Fintech News

OCTOBER 8, 2024

The Monetary Authority of Singapore (MAS) has released a consultation paper , inviting public feedback on its proposed regulatory framework for Digital Token Service Providers (DTSPs). MAS’ proposed regulatory amendments Once licensed, DTSPs will be subject to ongoing compliance requirements.

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Service Provider Due Diligence AML Money Laundering 106

PYMNTS

SEPTEMBER 22, 2020

21) clarified the authority for national banks and federal savings associations to hold reserves on behalf of customers who issue stablecoins. The regulator of the nation’s banks has issued its first guidance on stablecoins , the cryptocurrency backed by traditional currency. .

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Office of the Comptroller of the Currency OCC Stablecoins Due Diligence 138

The Paypers

FEBRUARY 19, 2018

(The Paypers) The Swiss Financial Market Supervisory Authority FINMA has announced several updates on the due diligence requirements for digital onboarding to reflect advances in technology.

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Neopay

JANUARY 30, 2025

The Financial Conduct Authority (FCA) has recently published its findings on how firms are using the National Fraud Database (NFD) and money mule account detection tools to combat financial crime. The review highlights both positive practices and key areas where firms must improve to effectively disrupt money mule networks.

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Financial Crimes Fraud Detection Crime Best Practices 59

Fintech News

FEBRUARY 21, 2024

The Monetary Authority of Singapore’s (MAS) legislative reform initiative, encapsulated in the Financial Institutions (Miscellaneous Amendments) Bill (FIMA Bill), signifies a strategic overhaul aimed at enhancing the regulatory and enforcement framework governing Singapore’s financial sector.

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Financial Crimes Crime Authorization Consulting 111

The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. MillionAML The Financial Conduct Authority fined Metro Bank 16.7 November: Metro Bank16.6

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Financial Crimes Crime Due Diligence Money Laundering 88

Neopay

MARCH 6, 2025

The Financial Conduct Authority (FCA) has brought significant criminal charges against John Dance, the former principal partner of WealthTek LLP (formerly Vertus Asset Management LLP). enhanced due diligence: When firms operate under an AR structure, ensuring proper checks on business partners and their financial dealings is crucial.

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Money Laundering Audit Due Diligence Compliance 52

PYMNTS

SEPTEMBER 14, 2017

The Dubai Financial Services Authority (DFSA) warned investors on Wednesday (Sept. 13) that initial coin offerings (ICOs) are complex and risky, joining a growing list of governments to do so. The DFSA is joining Russia, China, the U.K. and the U.S.

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Authorization Due Diligence Bitcoin Cryptocurrency 46

The Fintech Times

AUGUST 11, 2024

The UK’s Financial Conduct Authority (FCA) has issued a sharp warning to crypto firms, highlighting significant shortcomings in their compliance with new financial promotion rules. The poor In contrast, firms displaying the poorest practices failed to implement robust due diligence processes.

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Compliance Due Diligence Regulations Risk 69

Segpay

NOVEMBER 26, 2024

This process, known as Customer Due Diligence/Know Your Customer (CDD/KYC) is a regulatory requirement aimed at the detection and prevention of money laundering (AML), fraud and other illegal activities. Enhanced Due Diligence (EDD), ongoing transaction monitoring of existing customers, is also an important part of the entire process.

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Verification Identity Theft Money Laundering Due Diligence 111

PYMNTS

DECEMBER 28, 2018

If instituted, the proposals would give the banking authority more powers to oversee national banking watchdog organizations, which would be his ultimate goal. Some of the current EU rules include a requirement to do background checks and actions of due diligence on customers, and to share information on the way money flows.

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Money Laundering Rules Due Diligence Central Bank 74

Stax

NOVEMBER 21, 2024

Authorization The credit card details captured by your POS or online payment gateway will be sent to your payment processor. If the card checks out, the customer’s bank will send an authorization code to your payment processor, indicating that everything is in order and the transaction can proceed.

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Credit Cards Small Business Process Credit Card Payment Processing 88

The Fintech Times

FEBRUARY 12, 2024

The Financial Services Regulatory Authority (FSRA) of ADGM has imposed penalties on six financial institutions for contraventions of the Common Reporting Standard Regulations 2017 (‘the Regulations’). These fines totalled AED 170,000.

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Distributed Ledger Technology (DLT) Due Diligence Innovation Procedures 59

PYMNTS

JULY 15, 2020

The ruling also noted due diligence was conducted by two law firms, London-based Osborne Clarke and BTG Legal in Mumbai on behalf of the plaintiffs, FT reported. “To Wirecard’s former chief operating officer, Jan Marsalek, is being sought by authorities in several countries.

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Due Diligence Money Laundering Laws Legal 64

Global Fintech & Digital Assets

MARCH 5, 2024

Regulator sets out its expectations for banks looking to provide digital asset custody services, and sell and distribute tokenised products.

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Authorization Product Due Diligence Procedures 59

PYMNTS

JUNE 17, 2020

“Commerzbank London’s failings over several years created a significant risk that financial and other crime might be undetected,” Mark Steward, executive director of enforcement and market oversight for Britain’s Financial Conduct Authority (FCA), said in a statement accompanying the announcement.

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AML Due Diligence Money Laundering Authorization 52

Open Banking Excellence

NOVEMBER 7, 2023

It has the potential to quickly gain ubiquity at low cost, as it is based on the comprehensive customer due diligence checks already applied by banks to their 50 million customers. Banks spend around 5% of their revenue on AML compliance and customer due diligence (CDD). Sweden’s BankID – a precedent to follow?

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Due Diligence Ubiquitous Governance Government 130

Neopay

JUNE 3, 2024

In recent years, the process of obtaining authorisation from the Financial Conduct Authority (FCA) has become increasingly stringent. Key considerations for a successful CiC Due Diligence : Prior to pursuing a CiC, thorough due diligence is essential.

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Due Diligence Acquirers Regulatory Compliance Regulations 52

The Payments Association

OCTOBER 11, 2024

The Financial Conduct Authority’s (FCA) proposed reforms to strengthen consumer fund safeguarding in the payments and e-money sectors. The Financial Conduct Authority (FCA) is consulting on new rules and guidance to strengthen the safeguarding of consumer funds in the payments and e-money sectors. What is this article about?

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Due Diligence Audit Reconciliation Compliance 88

Neopay

APRIL 8, 2024

Under the forthcoming legislation, PSPs will have the authority to delay outbound payments for up to four business days if there are reasonable grounds to suspect fraud or dishonesty. Extended Due Diligence : More time for conducting due diligence checks on suspected fraudulent transactions leads to a stronger evidence base for rejection.

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PYMNTS

DECEMBER 10, 2020

Still, it was a wake-up call for the industry, showing that such lapses could result in significant fees and criminal prosecution if basic due diligence is not followed. . s executives avoided potential jail sentences. identities. . However, cutting corners on these processes also comes at a price, with up to $3.9 million by 2025.

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PYMNTS

SEPTEMBER 21, 2020

21), Commerzbank recounted in a statement that the transactions detailed in the FinCEN files are “based entirely on reports made by Commerzbank to the responsible authorities, mainly in the period 2010 to 2016,” and that the bank had reached a settlement in 2015 to pay regulators about $1.5 In one example, reported on Monday (Sept.

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Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

EBizCharge

JANUARY 21, 2025

Enter payment details: The business owner or authorized user manually inputs the customers card information. Potential security risks: Since a virtual terminal transaction typically relies on authorized users to properly handle payment details, poor practices can result in unauthorized data exposure and fraud.

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Fintech News

JULY 17, 2024

And contrasting with the non-crypto native space, the Hong Kong Monetary Authority (HKMA) just fined DBS Bank (Hong Kong) Limited, the HK subsidiary of DBS , a HK$10 million penalty for breaches of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The United Arab Emirates has amended Federal Decree-Law No. (20)

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Money Laundering Law Enforcement AML Non-Bank 107

PYMNTS

FEBRUARY 4, 2019

authorities, ING admitted that criminals had laundered money through its accounts between 2010 and 2016 because of “serious shortcomings” in enforcing due diligence policies. They must adopt their own cultures of due diligence to meet rising expectations, avoid running afoul of regulators and reduce the risk of hefty fines.

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AML Money Laundering Due Diligence Fincen 64

The Fintech Times

JUNE 20, 2024

“We are pleased to partner with Sumsub, following a rigorous due diligence process. ” Increasing regulatory scrutiny in Asia-Pacific The banking sector in Asia-Pacific has been experiencing increasingly stringent regulatory requirements due to the rise of evolved financial crimes.

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Compliance Process APACS Money Laundering 59

PYMNTS

MAY 19, 2020

The company is backed by the Monetary Authority of Singapore, through its Financial Sector Development Fund. This is especially true as trade finance is often cut from budgets as banks look to limit risk and cut out costly paper procedures and due-diligence requirements.

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Finance Due Diligence Non-Bank Cross-Border 69

Neopay

OCTOBER 10, 2024

The Financial Conduct Authority (FCA) has issued two significant “Dear CEO” letters, marking the implementation of the new requirements for reimbursing victims of Authorised Push Payment (APP) fraud.

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Due Diligence Fraud Prevention Financial Crimes Compliance 52

The Fintech Times

JULY 15, 2024

This progressive approach culminated in the establishment of the world’s first virtual asset-specific regulator, the Dubai Virtual Assets Regulatory Authority ( VARA ). Additionally, stablecoins are increasingly being explored for use in payments due to their stability and efficiency.

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Stablecoins Regulations Multi-Currency Issuers 96

PYMNTS

DECEMBER 8, 2016

Regulators expect banks to know that the transactions they are authorizing aren’t for bad guys or deadbeats who can’t pay them back. That due diligence is not only important for a lender to make a judgment about the borrower’s ability to repay the loan, but it checks the regulatory boxes about knowing the customer. “The

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Stax

DECEMBER 4, 2023

PayFacs must also monitor their transactions continuously for any suspicious behavior and report them to the authorities immediately. Ensure proper customer due diligence, including identity verification and risk assessment. Transaction monitoring and reporting Onboarding sub-merchants following thorough KYC isn’t enough.

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Money Laundering Compliance AML Due Diligence 88

Seon

JUNE 29, 2023

As such, it is part of an organization’s due diligence. Transactions that can be linked to terrorist financing can be elevated from conventional AML due diligence to advanced AML due diligence. Investigate the flagged transactions and notify the given financial authority when required.

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Transactions Due Diligence Money Laundering AML 52

The Fintech Times

JULY 20, 2024

Additionally, firms must assess existing authorities for cloud service provider (CSP) oversight. Similarly, they must establish best practices for third-party risk associated with cloud service providers, outsourcing, and due diligence processes to increase transparency. Cloud Profile 2.0 (led led by FSSCC) The Cloud Profile 2.0,

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Treasury FS-ISAC Consumer Financial Protection Bureau (CFPB) Due Diligence 59

PYMNTS

JANUARY 16, 2020

s Financial Conduct Authority (FCA) took the reins on oversight of cryptocurrency asset oversight — specifically, oversight of anti-money laundering (AML) and counter terrorist financing (CTF) activities. Across the pond, and on the Continent, the regulatory landscape is shifting for cryptos. Earlier this month, the U.K.’s

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Regulations Money Laundering Due Diligence Cryptocurrency 52

The Fintech Times

AUGUST 13, 2024

More recently, the Bank of England ’s Prudential Regulation Authority (PRA) issued a supervisory statement outlining due diligence for concentration risk on a single supplier, business continuity, and exit strategies.

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Compliance Risk Database Due Diligence 64

Neopay

OCTOBER 3, 2024

The recent £29 million fine imposed on Starling Bank by the Financial Conduct Authority (FCA) for financial crime failings offers important lessons for businesses in the e-money and payments industry. Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures.

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Financial Crimes Crime Due Diligence Compliance 59

FICO

JANUARY 27, 2017

The Financial Conduct Authority (FCA) wants to ensure that if banks and other regulated financial organisations do de-risk, it’s in a manner that is fair to customers. 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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AML Risk Money Laundering Due Diligence 55