the city-state is actively embracing the potential of tokenisation and cryptocurrencies. The global nature of cryptocurrencies presents regulatory hurdles, particularly in areas like anti-money laundering (AML) and combating the financing of terrorism (CFT).

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Cryptocurrency Cross-Border Consumer Protection Facilitators 113

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. By James Roberts , Digital Marketing Manager at FullCircl.

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AML Verification Research Consumer 98

Payments Source

JULY 4, 2018

Both South Korea and Japan, for example, are crypto-friendly countries, but they’re also cracking down on anonymous cryptos, citing money laundering risk, according to Bob Rutherford, CEO and founder of Hedge.

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Money Laundering Cryptocurrency Government Governance 72

PYMNTS

OCTOBER 21, 2018

The Financial Action Task Force (FATF) announced that it will get one step closer to creating international standards for cryptocurrency when it launches its first set of rules in June of 2019. The move aims to stop the use of crypto for money laundering, terrorism financing or other crimes. Last year, the U.K.

AML 79

AML Money Laundering Bitcoin Regulations 79

PYMNTS

NOVEMBER 11, 2019

Governments are tightening know your customer (KYC) and anti-money laundering (AML) requirements on various industries out of increasing concern over fraud threats. Around The AML/KYC World. Other companies are turning to management and workflow automation tools to improve their KYC and AML efforts.

Money Laundering 64

Money Laundering AML Online and Mobile Banking Deepfake 64

PYMNTS

SEPTEMBER 10, 2019

The Paris-based Financial Action Task Force (FATF), an organization which acts as the standard-setter for anti-money laundering (AML) standards around the globe, said it is closely watching the development of Facebook ’s planned cryptocurrency, Libra , according to a report by Reuters. A senior U.S.

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Money Laundering Finance Law Enforcement AML 59

Neopay

JULY 18, 2024

Money laundering is a pervasive issue, affecting economies and societies worldwide. This clandestine nature makes it challenging to quantify the exact amount laundered annually. Cryptocurrency: Chainalysis reported that $23.8 billion in cryptocurrency was laundered in 2022, representing a 68% increase over 2021.

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Money Laundering AML Crime Cryptocurrency 52

Clearly Payments

MARCH 11, 2024

In recent years, the rise of cryptocurrency has redefined traditional notions of currency and payment systems worldwide. Cryptocurrency, such as Bitcoin, Ethereum, and others, operates on decentralized blockchain networks, enabling secure, peer-to-peer transactions without the need for intermediaries like banks or financial institutions.

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Cryptocurrency Consumer Protection Financial Inclusion Payments 104

PYMNTS

JANUARY 18, 2018

Treasury’s financial crime unit is picking up enforcement of cryptocurrency platforms that don’t have strong internal mechanisms in place to prevent money laundering, according to a report in Reuters. The cryptocurrency platforms in the U.S. isn’t the only country looking to crack down on the cryptocurrency market.

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Money Laundering Treasury Cryptocurrency Financial Crimes 47

PYMNTS

DECEMBER 11, 2020

Money laundering and terrorist financing also go on the list these days, perhaps like never before. PYMNTS December 2020 AML/KYC Tracker® done in collaboration with Trulioo probes the heightened fraud climate accompanying the mobile-digital shift, zeroing in on key aspects of prevailing in the digital fraud wars.

Money Laundering 87

Money Laundering AML Cryptocurrency Verification 87

The Payments Association

MARCH 19, 2025

Notably, the rise of cryptocurrencies, stablecoins, and Central Bank Digital Currencies (CBDCs) are transforming the digital payments landscape. These innovations offer businesses and consumers a way to move money faster, cheaper, and more securely.

Cross-Border 88

Cross-Border Reconciliation Compliance Payments 88

PYMNTS

MARCH 25, 2019

Consider the fact that, as noted in the most recent AML/KYC Tracker produced as a collaboration between PYMNTS and Trulioo , money laundering is estimated by the United Nations Office on Drugs and Crime to be an $800 million to $2 trillion-per-year problem, equivalent to 2 percent to 5 percent of the global GDP.

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AML Financial Crimes Money Laundering Crime 78

Finextra

MAY 9, 2024

Cryptocurrency exchange Binance has been fined C$6 million by Canadian authorities for violating money laundering and terrorist financing laws.

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Money Laundering AML Laws Cryptocurrency 72

FICO

AUGUST 4, 2021

It is well known that dealing in art can be a vehicle for money laundering and terrorist finance. And yet they are exchanging hands for huge sums, making them a great vehicle for money launderers. So, how do criminals go about using NFTs to launder money? A single grey pixel sold for ~$1.4 by Erik Stretz.

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NFTs Money Laundering AML Fincen 66

Payments Source

SEPTEMBER 11, 2019

The “highest international anti-money laundering standards” would also need to be applied, it said in a statement on Wednesday. Swiss financial regulator Finma said Libra would need a payment system license and would be subject to additional rules to take “bank-like” risks into account.

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Money Laundering Rules Regulations Risk 70

PYMNTS

SEPTEMBER 29, 2020

Blanco , director of the Financial Crimes Enforcement Network ( FinCEN ), said banks need to be wary of risks with cryptocurrency, according to remarks planned to be given at the ACAMS AML (anti-money laundering) virtual conference on Tuesday (Sept.

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Fincen AML Money Laundering Scams 103

Fintech Finance

DECEMBER 13, 2024

Helios , a leading global workforce management and payments platform, announces the launch of its cryptocurrency payroll funding solution in January 2025. The capability also prioritizes robust security and compliance, adhering to strict Know Your Customer (KYC) verification and Anti-Money Laundering (AML) standards through trusted partners.

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Payroll Process Cryptocurrency Money Laundering 98

PYMNTS

JANUARY 28, 2020

The European Union’s Fifth Anti-Money Laundering Directive ( 5AMLD ) went into force on Jan. 10, with new regulations for cryptocurrencies, wallets and exchanges. It’s all detailed in the PYMNTS January 2020 AML/KYC Tracker ®, a collaboration with verification solutions firm Trulioo.

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AML Compliance Money Laundering Due Diligence 60

FICO

FEBRUARY 27, 2019

Recent Asian money laundering scandals continue to shake up the financial world, and the ripple effect is still keenly felt across the region. Asian Money Laundering Scandals: How To Stop Them. Respondents had a difference of opinion on the most effective way to increase money laundering compliance.

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Money Laundering Breach AML APACS 45

Finovate

NOVEMBER 6, 2024

The partnership will enable users of Ingenico’s platform globally to accept payments in cryptocurrency. ” The partnership between Fenergo and Boerse Stuttgart Digital will speed the onboarding of banks, brokers, and asset managers ready to launch their own cryptocurrency and digital asset offerings. .”

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Blockchain Cryptocurrency SWIFT Payments 64

Payments Source

MARCH 9, 2020

The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks.

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Money Laundering Bitcoin Treasury Cryptocurrency 71

Payments Source

MAY 17, 2018

For cryptocurrency entrepreneurs in particular, many of whom are just developing the anti-money laundering programs they are required to have under other FinCEN rules, the CDD rule is worth taking note of, writes Laurel Loomis Rimon, senior counsel at O'Melveny & Myers LLP.

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Fincen Cryptocurrency Regs Money Laundering 71

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. The financial terms of Jumio ’s acquisition of Beam’s AML platform were not disclosed. The Palo Alto-based firm on Tuesday (Sept.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

PYMNTS

NOVEMBER 30, 2020

(CSI) is collaborating with Featurespace to advance a new cybercrime offering to fight money laundering, while the loan payment relief mandated by the federal CARES Act has brought about mixed outcomes. CSI, Featurespace Team up to Fight Money Laundering. Computer Services, Inc.

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AML Money Laundering Non-Bank Liquidity Management 59

PYMNTS

SEPTEMBER 10, 2019

The Geneva-based, Facebook-led Libra cryptocurrency will have to adhere to stringent regulations, Reuters reported on Tuesday (Sept. Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker told Geneva reporters that all cryptocurrency projects operating in the U.S.

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Money Laundering Finance Cryptocurrency Digital Currency 43

The Fintech Times

NOVEMBER 27, 2024

It does not need complex wallet addresses, which in turn, helps prevent hacking , phishing, SIM swaps, money laundering and exchange thefts with end-to-end cryptographic proofs without the need for passwords and logins. Decentralised identities are available for all transactions, usernames and agents within the infrastructure.

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Phishing Scams Money Laundering AI 64

Finextra

MARCH 26, 2024

The United States has charged cryptocurrency exchange KuCoin and two of its founders with flouting money laundering laws.

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Money Laundering AML Laws Cryptocurrency 64

PYMNTS

OCTOBER 13, 2020

And, while terrorist use of cryptocurrency is still evolving, certain terrorist groups have solicited cryptocurrency donations running into the millions of dollars via online social media campaigns.”. billion of cryptocurrency reportedly was lost to theft or fraud – double that of the previous year.

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AML Fincen Cryptocurrency BSA 82

PYMNTS

FEBRUARY 28, 2020

To get a sense of the new frontiers in cybercrime, and how cryptocurrency helps fraudsters cover their tracks or finance their schemes … look, perhaps, to Latin America. Regulations, said the report, are “extremely lax” especially when it comes to Know Your Customer (KYC) and anti-money laundering (AML) efforts.

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Money Laundering Crime AML Cryptocurrency 86

PYMNTS

OCTOBER 14, 2020

The head of the country’s only licensed and publicly traded cryptocurrency broker says tighter regulation and exponentially higher yields are causing corporate treasury and cash management accounts to seriously consider this alternative asset class. This in the wake of the OCC’s Sept.

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Treasury Cryptocurrency Stablecoins Fincen 129

Fintech News

OCTOBER 15, 2024

HashKey Global, a licensed digital asset exchange, has teamed up with Sumsub , a global verification platform, to improve its Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. The partnership aims to reduce onboarding times and enhance compliance with evolving cryptocurrency regulations.

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Verification Fraud Detection Money Laundering Compliance 109

Fintech News

DECEMBER 13, 2023

In recent years, the world has witnessed a rapid rise in the popularity and adoption of cryptocurrencies. The crypto industry faces increasing scrutiny, as demonstrated by the numerous fines imposed on crypto firms for failing to implement adequate anti-money laundering (AML) and transaction monitoring provisions.

Financial Crimes 116

Financial Crimes Money Laundering Crime Risk 116

PYMNTS

DECEMBER 29, 2020

Whether it’s simple online purchases or banking, or more complex areas like cryptocurrency or money laundering, Trevor Wingert , a senior know your customer (KYC) and anti-fraud solutions consultant for GeoGuard , told PYMNTS that rapidly changing use cases and technology highlight gaps in the current security approaches being used.

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AML Money Laundering Compliance Law Enforcement 108