PYMNTS

AUGUST 3, 2020

The paper cited documents and “Italian legal sources” in its story about the organized crime syndicate ’Ndrangheta and CenturionBet, an online gaming company based in Malta. ” The FT added: “Since then, more than 30 people have been sentenced for mafia-related crimes linked to the case.”

Money Laundering 144

Money Laundering Crime Legal Authorization 144

Fintech News

MARCH 31, 2024

The Monetary Authority of Singapore (MAS) has officially rolled out the COSMIC platform , a digital initiative aimed at bolstering the defense against money laundering, terrorism financing, and the proliferation of weapons of mass destruction.

Financial Crimes 105

Financial Crimes Crime Money Laundering Law Enforcement 105

Neopay

NOVEMBER 13, 2024

The Financial Conduct Authority (FCA) recently levied a substantial £16,675,200 fine against Metro Bank PLC (Metro) for significant shortcomings in its financial crime prevention systems and controls. This lapse created a potential risk for undetected money laundering activities.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

The Payments Association

NOVEMBER 12, 2024

Whether financial institutions should build or buy financial crime management systems. As Financial crime grows increasingly complex, payment leaders face a critical choice: build an in-house financial crime management (FCM) solution or buy an established third-party system. Why is it important? What’s next?

Financial Crimes 88

Financial Crimes Crime Fraud Prevention Compliance 88

The Fintech Times

APRIL 3, 2024

The Monetary Authority of Singapore (MAS) has introduced COSMIC, a digital platform aimed at bolstering the global financial system’s defences against money laundering (ML), terrorism financing (TF), and proliferation financing (PF).

Financial Crimes 58

Financial Crimes Crime Money Laundering Law Enforcement 58

Neopay

JULY 26, 2024

CB Payments Limited (CBPL), a subsidiary of the globally recognised cryptoasset trading platform Coinbase, has been fined £3,503,546 by the Financial Conduct Authority (FCA) for significant breaches of a voluntary requirement (VREQ) imposed on the company. This increased the risk that criminals could use CBPL to launder the proceeds of crime.

Financial Crimes 52

Financial Crimes Crime Breach Money Laundering 52

Neopay

APRIL 25, 2024

The FCA are consulting on proposed changes to its Financial Crime Guide. Why the FCA are consulting The FCA are proposing updates to the Financial Crime Guide in relation to sanctions, proliferation financing and transaction monitoring. Next steps Send us your comments on the CP questions by 27 June 2024.

Financial Crimes 52

Financial Crimes Crime Consulting Money Laundering 52

Fintech News

FEBRUARY 21, 2024

The report by Chainalysis provides a deep dive into these changes, highlighting the decline in certain types of crypto crimes and the persistence, if not growth, of others, such as ransomware and darknet markets. These tools have enabled law enforcement agencies to trace the flow of funds, unmasking the networks behind criminal operations.

Crime 106

Crime Ransomware Scams Stablecoins 106

Neopay

MAY 7, 2024

The Financial Conduct Authority (FCA) is proposing significant updates to its Financial Crime Guide. The FCA aims to assist firms in understanding regulatory expectations while empowering them to assess the adequacy of their financial crime systems and controls. However, the proposed changes don’t stop there.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

PYMNTS

OCTOBER 7, 2020

All eCommerce sites and payment providers have one thing in common no matter their size: the constant and pervasive threat of money launderers using their businesses to process ill-gotten gains, conceal the funds’ sources and convert them into clean, taxable income that government authorities cannot track.

Money Laundering 68

Money Laundering Law Enforcement AML Payments 68

Fintech News

OCTOBER 14, 2024

The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) have issued a joint warning about a sharp increase in government impersonation scams. Victims are then accused of crimes like money laundering and pressured to transfer funds to so-called “safety accounts” for investigation purposes.

Scams 113

Scams Money Laundering Authorization Blocks 113

Neopay

NOVEMBER 27, 2023

The European Banking Authority (EBA) has launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes. The consultation runs until 26 February 2024.

Money Laundering 52

Money Laundering Consulting Finance Travel Rule 52

PYMNTS

MARCH 12, 2019

As has been reported, the company has faced concerns over suspected money laundering, as noted in the Financial Times and elsewhere, and has been scrutinized by regulators including the Financial Conduct Authority (FCA) and in Lithuania (Revolut has a banking license in that country). In the U.K.,

Money Laundering 59

Money Laundering Regulations Financial Crimes Authorization 59

FICO

JUNE 9, 2022

FICO’s New AML Scores Use AI and Machine Learning to Detect More Money Laundering. New AML scores reduce false positive alerts by 50% while detecting 100% of known money laundering transactions, and discover new aberrant, potentially risky behaviors. asokolowski@speednet.pl. Fri, 06/03/2022 - 12:24. by Scott Zoldi.

Money Laundering 52

Money Laundering AML SARS AI 52

PYMNTS

MARCH 14, 2019

Denmark’s financial watchdog has instructed a Danish branch of Swedish bank SEB to obtain additional information on customers deemed to be a high money-laundering risk. In addition, the FSA has instructed the branch to confirm that it is in compliance with anti-money laundering legislation.

Money Laundering 53

Money Laundering Regs Crime Risk 53

PYMNTS

SEPTEMBER 14, 2018

In the latest salvo of cross-border probes over money laundering, The Wall Street Journal reported Friday (Sept. law enforcement agencies are examining Danske Bank over what has been termed “massive money laundering flows” from Russia and several former Soviet states. 14) that U.S.

Money Laundering 66

Money Laundering Wire Transfer Law Enforcement Treasury 66

PYMNTS

NOVEMBER 25, 2018

Money laundering took on a new meaning this past week after Dutch police arrested a man who had hidden $400,000 in cash inside the drum of a washing machine. According to a report in CNN , Dutch police were conducting a raid for unregistered residents in western Amsterdam and found the money in the washing machine.

Money Laundering 55

Money Laundering Non-Bank Crime Treasury 55

PYMNTS

FEBRUARY 8, 2019

That holds true for money launderers as well. Their particular business benefits from such shifts, as the best money launderers seek out new holes in anti-money laundering (AML) defenses, and new ways to escape the notice of law enforcement and regulators. One factor is lack of awareness.

Money Laundering 77

Money Laundering Law Enforcement Credit Cards AML 77

PYMNTS

DECEMBER 29, 2020

According to Anadolu Agency , Turkey's state-run news agency, prosecutors issued the warrant after a joint probe by Turkish financial crime investigators and tax authorities into a reported $132 million money laundering scheme in Turkey, the AP reported. There are also 2.3 Also this month, the U.S.

Authorization 67

Authorization Financial Crimes Money Laundering Email Compromise 67

Fintech News

JUNE 26, 2024

Lawrence Wong Prime Minister and Finance Minister Lawrence Wong announced the strategy at the Financial Action Task Force Plenary Meeting, underscoring Singapore’s commitment to bolstering its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) efforts.

AML 106

AML Money Laundering Financial Crimes Scams 106

Fintech News

MAY 7, 2024

Deputy Prime Minister and Minister for Finance, Lawrence Wong, discussed the potential expansion of the Monetary Authority of Singapore’s (MAS) anti-money laundering platform, COSMIC, to non-banking sectors in a recent response to a parliamentary question.

AML 104

AML Money Laundering Financial Crimes Non-Bank 104

PYMNTS

OCTOBER 9, 2018

Department of Justice (DOJ) over alleged money laundering. “We We are doing preliminary breach of union law inquiries on … the Danske Bank case in Denmark,” said European Banking Authority (EBA) Chair Andrea Enria told the European Parliament, according to Reuters. Last month, it was revealed that U.S.

Money Laundering 57

Money Laundering Regulations Law Enforcement Non-Bank 57

PYMNTS

NOVEMBER 28, 2018

Preliminary charges have been filed against Denmark’s biggest lender, Danske Bank, over allegations that it violated the country’s money laundering laws, according to a report by Reuters. The contention is that transactions worth an estimated $225 billion, from 2007 and 2016, may have been used as part of criminal money laundering.

Money Laundering 43

Money Laundering Non-Bank Crime Risk Management 43

The Fintech Times

MAY 30, 2024

However, following a decision by the Federal Financial Supervisory Authority (BaFin), this restriction will be lifted from the month of June. The news follows a period of close exchange between N26 and the regulator to combat financial crime and money laundering. This will continue even after the growth restriction ends.

Money Laundering 58

Money Laundering Financial Crimes Crime On-Demand 58

Neopay

MAY 31, 2024

The Financial Conduct Authority (FCA) significantly increased its anti-money laundering (AML) and counter-terrorist financing (CTF) supervision activity in 2022-23. full-time financial crime specialists, with a significant portion dedicated to supervising crypto-asset businesses. During this period, the FCA employed 52.8

Financial Crimes 52

Financial Crimes AML Money Laundering Crime 52

Fintech News

AUGUST 19, 2024

A transnational money laundering syndicate operating in Hong Kong has been dismantled through a collaborative effort between the Singapore Police Force (SPF) , Hong Kong Police Force (HKPF), and INTERPOL.

Scams 109

Scams Money Laundering Cross-Border Phishing 109

PYMNTS

APRIL 25, 2019

Sweden’s oldest bank is facing investigations in the United States as it has acknowledged it hasn’t done enough to prevent money laundering. Swedbank is already facing a joint investigation conducted by financial watchdogs in Sweden and the Baltics, as well as another probe by Sweden’s economic crimes body.

Money Laundering 43

Money Laundering Procedures AML Authorization 43

PYMNTS

FEBRUARY 27, 2019

27) recommending that the EU create a police unit dedicated to the investigation of tax and financial crimes, as well as a watchdog organization to fight money-laundering, according to a report by Reuters. The report is a response to some high-profile money laundering cases and alleged finance-related crimes in the region.

Authorization 60

Authorization Money Laundering AML Financial Crimes 60

PYMNTS

DECEMBER 10, 2018

Prosecutors in Frankfurt, Germany have targeted a former anti-money laundering official at Deutsche Bank in a probe regarding the suspicion of money laundering, Reuters reported on Monday (Dec. The official was not named in the news, which was reported by Hessischer Rundfunk, a German public broadcaster.

Money Laundering 66

Money Laundering Legal Authorization Transactions 66

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 report noted that roughly 100 platforms have registered with the Financial Crimes Enforcement Network.

Money Laundering 47

Money Laundering Treasury Cryptocurrency Financial Crimes 47

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.

Risk 88

Risk Financial Crimes AML Financial Inclusion 88

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. The Bank and certain of its U.S. billion. .”

AML 79

AML BSA Money Laundering Financial Crimes 79

FICO

FEBRUARY 19, 2020

For many consumers and businesses, the ability to quickly send money directly from their bank account is a win in terms of convenience, but it isn’t without risk, when it comes to fraud and other types of financial crime. How RealTime Payments Impact Financial Crime. Money Laundering and the Rise of the Money Mule.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

FICO

SEPTEMBER 26, 2016

Singapore Tonight, the evening news program of Channel NewsAsia, recently aired a story on money laundering in online gaming. It highlights how criminals, attempting to avoid detection by the authorities, may turn to less-regulated channels such as online games to launder money. or view it here.

Money Laundering 58

Money Laundering Financial Crimes Central Bank Crime 58

PYMNTS

MAY 15, 2019

Bill Browder asked authorities to follow up on a complaint that alleged Swedbank accounts were used to launder money, but the Economic Crime Authority (EBM) said his appeal was rejected. Browder has taken complaints against the bank to multiple agencies, including authorities in Estonia and Latvia.

Money Laundering 46

Money Laundering Authorization Crime Origination 46

FICO

OCTOBER 17, 2019

Despite being early adopters of AI, now is not the time for fraud and financial crime specialists to rest on their laurels — they are involved in an ever-escalating arms race with criminals who also use such technology to launch their attacks on financial institutions. Financial Crime Is Fraud AND Money Laundering.

Money Laundering 40

Money Laundering AI Financial Crimes AML 40

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. Furthermore, financial crime controls have failed to keep pace with the rapid growth of these businesses. These must be addressed.”

AML 52

AML Financial Crimes Crime Risk Assessment 52