PYMNTS

OCTOBER 7, 2020

All eCommerce sites and payment providers have one thing in common no matter their size: the constant and pervasive threat of money launderers using their businesses to process ill-gotten gains, conceal the funds’ sources and convert them into clean, taxable income that government authorities cannot track.

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Money Laundering Law Enforcement AML Payments 68

Fintech News

MARCH 31, 2024

The Monetary Authority of Singapore (MAS) has officially rolled out the COSMIC platform , a digital initiative aimed at bolstering the defense against money laundering, terrorism financing, and the proliferation of weapons of mass destruction.

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Financial Crimes Crime Money Laundering Law Enforcement 105

PYMNTS

DECEMBER 9, 2019

A country long blamed for weak measures against money laundering, Japan has over 80 banks interested in joining the Interbank Information Network (IIN), said executive Daizaburo Sanai. Among the several initiatives being developed, IIN uses digital technology to accelerate international money transfers.

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Money Laundering Payment Networks Law Enforcement AML 52

PYMNTS

OCTOBER 9, 2018

Department of Justice (DOJ) over alleged money laundering. “We We are doing preliminary breach of union law inquiries on … the Danske Bank case in Denmark,” said European Banking Authority (EBA) Chair Andrea Enria told the European Parliament, according to Reuters. Last month, it was revealed that U.S.

Money Laundering 57

Money Laundering Regulations Law Enforcement Non-Bank 57

PYMNTS

JANUARY 21, 2019

Once the account fills up with V-bucks, it is then sold through a legitimate vendor like eBay, or on the dark web, for lower rates that the $10 for 1,000 gamers will get in the game or through an authorized online store.

Money Laundering 84

Money Laundering Law Enforcement Credit Cards Scams 84

PYMNTS

SEPTEMBER 14, 2018

In the latest salvo of cross-border probes over money laundering, The Wall Street Journal reported Friday (Sept. law enforcement agencies are examining Danske Bank over what has been termed “massive money laundering flows” from Russia and several former Soviet states. 14) that U.S.

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Money Laundering Wire Transfer Law Enforcement Treasury 66

PYMNTS

FEBRUARY 8, 2019

That holds true for money launderers as well. Their particular business benefits from such shifts, as the best money launderers seek out new holes in anti-money laundering (AML) defenses, and new ways to escape the notice of law enforcement and regulators. One factor is lack of awareness.

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Money Laundering Law Enforcement Credit Cards AML 77

PYMNTS

MAY 8, 2019

The site’s alleged co-owners, Tal Prihar and Michael Phan, who are both Israeli, were charged with one count of conspiracy to commit money laundering. This is the single most significant law enforcement disruption of the dark net to date,” Brady said. Half of that was collected from AlphaBay.

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Money Laundering Authorization Law Enforcement Encryption 49

FICO

JUNE 9, 2022

FICO’s New AML Scores Use AI and Machine Learning to Detect More Money Laundering. New AML scores reduce false positive alerts by 50% while detecting 100% of known money laundering transactions, and discover new aberrant, potentially risky behaviors. asokolowski@speednet.pl. Fri, 06/03/2022 - 12:24. by Scott Zoldi.

Money Laundering 52

Money Laundering AML SARS AI 52

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).

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Financial Crimes Crime Money Laundering Law Enforcement 58

Electronic Transactions Association

MAY 10, 2022

WASHINGTON, DC (May 11, 2022) — The Electronic Transactions Association (ETA); INFiN, a Financial Services Alliance; the Money Services Business Association (MSBA); and The Money Services Round Table (TMSRT) today announced the release of Best Practices for U.S. The industry effort to identify and distribute Best Practices for U.S.

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Best Practices Money Laundering Law Enforcement AML 40

The Paypers

JULY 17, 2018

(The Paypers) Revolut has announced British law enforcement authorities about suspect money laundering activities on its digital payments system, according to Financial Times.

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Money Laundering Law Enforcement Laws Authorization 28

PYMNTS

SEPTEMBER 21, 2020

The Financial Crimes Enforcement Network ( FinCEN ) uncovered government documents on how giant financial institutions move trillions of dollars in suspicious transactions, padding their bottom line, while terrorists, drug dealers and corrupt politicians are allowed to run free. FinCEN, a division of the U.S. told the news outlet.

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Fincen Suspicious Activity Report (SAR) Money Laundering SARS 111

Global Fintech & Digital Assets

NOVEMBER 2, 2023

Yatter , and Deric Behar On October 19, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM) that would designate as a “primary money laundering concern” all non-US convertible virtual currency [1] mixing (CVC mixing).

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Fincen Money Laundering Law Enforcement Non-Bank 52

PYMNTS

JANUARY 28, 2019

And last week in payments and commerce was particularly drizzly — between real money launderers making use of fake video game funds, regulatory fines and earning fumbles, all kinds of players were reaching for their umbrellas over the course of the week. Fortnite’s Money Laundering Problem. Capital One’s Earnings Flub.

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Money Laundering Visa Credit Cards Regulations 51

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).

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Transactions Due Diligence Money Laundering AML 52

PYMNTS

JANUARY 23, 2019

Bloomberg , citing two people briefed on the situation who requested anonymity, reported the Federal Reserve’s move to look into how Deutsche Bank handled the transaction adds a new layer to what is amounting to one of the largest money laundering scandals on the books. In the U.S.

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Fed Money Laundering Federal Reserve Law Enforcement 55

PYMNTS

DECEMBER 18, 2020

The rule, which applies to financial institutions and is consistent with existing requirements, is intended to protect national security, assist law enforcement and increase transparency while minimizing the impact on responsible innovation.".

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Treasury Rules Bitcoin Ransomware 141

PYMNTS

JULY 17, 2020

The Federal Financial Supervisory Authority, or BaFin , Germany’s market watchdog, has faced criticism over the regulator’s reported failure to investigate warnings about Wirecard. Among those sounding the alarm about Wirecard’s potential fraud and money laundering activity have been investors, U.S.

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Money Laundering Law Enforcement Authorization CHIPS 60

Finovate

JULY 23, 2024

Featurespace’s signature solution, its ARIC Risk Hub , leverages Adaptive Behavioral Analytics and Automated Deep Behavioral Networks to model and predict individual behavior in real-time to enhance fraud prevention and anti-money laundering efforts. designed to defend consumers from Authorized Push Payment (APP) fraud.

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Checks Fraud Detection Financial Crimes Crime 63

PYMNTS

JUNE 19, 2019

The G7 wants to create a working group that will investigate how to make sure that there are proper controls against the threat of money laundering with cryptocurrencies as well. The world’s governments, specifically regulatory and law-enforcement authorities, are essential partners in this endeavor.”.

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Money Laundering Law Enforcement Cross-Border Cryptocurrency 77

PYMNTS

JULY 12, 2020

Danyal Bayaz, a Green member of parliament, told the Financial Times he blamed the Federal Financial Supervisory Authority ( BaFin ), Germany’s financial regulator, for the mess. German law enforcement authorities said they have added money laundering, balance falsification and market manipulation to the charges facing the collapsed firm.

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Government Governance Law Enforcement Money Laundering 62

PYMNTS

FEBRUARY 13, 2019

But it covers the main challenge faced in the illegal drug trade: getting product into a specific location and getting their earnings out in a way that does not trigger anti-money laundering defenses. federal prison — shows how the money laundering game now stands for those global suppliers of cocaine, heroin and other illegal drugs.

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Money Laundering Debit Card Cross-Border BSA 58

PYMNTS

FEBRUARY 19, 2020

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. . Virtual asset authorities from the FIUs of France, the U.S. Topics discussed included cryptocurrency business models, money laundering and terrorist finance risks, illicit typologies and the role of FIUs in tracing virtual assets. .

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Fincen Money Laundering Law Enforcement Financial Crimes 60

PYMNTS

OCTOBER 7, 2018

investigation into money laundering at Danske Bank ’s Estonia branch, shares of the bank have reached the lowest level in four years on Friday (October 5). law enforcement agencies were examining Danske Bank over what has been termed “massive money laundering flows” from Russia and several former Soviet states.

Money Laundering 59

Money Laundering Law Enforcement Financial Crimes Correspondent Bank 59

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

NOVEMBER 14, 2018

A lawyer for the whistleblower in the Danske Bank money laundering scandal warns that investigators should look into whether major Western banks were involved. government or other authorities have the ability to track down every transfer and any account.” It looks like the tip of the iceberg,” he said.

Money Laundering 49

Money Laundering Law Enforcement Non-Bank Treasury 49

PYMNTS

SEPTEMBER 16, 2019

The hacks were so extensive that authorities suspected it may have been a state-sponsored attack, but eventually they determined it was a large criminal enterprise that also had its hands in gambling, money laundering and stocks. Tyurin was originally charged in 2015 and remained at large until he was captured.

Money Laundering 46

Money Laundering Law Enforcement Authorization Crime 46

FICO

FEBRUARY 19, 2020

The ability to move money through multiple accounts quickly, makes it difficult for law enforcement to track criminal proceeds. Criminals use real-time payment schemes to commit fraud for direct financial gain or to facilitate other crime: Authorized Push Payment Fraud. Money Laundering and the Rise of the Money Mule.

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Real Time Payments Financial Crimes Crime Account Takeovers 92

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

PYMNTS

JUNE 16, 2020

But Kellerman and other security experts advocated at the hearing for legislative measures, such as modernizing anti-money laundering (AML) and forfeiture rules and moving the Secret Service to the Treasury Department, to help combat the threat. However, he noted that the move could negatively impact morale at DHS.

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Cybersecurity Money Laundering Treasury FBI 90

PYMNTS

MARCH 27, 2017

Anti-money laundering and blockchain analysis software developer Chainalysis and Danish electronic payments provider Nets have reportedly teamed up to create solutions for Nordic banks that will validate bitcoin transactions and help financial institutions comply with regulations.

Cryptocurrency 44

Cryptocurrency Law Enforcement Money Laundering Security 44

PYMNTS

JUNE 19, 2019

The G7 wants to create a working group that will investigate how to make sure that there are proper controls against the threat of money laundering with cryptocurrencies as well. The world’s governments, specifically regulatory and law-enforcement authorities, are essential partners in this endeavor.”.

Bitcoin 72

Bitcoin Law Enforcement Money Laundering Cryptocurrency 72

PYMNTS

OCTOBER 18, 2019

Thus, for criminals, at times bitcoin and other cryptos are a conduit to money laundering, ransomware and, at times, just trying to hide in plain sight. As reported in chainalysis.com , a number of law enforcement agencies announced arrests and forfeitures tied to the crackdown on the site.

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IRS Law Enforcement Bitcoin Money Laundering 41

PYMNTS

JULY 12, 2019

The move comes after the Canadian government decided to ease up on some of its new anti-money laundering regulations due to feedback from payment service providers and crypto exchanges. As a result, the platforms are now classified as money service businesses (MSBs).

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Bitcoin ATM Rules AML 40

PYMNTS

JUNE 7, 2019

Allied Wallet , an online payment provider and a client of Wirecard, settled with the Federal Trade Commission (FTC) last month over charges that it helped facilitate fraud and launder money, according to a report by the Financial Times. The settlement scrutinizes concerns about anti-money laundering practices at Wirecard.

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FTC Federal Trade Commission Money Laundering Law Enforcement 43

Fintech News

FEBRUARY 21, 2024

These tools have enabled law enforcement agencies to trace the flow of funds, unmasking the networks behind criminal operations. The Monetary Authority of Singapore (MAS) played a pivotal role in shaping a safer and more innovative environment for digital assets.

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Crime Ransomware Scams Stablecoins 106