The Paypers

JULY 8, 2024

The Hong Kong Monetary Authority (HKMA) has fined the local arm of DBS Bank USD 1.3 million for non-compliance with anti-money laundering law.

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Laws Money Laundering AML Breach 36

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.

Money Laundering 68

Money Laundering Law Enforcement AML Payments 68

PYMNTS

DECEMBER 5, 2019

5) agreed on strategy for anti-money laundering (AML) reforms and countering the financing of terrorism, Reuters reported. The European Council called for enhancements to AML rules and for the legislation to become national law. They also asked for “more robust and effective cooperation” among AML authorities.

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Money Laundering AML Rules Authorization 52

Neopay

NOVEMBER 27, 2023

The European Banking Authority (EBA) has launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes. The consultation runs until 26 February 2024.

Money Laundering 52

Money Laundering Consulting Finance AML 52

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. He called on the EU commission to go after Denmark and Estonia for not following EU laws.

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Money Laundering Due Diligence Authorization Laws 43

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

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

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

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

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

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.

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Money Laundering AML SARS AI 52

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

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 92

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.

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AML Money Laundering Financial Crimes Non-Bank 94

PYMNTS

APRIL 25, 2019

Sweden’s oldest bank is facing investigations in the United States as it has acknowledged it hasn’t done enough to prevent money laundering. Specifically, the probes showed weaknesses in know-your-customer procedures, as well as a lack of reports to authorities on suspicious transactions.

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Money Laundering Procedures AML Authorization 43

Fintech News

SEPTEMBER 10, 2024

The Monetary Authority of Singapore (MAS) has confirmed that Worldcoin itself does not fall under the purview of the Payment Services Act 2019. A public advisory has also been issued, cautioning against the sale or transfer of Worldcoin accounts due to potential misuse for criminal activities like money laundering and terrorism financing.

Privacy 90

Privacy Money Laundering Authorization Breach 90

PYMNTS

NOVEMBER 28, 2018

Preliminary charges have been filed against Denmark’s biggest lender, Danske Bank, over allegations that it violated the country’s money laundering laws, according to a report by Reuters. authorities entering the case,” he said. The money laundering case is very serious. was indeed looking into the case.

Money Laundering 43

Money Laundering Non-Bank Crime Risk Management 43

PYMNTS

NOVEMBER 29, 2018

Federal authorities in Germany raided six offices of Deutsche Bank on Thursday morning (November 29), searching for evidence about money laundering and offshore tax havens, according to a report by The Wall Street Journal. The searches could very well continue into Friday, authorities said. There were about 11.5

Money Laundering 51

Money Laundering Authorization Laws Transactions 51

PYMNTS

DECEMBER 29, 2020

According to Anadolu Agency , Turkey's state-run news agency, prosecutors issued the warrant after a joint probe by Turkish financial crime investigators and tax authorities into a reported $132 million money laundering scheme in Turkey, the AP reported. Also this month, the U.S.

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Authorization Financial Crimes Money Laundering Email Compromise 67

PYMNTS

MAY 15, 2019

Bill Browder asked authorities to follow up on a complaint that alleged Swedbank accounts were used to launder money, but the Economic Crime Authority (EBM) said his appeal was rejected. Browder has taken complaints against the bank to multiple agencies, including authorities in Estonia and Latvia.

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Money Laundering Authorization Crime Origination 46

PYMNTS

DECEMBER 6, 2018

Deutsche Bank’s exposure to the Danske Bank money laundering scandal has increased after the bank found it processed an additional €31bn of suspicious funds for Danske Bank than previously thought, reported Financial Times. The charges are related to the bank’s branch in Estonia.

Money Laundering 49

Money Laundering Identity Theft Laws Process 49

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 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 57

Financial Crimes Crime Money Laundering Law Enforcement 57

PYMNTS

APRIL 27, 2017

million fine by the Central Bank of Ireland due to compliance failures with anti-money laundering and terrorist financing rules. According to a report in Bloomberg News , in addition to the fine, the central bank reprimanded Allied Irish Banks (AIB) for six breaches of the law, with AIB admitting to the breaches.

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Money Laundering Compliance Central Bank Due Diligence 40

PYMNTS

JUNE 13, 2019

Latvia’s parliament has passed new regulation to bolster the fight against money laundering and terrorism financing. The move to strengthen its laws comes before a review by international money-laundering standards watchdog Moneyval, which some officials worry will deem the country as risky. million euros ($3.26

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AML Money Laundering Laws Regulations 48

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

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. Alphabet Inc.’s

Money Laundering 51

Money Laundering Visa Credit Cards Regulations 51

PYMNTS

SEPTEMBER 21, 2020

Department of Treasury that analyzes financial transactions to combat money laundering, terrorist financing and other financial crimes across the globe, found the U.S. Since 2010, prosecution has been delayed by 18 banks for anti-money laundering, according to BuzzFeed. FinCEN, a division of the U.S. told the news outlet.

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Fincen Suspicious Activity Report (SAR) Money Laundering SARS 111

PYMNTS

OCTOBER 27, 2019

China’s congress has passed a cryptography law to promote crypto development and ensure sound cybersecurity, according to a report from Xinhuanet , China’s news agency, on Saturday (Oct. The decree also underlines the training of talent in cryptography and will offer awards for “outstanding contributions.”. That would be a real threat to U.S.

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Digital Currency Laws Cybersecurity Money Laundering 43

The Fintech Times

SEPTEMBER 8, 2024

Binance , the global blockchain ecosystem and crypto exchange, is extending its footprint in Kazakhstan as it announces Binance Kazakhstan has received a full regulatory licence from the Astana Financial Services Authority (AFSA). Binance Kazakhstan successfully tested its offerings, passing a rigorous assessment by the regulator.

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Security Audit Money Laundering ISOs 57

Clearly Payments

NOVEMBER 13, 2024

This routing allows the processor to request authorization for the transaction from the issuing bank, which then approves or denies it based on factors like available funds and fraud checks. Routing : The payment processor routes the transaction request to the appropriate issuing bank for authorization.

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Process Processors Payments Compliance 76

PYMNTS

JULY 10, 2018

Although new rules to combat money laundering in the European Union took effect this week, there are already calls for more reforms after a series of banking scandals in Latvia, Estonia and Malta. The European Parliament has asked the ECB to boost its current AML checks before new reforms can be adopted.

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AML Money Laundering Laws Central Bank 41

Global Fintech & Digital Assets

MARCH 5, 2024

Banks should not transfer title or otherwise lend or pledge client assets except (i) to settle transactions or fees/charges owed by the client to the bank, (ii) if the client’s written consent has been obtained, or (iii) when required by law. using hardware security modules, key sharding, backup arrangements, etc.)

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Authorization Product Due Diligence Procedures 59

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. As the first line of defense, payment screening aims to catch obvious risks at the point of transaction.

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

PYMNTS

JUNE 7, 2018

As financial institutions grapple with compliance costs, a finance industry organization in Asia wants regulators to allow new technologies that could help them fight money laundering. million) in hopes of bringing its current money laundering scandal to an end.

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Money Laundering Regulations FinTech Laws 64

PYMNTS

DECEMBER 15, 2019

are up for the first time since 2015 due in part to an increase in both white-collar and money laundering crimes, the Financial Times reported Sunday (Dec. Regulators have been increasingly using these reviews to crack down on companies where there is a higher risk of money laundering activities,” said Fiona Raistrick, a BDO partner.

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Money Laundering Regulations Crime Authorization 52

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