Neopay

APRIL 10, 2025

While there was no actual money laundering, the enforcement highlights a theme across the financial sector: that even in the absence of proven financial crime, poor controls and a lack of monitoring can lead to severe regulatory action. What went wrong for Revolut? The fine of 3.5

Central Bank 52

Central Bank Money Laundering AML Financial Crimes 52

The Payments Association

FEBRUARY 10, 2025

The Home Office outlines six key principles: tone from the top, due diligence, risk assessment, proportionate procedures, monitoring/review, and communication/training. Regulators need both the resources and the authority to take meaningful action against companies that turn a blind eye to fraudulent activities.

Crime 88

Crime Fraud Prevention Risk Assessment Due Diligence 88

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). The consultation paper further details MAS’ approach to AML/CFT compliance, reporting obligations, and technology risk management.

Service Provider 103

Service Provider Due Diligence AML Money Laundering 103

The Payments Association

JANUARY 13, 2025

The introduction of the Digital Assets Bill and the Financial Conduct Authority (FCA)s ongoing efforts to regulate cryptoassets demonstrates the regulator’s intentions to further define just how digital assets are governed and traded. In summary, firms should prioritise several key actions to prepare and build resilience in the sector.

Legal 88

Legal Stablecoins Cross-Border Due Diligence 88

PYMNTS

APRIL 28, 2019

The European Banking Authority is facing calls from the financial regulation head in Europe to improve its money laundering safeguards after opting not to pursue an investigation into the Danske Bank money laundering scandal. It made recommendations for follow-up action for both countries, reported the paper.

Money Laundering 43

Money Laundering Due Diligence Authorization Laws 43

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. July 2024: CB Payments Limited (Coinbase UK)3.5 million in prohibited transactions.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

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 111

Verification Identity Theft Money Laundering Due Diligence 111

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

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

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

PYMNTS

JANUARY 17, 2020

And in tracking and stopping the flow of funds, challenges exist because authorities often cannot have crypto addresses shut down due to the decentralized nature of blockchains themselves, according to Chainalysis. 10, the European Union’s 5th Anti-Money Laundering Directive came into effect. A week ago, on Jan.

Money Laundering 57

Money Laundering Due Diligence Cryptocurrency AML 57

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

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

The Fintech Times

JUNE 20, 2024

This integration will enable banks to onboard new users swiftly, perform anti-money laundering (AML) screening on customers, verify business clients, and monitor for fraud and suspicious transactions with the option to adopt and manage all features through a single platform.

Compliance 59

Compliance Process APACS Money Laundering 59

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

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

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

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

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

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

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

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

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

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

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

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

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

DECEMBER 10, 2018

authorities, prompting China to warn Canada to release the CFO or face “severe consequences.” HSBC Holdings and Standard Chartered, the two U.K. banks, have been embroiled in the Huawei Technologies scandal in which Canada arrested the company’s Chief Financial Officer Meng Wanzhou at the request of U.S.

Due Diligence 51

Due Diligence Money Laundering Legal Laws 51

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

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

Seon

MAY 10, 2024

Money laundering, the process through which criminals hide the origins of illicit funds, undermines global financial systems. Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income. What is AML Compliance?

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 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. 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

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

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

Segpay

MARCH 24, 2025

USA: PSPs may need a Money Transmitter License (MTL) in each state they operate, plus registration with FinCEN as a Money Services Business (MSB). KYC & Customer Due Diligence (CDD) Australia: Risk-based approach, with minimum KYC checks under the AML/CTF Rules. PSPs verify identity and monitor transactions.

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

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