Seon

SEPTEMBER 23, 2024

The Financial Action Task Force (FATF) estimates that two to five percent of global GDP, approximately $2 trillion, is laundered annually. Compliance with anti-money laundering (AML) regulations is now a legal obligation. Instead, PEP screening is conducted during customer onboarding and periodic reviews.

Suspicious Activity Report (SAR) 52

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

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). The amending Guidelines will apply from 30 December 2024.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

Seon

JUNE 29, 2023

That means money laundering can account for anywhere between $800 billion and $2 trillion annually. Thankfully, much of the answer to this corrupt financial activity boils down to organizations ensuring that they carry out an anti-money laundering process called Know Your Transaction (KYT).

Transactions 52

Transactions Due Diligence Money Laundering AML 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.

AML 52

AML Financial Crimes Crime Risk Assessment 52

PYMNTS

APRIL 27, 2017

million fine by the Central Bank of Ireland due to compliance failures with anti-money laundering and terrorist financing rules. Allied Irish Banks was hit with a $2.2

Money Laundering 40

Money Laundering Compliance Central Bank Due Diligence 40

Global Fintech & Digital Assets

MARCH 5, 2024

AML/CFT : Banks must comply with their existing anti-money laundering and counter-financing of terrorism obligations in connection with providing custodial services. Regulator sets out its expectations for banks looking to provide digital asset custody services, and sell and distribute tokenised products.

Authorization 59

Authorization Product Due Diligence Procedures 59

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

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

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

AML 52

AML Due Diligence Money Laundering Authorization 52

Segpay

OCTOBER 18, 2023

Money Laundering: The payments processed through the legitimate merchant’s system are used to launder money generated from illegal activities. Criminals try to launder their criminal money through the merchant’s accounts.

Transactions 52

Transactions Due Diligence Money Laundering Legal 52

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. What methods does it use for its data led approach? What are the issues firms are facing with these reviews?

AML 52

AML Due Diligence Suspicious Activity Report (SAR) Risk Assessment 52

Finovate

SEPTEMBER 18, 2024

Heightened money laundering The document also emphasizes that banks must exercise strengthened internal controls and anti-money laundering (AML) compliance requirements. But should banks that have conducted the proper due diligence be held responsible for the actions (or inaction) of their third party partners?

Rules 52

Rules FDIC Non-Bank Money Laundering 52

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. Still, this is not the end of troubles for Wirecard.

Due Diligence 64

Due Diligence Money Laundering Laws Legal 64

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. 10, to be exact, the European Union’s 5th Anti-Money Laundering Directive came into effect.

Regulations 52

Regulations Money Laundering Due Diligence Cryptocurrency 52

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. Firms operating in the payments industry are particularly vulnerable to money laundering and terrorist financing risks.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

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. Technology isn’t the only way FIs can address AML/KYC issues.

AML 64

AML Money Laundering Due Diligence Fincen 64

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?

Due Diligence 130

Due Diligence Ubiquitous Governance Government 130

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. tax authority, HM Revenue & Customs (HMRC), conducted a week-long investigation into 50 estate agents suspected of trading without being registered.

AML 53

AML Money Laundering Due Diligence Legal 53

PYMNTS

SEPTEMBER 26, 2019

Shares of Netherlands bank ABN Amro dropped 12 percent after the bank revealed an investigation by the Dutch public prosecutor over possible money laundering and terrorist financing activities, according to a report by the Financial Times. fined it $369 million for its involvement in the laundering of Mexican gang money.

AML 40

AML Money Laundering Due Diligence Procedures 40

The Fintech Times

JULY 31, 2024

Julie Cunningham, founder and CEO of Portend As Julie Cunningham , founder and CEO of due diligence platform Portend , explains: “Fintech impact platforms often grapple with complex regulatory landscapes. This requires technological investments and ongoing staff training to stay updated with regulatory changes.

Compliance 64

Compliance AML Regulations Due Diligence 64

PYMNTS

SEPTEMBER 26, 2019

26, that the Dutch public prosecutor is investigating possible money laundering and terrorist financing activities, according to a report by the Financial Times. fined it $369 million for its involvement in the laundering of Mexican gang money. Netherlands bank ABN Amro revealed on Thursday, Sept.

AML 43

AML Money Laundering Finance Due Diligence 43

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.

AML 55

AML Risk Money Laundering Due Diligence 55

PYMNTS

SEPTEMBER 7, 2018

Following scandals at European lenders, the European Central Bank (ECB) wants the European Union (EU) to step up enforcement of anti-money laundering (AML) rules. Monitoring money-laundering, however, is usually handled at the national level. and Dutch authorities to a firm owned by an Uzbek official.

AML 43

AML Money Laundering Due Diligence Financial Crimes 43

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. . Use a service provider to facilitate money laundering. Set up a money laundering service provider.

Money Laundering 52

Money Laundering Fraud Prevention Financial Crimes Crime 52

Segpay

SEPTEMBER 20, 2023

For example, the eID can store online and offline identification like a driver’s license, proof of medical certificates including vaccinations, an ID to open a bank account or to apply for a loan, authorization for cross-border payment transactions, and much more. For some this will be an app that will be hard to resist.

Cross-Border Payments 52

Cross-Border Payments Cross-Border Due Diligence Authentication 52

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.

Due Diligence 80

Due Diligence Online and Mobile Banking BSA Federal Reserve 80

PYMNTS

JANUARY 23, 2019

ING recently agreed to pay about $900 million to settle an investigation by Dutch authorities related to money laundering. In a statement at the time, ING acknowledged “serious shortcomings” in its due diligence efforts between 2010 and 2016.

Due Diligence 51

Due Diligence Blockchain Money Laundering Agreements 51

Global Fintech & Digital Assets

FEBRUARY 13, 2024

In June 2023, Hong Kong introduced a comprehensive regime to regulate VA service providers operating a virtual asset trading platform (VATP) (see this Latham blog post ) through an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

Regulations 59

Regulations Money Laundering Stablecoins Consulting 59

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. With the Paradise Papers comprising 13.4 million files and 1.4 It’s Not Only About Tax Evasion.

Due Diligence 49

Due Diligence Database Money Laundering Financial Crimes 49

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. This includes assessing the effectiveness of anti-money laundering (AML) measures, fraud prevention, and adherence to relevant regulations.

Audit 59

Audit Regulatory Compliance Financial Crimes Compliance 59

Seon

JULY 10, 2024

Enhanced Identity Verification : Financial institutions strengthen fraud prevention by using identity verification processes such as Know Your Customer (KYC) checks, Know Your Business (KYB) checks, AML screening, regular Customer Due Diligence (CDD), Enhanced Due Diligence (EDD) and multi-factor authentication.

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

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.

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

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. Specifically, the rules look to blunt money laundering and terrorist funding activities. Elsewhere in Europe, the U.K.’s

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 Stablecoins 98

Global Fintech & Digital Assets

JANUARY 8, 2024

By Simon Hawkins and Adrian Fong On 27 December 2023, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) released a consultation paper on their legislative proposal for a regulatory regime governing stablecoin issuers in Hong Kong (Consultation Paper).

Stablecoins 59

Stablecoins Consulting Issuers Non-Bank 59

PYMNTS

SEPTEMBER 4, 2018

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. and Dutch authorities to a firm owned by an Uzbek official. and Dutch authorities to a firm owned by an Uzbek official.

Due Diligence 46

Due Diligence Money Laundering Law Enforcement Settlement 46

PYMNTS

MARCH 14, 2017

As banks and payments companies endeavor to meet anti-money laundering (AML) regulations to avoid hefty fines for non-compliance, easily identifying customers in the digital channel becomes paramount to their success. Some “old school” methods that worked in the past aren’t working anymore. In the U.S. The Physical Side of ID Theft .

AML 44

AML Verification Money Laundering Authentication 44