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. Account Takeover Fraud.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

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 59

Financial Crimes Crime Money Laundering Law Enforcement 59

Finextra

NOVEMBER 12, 2024

The UK's Financial Conduct Authority has fined Metro Bank £16.7 million for financial crime failings after a new transaction monitoring system implemented in 2016 went on the blink.

Financial Crimes 59

Financial Crimes Crime Authorization Transactions 59

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 post Tackling money mule activity: Takeaways from the FCAs review appeared first on Neopay.

Financial Crimes 59

Financial Crimes Fraud Detection Crime Best Practices 59

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. By undermining regulated channels, de-risking paradoxically amplifies the very threats it aims to mitigate.

Risk 88

Risk Financial Crimes AML Financial Inclusion 88

PYMNTS

MAY 25, 2020

Digital fraud and other forms of financial crime are also on the rise due to the uncertainty and confusion surrounding the crisis. FIs thus must thus be cognizant of the threat COVID-19 poses in terms of financial crime, as well as how to continue these fraud-fighting techniques once the pandemic recedes.

Financial Crimes 67

Financial Crimes Crime Scams Fraud Prevention 67

Neopay

APRIL 10, 2025

million penalty on Revolut Bank UAB the largest penalty ever for the neobank for the deficiencies in its financial crime prevention system. This follows a 2022 penalty of 70,000 for delayed accounts and after previous attention of the UK’s Financial Conduct Authority in 2019 on AML compliance. The fine of 3.5

Central Bank 52

Central Bank Money Laundering AML Financial Crimes 52

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

PYMNTS

MAY 21, 2020

Financial crime is a never-ending concern for banks, credit unions (CUs) and other financial institutions (FIs), with trillions of dollars and untold terabytes of personal information stolen every year. FIs are working on a number of technologies to fight these financial crime attempts, however.

Financial Crimes 52

Financial Crimes Crime Identity Theft Federal Trade Commission 52

The Payments Association

FEBRUARY 10, 2025

Regulatory reviews from the Bank of Italy, UIF, and the European Banking Authority (EBA) have identified key shortcomings in the management of vIBANs. Including structured data would help PSPs monitor and mitigate financial crime risks. Common standards would bring consistency and confidence.

IBAN 88

IBAN AML Master Account Due Diligence 88

Fintech News

OCTOBER 31, 2024

Tazapay has achieved significant milestones these past years, securing a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in 2023, being included in the 2023 CB Insights’ Fintech 100 list , and securing a US$16.9 It’s also registered with the US Financial Crimes Enforcement Network (FinCEN).

Cross-Border Payments 130

Cross-Border Payments Cross-Border Payment APIs and Integration Multi-Currency 130

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.

Financial Crimes 52

Financial Crimes Crime Risk Assessment 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

The Payments Association

FEBRUARY 10, 2025

On 6 November 2024, the government released its guidance to organisations on the offence of failure to prevent fraud , introduced as part of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). The FCAs financial crime guide outlines expectations for firms regarding anti-money laundering (AML) and fraud prevention.

Crime 88

Crime Fraud Prevention Risk Assessment Due Diligence 88

Fintech News

OCTOBER 6, 2024

The IMC’s report outlines strategies aimed at strengthening prevention, improving detection, and enforcing tougher penalties to better protect the integrity of Singapore’s financial system against increasingly sophisticated financial crimes.

Money Laundering 119

Money Laundering Law Enforcement Financial Crimes Due Diligence 119

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. fine for breach of financial crime controls appeared first on Neopay.

Financial Crimes 52

Financial Crimes Crime Breach Money Laundering 52

Neopay

DECEMBER 5, 2024

The Financial Conduct Authority (FCA) has issued important updates to its Financial Crime Guide, following a public consultation on proposed changes. How Neopay can support your firm The FCA’s changes mean that firms must reassess and potentially update their financial crime systems and controls.

Financial Crimes 52

Financial Crimes Crime Money Laundering Risk Assessment 52

Fintech News

AUGUST 21, 2024

This activity hindered efforts to track and regulate the flow of funds, posing significant challenges for authorities in combating financial crimes. Authorities emphasized the seriousness of such crimes, warning the public against allowing their bank or Singpass accounts to be used for illicit purposes.

Accounts 106

Accounts Financial Crimes Scams Freeze Account 106

Fintech News

JUNE 3, 2024

A 2023 research by Moody’s Analytics revealed a wealth of corporate structures enabling sanctions evasion, money laundering, fraud, and other financial crimes. One notable example is the collaboration between the Monetary Authority of Singapore and six major banks in the country, which led to the launch of COSMIC in April 2024.

Money Laundering 122

Money Laundering Financial Crimes Crime APACS 122

The Paypers

SEPTEMBER 5, 2022

The German Finance Ministry has revealed its plans to create a new financial crime authority that would bring several fragmented competencies, including sanctions enforcement, under one roof.

Financial Crimes 36

Financial Crimes Crime Authorization Finance 36

FICO

JULY 23, 2020

Europe and the USA are the two regions of the world hardest hit by financial crime compliance costs. With the projected total cost of financial crime compliance across the global finance sector estimated to be $180.9

Financial Crimes 52

Financial Crimes Crime Money Laundering Compliance 52

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. European Union lawmakers released a report on Wednesday (Feb.

Authorization 60

Authorization Money Laundering AML Financial Crimes 60

The Paypers

NOVEMBER 13, 2023

The Financial Conduct Authority has announced the inclusion of the US-based Metro Bank to its financial crime watchlist, with plans to keep it under supervision.

Financial Crimes 45

Financial Crimes Crime Authorization 45

FICO

MAY 21, 2021

There are a growing number of decisioning platforms to choose from to combat fraud and financial crime. Find out the remaining three key items that should be on your checklist for a decisioning platform used to fight fraud and financial crime by downloading our comprehensive guide. by Doug Clare.

Financial Crimes 52

Financial Crimes Crime Compliance Use Case 52

Neopay

JANUARY 21, 2025

In a recent high-profile case, the Financial Conduct Authority (FCA) issued a Final Notice objecting to the proposed acquisition of Olampicaran Limited by Mr Ahmed. Olampicaran, a small payments firm providing money remittance services, was set to be fully acquired by Mr Ahmed.

Financial Crimes 52

Financial Crimes Compliance Crime Breach 52

FICO

SEPTEMBER 27, 2019

Streamlining fraud detection and anti-money laundering (AML) processes is essential in fighting financial crime faster and more effectively. We heard this message loud and clear at Finovate in New York City this week, as we have from banks and financial institutions worldwide. The real-time financial crime threat is real.

Financial Crimes 40

Financial Crimes Crime Fraud Detection Money Laundering 40

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

Fintech News

JANUARY 23, 2024

Lastly, Project Hertha, initiated by the London Centre, focuses on using network analytics to identify patterns of financial crime in payment systems. The project aims to adapt to evolving financial crime typologies. The project is leveraging distributed ledger technology for this purpose.

Innovation 118

Innovation CBDC Cross-Border Payments Finance 118

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 105

AML Money Laundering Non-Bank Financial Crimes 105

Finovate

SEPTEMBER 24, 2024

Global analytics software company FICO has teamed up with Jersey Telecom to offer a new solution to combat Authorized Push Payment (APP) fraud. The new offering represents the first real-time combination of telephony data, customer data, and payment data to deal with the problem of Authorized Push Payment fraud.

Authorization 59

Authorization Scams Fraud Prevention Payments 59

FICO

AUGUST 12, 2021

There are concerns that a TPP could be vetted as an AISP – those that only read and gather account information – but later become a PISP – providing payments and transfers, without being authorized or becoming AML/CTF compliant. Mandatory API access means FIs take on risk. by Erik Stretz.

Financial Crimes 52

Financial Crimes Compliance Crime Risk 52

Fintech News

SEPTEMBER 17, 2024

This move, announced by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) , aims to enhance the digital token (DT) setup process for retail banking customers. SFV will be used in high-risk scenarios to complement existing authentication methods during DT setup.

Verification 107

Verification Scams Financial Crimes Phishing 107

PYMNTS

MAY 19, 2020

Robert Werner brings regulatory, financial crime compliance and enforcement experience from his work in the public and private sectors, Libra said. He also headed financial crime compliance for Merrill Lynch. Previously, Werner worked at the U.S. I look forward to meaningfully contributing to such an impactful project.”.

Treasury 90

Treasury Financial Crimes Crime Fincen 90

Fintech News

JUNE 26, 2024

Singapore’s National Asset Recovery Strategy focuses on these four pillars Singapore emphasises collaboration with international partners, community stakeholders, and the private sector to enhance asset recovery efforts and prevent financial crimes.

AML 107

AML Money Laundering Financial Crimes Scams 107

Fintech News

JULY 9, 2024

Announced by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), this move aims to better protect customers from phishing scams. Major retail banks in Singapore will progressively phase out One-Time Passwords (OTPs) for digital token users over the next three months.

Phishing 106

Phishing Scams Online and Mobile Banking Credential 106

The Paypers

JULY 26, 2019

(The Paypers) NICE Actimize has announced it is joining the Financial Conduct Authority (FCA) Global Anti-Money Laundering and Financial Crime TechSprint.

Financial Crimes 37

Financial Crimes Crime Money Laundering AML 37

Fintech Finance

FEBRUARY 18, 2025

Mastercard and Feedzai , an AI solution provider in financial crime prevention, today announced they are joining forces to make it easier for more banks to identify and stop scams, protecting consumers and businesses globally. As payments continue to evolve, fraudsters are increasingly using AI to scam consumers.

Scams 71

Scams Visa Financial Crimes Consumer 71