PYMNTS

SEPTEMBER 4, 2018

Financial crime is drawing scrutiny — and fines — at large financial institutions. To that end, ING Group said it has agreed to pay 775 million euros — about US$900 million — to settle investigations by Dutch authorities over money laundering and other illicit activities.

Due Diligence 46

Due Diligence Money Laundering Law Enforcement Settlement 46

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 ensures that appropriate systems and controls are in place to identify, prevent and manage financial crime risks.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

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). The allegations involve multiple counts of fraud and money laundering, painting a picture of large-scale financial misconduct within the firm.

Money Laundering 52

Money Laundering Audit Due Diligence Compliance 52

PYMNTS

SEPTEMBER 21, 2020

Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish.

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

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.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

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

Fintech News

JULY 17, 2024

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. 20) of 2018 to introduce AML/CFT obligations for VASPs, with various regulatory authorities providing specific requirements within their jurisdictions.

Money Laundering 107

Money Laundering Law Enforcement AML Non-Bank 107

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. Why does this matter?

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 52

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. .”

Compliance 59

Compliance Process APACS Money Laundering 59

Neopay

JANUARY 25, 2024

The European Banking Authority (EBA) on 16th January extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). CASPs can be abused for financial crime purposes, including ML and TF. The amending Guidelines will apply from 30 December 2024.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

Stax

DECEMBER 4, 2023

PayFacs must also monitor their transactions continuously for any suspicious behavior and report them to the authorities immediately. This can be a source of serious threats like global organized crime, terrorist financing, drug and weapons trafficking, and other financial crimes.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

Seon

SEPTEMBER 23, 2024

While PEPs require enhanced due diligence , regulated entities typically don’t screen individual payments against PEP lists due to the risk of excessive false positives. Stay Ahead of Financial Crime Fight the rising tide of payment fraud and strengthen your defenses now.

Suspicious Activity Report (SAR) 52

Suspicious Activity Report (SAR) Money Laundering Due Diligence AML 52

FICO

NOVEMBER 20, 2017

TB data, the second biggest leak in history reveals how international elites use complex structures of trusts, foundations and shell companies to optimize their tax legally or even hide their cash from tax authorities. Stay compliant and safeguard your business with Siron® Anti-Financial Crime Solutions ! million files and 1.4

Due Diligence 49

Due Diligence Database Money Laundering Financial Crimes 49

Neopay

JUNE 27, 2024

Many in financial services have been concerned that some elements of the FCA’s more stringent approach may not always be justified by reductions in financial crime and money laundering or consumer protection. Compliance with AML and Financial Crime Regulations AML and financial crime compliance is a top priority for the FCA.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Neopay

DECEMBER 6, 2023

The Financial Conduct Authority (FCA) employs skilled person reviews, also known as Section 166 reviews, to assess and rectify concerns within financial institutions. Financial crime, conduct of business, and client assets are frequent areas prompting such reviews.

Audit 59

Audit Regulatory Compliance Financial Crimes Compliance 59

PYMNTS

SEPTEMBER 7, 2018

The news comes as financial crime is drawing scrutiny — and fines — at large financial institutions. To that end, ING Group said it has agreed to pay €775 million (US$900 million) to settle investigations by Dutch authorities over money laundering and other illicit activities.

AML 43

AML Money Laundering Due Diligence Financial Crimes 43

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.

Service Provider 52

Service Provider Due Diligence Fraud Prevention Payments 52

Segpay

MARCH 24, 2025

KYC & Customer Due Diligence (CDD) Australia: Risk-based approach, with minimum KYC checks under the AML/CTF Rules. The Australian Communications and Media Authority (ACMA) enforces gambling laws and can block illegal offshore gambling websites. PSPs verify identity and monitor transactions.

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

PYMNTS

JUNE 12, 2018

’s Financial Conduct Authority (FCA) said that banks that offer crypto services to clients need to ensure “that existing financial crime frameworks adequately reflect the crypto-related activities which the firm is involved in.” .” A regulator in the U.K.

Bitcoin 51

Bitcoin Due Diligence Caps Cryptocurrency 51

FICO

MARCH 16, 2021

But when the consumer provides personal data and authorization credentials, the bogus service provider captures the information and uses it to commit an account takeover. . In more sophisticated crimes, the mule herder may even simply be an automated piece of software. . Use a service provider to facilitate money laundering.

Money Laundering 52

Money Laundering Fraud Prevention Financial Crimes Crime 52

Fintech Labs Insights

MARCH 24, 2016

You say you wanna revolution in due diligence, but would love to see the plan? OutsideIQ has leveraged its strengths in cognitive computing and natural language processing to deliver an automated due diligence solution, DDIQ. Finovate: What problem does OutsideIQ solve? Finovate: How does DDIQ solve the problem better?

Due Diligence 14

Due Diligence Audit Regulatory Compliance Assessments 14

PYMNTS

MAY 14, 2018

May 11 marked a watershed moment of sorts when, this past Friday, the final customer due diligence rule via the Financial Crimes Enforcement Network (FinCEN) took effect. According to Reuters , 17 of 24 regulatory authorities said they may not yet have the funding or powers they need to enforce the mandates of GDPR.

Fincen 41

Fincen CFPB Due Diligence Legal 41

Fintech News

JANUARY 24, 2024

The move aims to protect against financial crime and loss, particularly in digital fraud, and includes broadening DPT service definitions and enhancing Anti-Money Laundering (AML) protocols such as Customer Due Diligence and transaction monitoring.

Service Provider 98

Service Provider Cryptocurrency Payments Institute Blockchain 98

Seon

MAY 10, 2024

Mandatory AML measures include the continuous monitoring of individual customers, financial transactions, the verification of the source of funds and the imperative to report any suspicious activities to relevant authorities, with the overarching goal to thwart money laundering, curb terrorism financing and combat other crimes.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

Finovate

SEPTEMBER 18, 2024

Notably, the ruling also emphasizes that banks must ensure that their third-party partners do not facilitate financial crimes. This week’s proposed rulemaking highlights two truths in financial services. Banks have long been subject to strict regulations and reporting requirements.

Rules 52

Rules FDIC Non-Bank Money Laundering 52

PYMNTS

JANUARY 30, 2020

This new reality isn’t without its challenges for financial services providers, however, with security and fraud mitigation among the largest concerns. By definition, real-time payments give financial institutions (FIs) almost no time to analyze and authenticate a transaction to prevent fraud and other financial crimes.

Faster Payments 43

Faster Payments APACS Real Time Payments Financial Crimes 43

Seon

JULY 10, 2024

Reducing financial crimes helps companies avoid substantial expenses related to investigating and rectifying them. Transaction monitoring systems often include this feature to prevent dealings with restricted entities, ensure compliance with regulatory requirements and reduce financial crime risk.

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

The Fintech Times

MARCH 6, 2024

Because many banks did not do their due diligence when engaging in fintech partnerships, significant risks have emerged from them: “The OCC has valid points around fintech and banking relationships when it comes to managing risks. Restricting your activities, based on your level of authority, is critical for each party.

OCC 69

OCC FinTech Non-Bank Regulations 69

Segpay

NOVEMBER 8, 2023

This helps to prevent financial crime, such as fraud and money laundering, but it also helps to prevent other criminal activities, such as child exploitation. Enhanced Due Diligence is critical to detect suspicious activity continuously after customer acceptance.

Law Enforcement 52

Law Enforcement Processors Laws Procedures 52

Neopay

FEBRUARY 21, 2025

The Financial Conduct Authority (FCA) has fined Mako Financial Markets Partnership LLP (Mako) 1,662,700 for significant failures in its financial crime controls. However, the trading was circular in naturea red flag for financial crime. These trades involved approximately 68.6

Financial Crimes 52

Financial Crimes Due Diligence Crime Compliance 52

The Payments Association

MARCH 18, 2025

Reputational risk has also been a significant factor, with banks wary of potential association with financial crime or unregulated crypto activities. These challenges have limited access to essential banking services for firms engaged in crypto payments, stablecoin issuance, and other financial services linked to digital assets.

Federal Reserve 88

Federal Reserve Stablecoins Fed Settlement 88