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.

Cross-Border Payments 88

Cross-Border Payments Cross-Border Regulatory Compliance Fraud Detection 88

PYMNTS

FEBRUARY 13, 2019

” Indeed, researchers have found evidence that companies are struggling to manage the growing weight of KYC, anti-money laundering (AML) and other financial regulatory compliance demands. trillion across the globe, with billions of dollars in fines issued by regulators against banks and corporations. ” .”

Money Laundering 64

Money Laundering AML Economy SWIFT 64

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.

AML 52

AML Compliance Money Laundering OFAC 52

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. With our expertise in regulatory compliance and risk management, we offer tailored solutions to address the specific challenges faced by financial institutions.

AML 52

AML Financial Crimes Crime Risk Assessment 52

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.

AML 49

AML Compliance Money Laundering Financial Crimes 49

PYMNTS

APRIL 29, 2020

The volatility of cryptocurrencies and their existence in what’s often a grey area of regulatory compliance make businesses operating in this sector an unattractive target for traditional financial institutions. As Karalevi?ius

Cryptocurrency 113

Cryptocurrency Cross-Border Compliance AML 113

PYMNTS

SEPTEMBER 12, 2019

Facebook’s Libra project has renewed focus on how cryptocurrencies are regulated, with current rules on the sector patchy and varying from country to country. The Cost of Compliance. The projected 2020 cost of AML compliance across all U.S. The drivers of AML initiatives in the U.S. financial services firms is $26.4

Procedures 46

Procedures Cryptocurrency Regulations AML 46

PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. billion — 91 percent — of those penalties, while European regulators demanded $1.7 million. .

Suspicious Activity Report (SAR) 75

Suspicious Activity Report (SAR) FinTech Money Laundering AML 75

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.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

PYMNTS

MARCH 18, 2019

As such, the regulators and FIs seeking to crack down on these activities have their work cut out for them. . Worldwide, banks paid out approximately $321 billion between 2009 and 2016, for example, because they failed to comply with money laundering, terrorist financing and other regulations. . Rethinking Security Strategies .

Money Laundering 72

Money Laundering Automation AML Compliance 72

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.

AML 52

AML Suspicious Activity Report (SAR) Money Laundering SARS 52

PYMNTS

JANUARY 6, 2019

And while crypto companies are working to strengthen their anti-money laundering (AML) protections, a Cointelegraph report shows that many of the world’s biggest banks still have a lot of work to do. Financial Industry Regulatory Authority (FINRA) doled out a $10 million fine to Morgan Stanley for failing to comply with AML legislation.

Stablecoins 64

Stablecoins Blockchain Finance AML 64

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.

AML 49

AML Rules Money Laundering Compliance 49

FICO

MARCH 6, 2020

By combining advanced AML analytics in scoring processes and robotics in alert and case handling you tremendously improve efficiency and effectiveness in compliance. Our Anti-Financial Crime solutions suite consistently follows the risk-based approach according to FATF and supports the compliance process with integrated modules.

Financial Crimes 81

Financial Crimes Crime Compliance Technology 81

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.

AML 46

AML Money Laundering Regulatory Compliance Financial Crimes 46

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.

AML 40

AML Blockchain Money Laundering Regulatory Compliance 40

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.

Financial Crimes 52

Financial Crimes AML Crime Automation 52

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

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.

Money Laundering 52

Money Laundering Regulatory Compliance Correspondent Bank AML 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.

OCC 43

OCC AML Office of the Comptroller of the Currency Compliance 43

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.

Financial Crimes 52

Financial Crimes Compliance Crime Risk 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

The Fintech Times

JULY 31, 2024

Bringing a close to our monthly ‘fintech for good’ theme and our focus on impact platforms, we finally take a look at regulatory hurdles faced by the fintechs looking to make a positive difference. “Platforms must comply with AML and know-your-customer regulations to prevent illicit activities.

Compliance 64

Compliance AML Regulations Due Diligence 64

Fintech Finance

AUGUST 2, 2024

Advanced Features and Capabilities Key features include support for SWIFT, SEPA, and ISO20022 payment formats, device fingerprinting, biometric authentication, real-time monitoring, and AML screening. AML Screening : Sanctions and watchlist screening, transaction pattern analysis for detecting money laundering activities.

Instant Payments 94

Instant Payments Transactions Payment APIs and Integration Compliance 94

Seon

JUNE 20, 2024

APP Fraud and the Upcoming UK Regulation The looming October 2024 regulation in the UK, which shifts the responsibility for preventing APP fraud onto payment companies and financial institutions, was a hot topic. With this maturation comes new challenges, particularly in regulatory compliance and licensing across various markets.

Fraud Prevention 52

Fraud Prevention Regulatory Compliance AML Instant Payments 52

The Payments Association

OCTOBER 4, 2024

However, international transactions come with their own set of challenges, including fluctuating exchange rates, varying regulations, and complex settlement processes. Cross-border payments also face heightened scrutiny regarding anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.

Cross-Border Payments 88

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

PYMNTS

MAY 29, 2019

Reports in Reuters on Tuesday (May 28) said UBS expects its regulatory costs to remain high in the years ahead after a decade of more stringent regulations leading to heavier, more costly burdens on banks. “That has tied up enormous resources.” “Why is this so significant? .”

Regulations 43

Regulations Finance Correspondent Bank Correspondent 43

FICO

JANUARY 13, 2020

Congress takes the lead in promoting AML/CFT reform. The laws and rules governing anti-money laundering and combating the financing of terrorism compliance have not been substantively updated since the Bank Secrecy Act was adopted in 1970. Call me an optimist, but I think the FCC finally issues a ruling in the first half of this year.

AML 52

AML Authentication Finance OCC 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.

Audit 59

Audit Regulatory Compliance Financial Crimes Compliance 59

CB Insights

OCTOBER 29, 2020

Currently, complex processes are needed to ensure regulatory compliance and enable secure, trustworthy trades. Financial regulators have also signaled that they would accommodate a larger role for DLT, potentially paving the way for broader adoption. Examples include Solidus Labs and Billon.

Real Time Gross Settlement (RTGS) 101

Real Time Gross Settlement (RTGS) Blockchain Distributed Ledger Technology (DLT) Money Laundering 101

The Fintech Times

DECEMBER 28, 2023

Today our leaders address escalating challenges related to fraud and the need for businesses to take proactive measures to address these issues and maintain customer trust and regulatory compliance. In this pursuit, businesses like SEON can help companies to bolster their defences against sophisticated fraud schemes.

Fraud Prevention 81

Fraud Prevention Scams Fraud Detection Regulatory Compliance 81

The Fintech Times

OCTOBER 24, 2024

Compliance with sanction screening, anti-money laundering ( AML ) and fraud detection requirements, including Verification of Payee checks, was identified as the top concern. Most banks are prioritising investments in risk and compliance to prepare for these upcoming changes.

Instant Payments 59

Instant Payments ISO 20022 Fraud Detection ISOs 59

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.

AML 40

AML Compliance AI Money Laundering 40

Neopay

JUNE 27, 2024

That in its the drive to change its reputation to a tougher regulator, it may have not have been properly considering the potential negative impact on some consumer groups and market sectors. To ensure compliance, firms must thoroughly familiarise themselves with the regulations applicable to their business models.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

PYMNTS

FEBRUARY 25, 2020

After some time, I understood the challenges are greater than I thought,” Amit recalled, highlighting regulatory compliance as a particularly lofty, and unexpected, burden of facilitating cross-border B2B payments. A Challenging Remedy for Obvious Pain Points.

Regulatory Compliance 73

Regulatory Compliance Cross-Border B2B Compliance 73

The Fintech Times

OCTOBER 5, 2024

In early October, the FCA , the UK regulator, announced that it had fined UK challenger bank , Starling Bank , £28,959,426 for financial crime failings related to its financial sanctions screening. This is a testament to the regulator’s improvement in enforcement investigations.

Financial Crimes 83

Financial Crimes Crime Compliance Money Laundering 83

The Fintech Times

NOVEMBER 7, 2024

As financial institutions increasingly seek regulatory-compliant solutions to enter the digital asset market, the partnership accelerates the onboarding of banks, brokers and asset managers to launch their own crypto offerings. Together with Fenergo, we continue to drive the adoption of crypto across Europe.”

Compliance 59

Compliance Process Money Laundering Regulatory Compliance 59