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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Finovate

DECEMBER 2, 2024

The acquisition will provide APPC clients with a broader range of tools to fight challenges ranging from anti-money laundering (AML) to counter-terrorism financing (CTF). Belgian regtech Harmoney has acquired compliance specialist APPC, a subsidiary of the Forsides Group.

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PYMNTS

MARCH 15, 2019

Money laundering is a major threat in the United Kingdom , one some watchdogs say is not being taken seriously enough. The National Crime Agency (NCA) estimates that hundreds of billions of pounds are laundered through U.K. under current rules, for big banks to be prosecuted for money laundering.” .

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Payments Dive

APRIL 25, 2022

The Office of the Comptroller of the Currency said the bank — the first crypto firm to receive a national trust bank charter in January 2021 — must overhaul its anti-money laundering program after failing to implement internal controls for customer due diligence and procedures for monitoring suspicious activity.

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Bank Automation

OCTOBER 31, 2024

said US regulators may take action against the firm over its efforts to detect suspected money laundering and sanctions violations, as well as its handling of payments on the Zelle network. may take action over money laundering, Zelle appeared first on Bank Automation News. Bank of America Corp.

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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.

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Neopay

MARCH 15, 2024

HM Treasury has initiated an open consultation aimed at refining the Money Laundering Regulations (MLRs) to bolster their effectiveness while reducing burdens on legitimate customers. System coordination: Strengthening coordination among various systems involved in combating money laundering and terrorist financing.

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Stax

NOVEMBER 27, 2023

That’s a lot of money being exchanged—and also provides a huge amount of possibility for financial crime. Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks. In the U.S., trillion a year.

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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.

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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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Fintech News

OCTOBER 8, 2024

The framework is designed to ensure compliance with international standards, particularly in relation to anti-money laundering (AML) and countering the financing of terrorism (CFT). The consultation paper further details MAS’ approach to AML/CFT compliance, reporting obligations, and technology risk management.

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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.

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Fintech News

JUNE 19, 2024

Sumsub’s platform will enable banks to streamline user onboarding, perform anti-money laundering (AML) screenings, verify business clients, and monitor transactions for fraud with the option to adopt and manage all features through a single platform.

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PYMNTS

JANUARY 28, 2020

The European Union’s Fifth Anti-Money Laundering Directive ( 5AMLD ) went into force on Jan. 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.

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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. The use of scoring to rank-order AML cases.

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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. To read a copy of the FCA’s letter to Annex 1 firms, click here.

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FICO

JANUARY 27, 2017

The 4th Anti-Money-Laundering Directive (4th AMLD) is being enacted in the UK and this has increased regulatory pressure when it comes to tackling money laundering. Known as de-risking, this may seem an intuitive answer to managing the risk of money laundering, but it is not without its own complexities and risks.

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PYMNTS

JUNE 10, 2019

Internal auditors at Deutsche Bank found weaknesses in anti-money laundering processes resulted in checks and high-value electronic payments being processed without undergoing the proper vetting. It’s not clear how many checks got through the weak anti-money laundering processes and how many years it goes back.

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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

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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. As many as 23 million occasions, in fact.

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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.

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The Fintech Times

JANUARY 22, 2024

The European Union’ s (EU) decision to remove the Cayman Islands from its list of high-risk third countries dealing with anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies has sparked praise for its potential to significantly broaden investor choices and fuel innovation.

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PYMNTS

MARCH 5, 2019

estate agent Countrywide has been fined £215,000 (more than $283,000 USD) for failing to comply with the country’s money laundering prevention rules. 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.”

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Fraud.net

NOVEMBER 24, 2023

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

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PYMNTS

JANUARY 30, 2019

With the fifth European Union (EU) Anti-Money Laundering Directive (AMLD 5) coming into force and raising a concern over the fourth AMLD, beneficial ownership is becoming front-and-center for financial firms. Forex companies, in particular, move money as they change it from different currency types.

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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.

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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.

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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.

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FICO

SEPTEMBER 16, 2020

FICO’s Integrated AML Compliance Survey has revealed that while the vast majority of banks in more than 11 countries around the Asia Pacific region believe that AI will strengthen anti-money laundering efforts, many remain unsure how to operationalize the advanced technology. Key drivers of financial crime strategy.

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Seon

APRIL 11, 2024

Financial institutions worldwide are continuously evolving their strategies to combat fraud and money laundering, two threats that undermine the potential of our global financial systems. With the United Nations reporting that three to five percent of the global GDP is laundered annually and fraud costs worldwide reaching $5.13

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The Fintech Times

FEBRUARY 4, 2024

In May 2023, a group of paytech representatives called on legislators to ensure a fair playing field for all fintech providers and their obligations to performing customer due diligence (CDD) as the EU anti-money laundering regulation was discussed.

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PYMNTS

JANUARY 26, 2021

The partnership aims to create a secondary credit market that is transparent and efficient and makes it easy to manage credit and digitally store documents, loan history and due diligence activities, preventing “information asymmetry risks,” the release stated.

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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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PYMNTS

MARCH 21, 2017

According to reports out this morning in The Guardian, some of Britain’s best-known banks have processed around $740 million that came care of a massive money laundering operation. in transactions apparently involving criminal money from Moscow. “If banks processed over $63.7m. It isn’t just individual transactions.

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PYMNTS

JANUARY 30, 2019

The Software-as-a-Service (SaaS) tool also looks to streamline client onboarding and improve the accuracy of customer due diligence. Clarity KYC integrates business identification, screening processes and due diligence, reporting, and customer monitoring into a unified solution, the company explained.

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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.

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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. Bank statements and financial records, demonstrating the business’s financial health.

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