Finextra

NOVEMBER 8, 2024

Fubon Bank has been fined HK$4 million by the Hong Kong Monetary Authority (HKMA) for violation of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

Authorization 59

Authorization Money Laundering Finance 59

Stax

DECEMBER 4, 2023

According to a UN report, money laundering activities of about $1.6 The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. This could be a possible case of illicit funds being pumped into the business for laundering.

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Money Laundering Compliance AML Due Diligence 88

The Fintech Times

APRIL 29, 2024

In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. As a result, fraudsters are capitalising on firms’ inadequacies to spot and deal with money laundering. Is the global anti-money laundering (AML) system broken? What’s the problem?

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Money Laundering AML SARS Financial Crimes 76

PYMNTS

AUGUST 3, 2020

The Financial Times reported that Wirecard’s relationship with CenturionBet ended in 2017, “when its gambling license was suspended by Maltese authorities and it ceased trading after an anti-mafia raid that saw 68 people arrested.” ” Wirecard declined to comment for the FT article. .”

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Money Laundering Crime Legal Authorization 144

The Paypers

SEPTEMBER 10, 2024

AI-enabled global payments network and shopping assistant Klarna has been criticised by the Swedish Financial Supervisory Authority for not advancing its money laundering prevention procedures.

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Money Laundering Mitigation Procedures Risk 41

BioCatch

NOVEMBER 13, 2023

The global rise in authorized payment scams has put renewed attention on money laundering and the role of mule accounts as part of the fraud ecosystem. Central to this shift has been the ongoing debate about liability for reimbursing scam victims and who bears financial responsibility.

Money Laundering 52

Money Laundering Accounts Scams Authorization 52

Neopay

JULY 18, 2024

The European Banking Authority (EBA) issued new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes.

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Travel Rule Money Laundering Rules Finance 52

PYMNTS

DECEMBER 2, 2019

Department of Justice (DoJ) has accelerated its probe into Deutsche Bank’s participation in a $220 billion Danske Bank money laundering scheme, Reuters reported on Monday (Dec. The DoJ is inquiring if Germany’s largest bank Deutsche assisted with moving dirty money to the U.S. 2), citing four sources.

Money Laundering 80

Money Laundering Authorization Participant Transactions 80

The Paypers

SEPTEMBER 21, 2022

The Association of Banks and Bankers of Luxembourg has partnered with two public financial authorities in a bid to share skills and knowledge to better fight money laundering.

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Money Laundering Authorization 67

PYMNTS

SEPTEMBER 16, 2020

Chinese authorities have made a series of arrests alleging more than $2 billion was laundered at offshore gambling sites through faux eCommerce purchases. Money laundering carries a maximum penalty of 14 years in prison as well as a fine. the Shanghai-based company that calls itself the world’s largest online platform.

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Money Laundering Cross-Border Central Bank Cross-Border Payments 124

Payments Source

JULY 11, 2019

A Spanish effort to prosecute a gang that used Bitcoin automated cash machines suspected of being a front for illegal-drug payments has exposed a hole in European anti-money-laundering controls, law enforcement authorities in the country said.

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Money Laundering Bitcoin Law Enforcement ATM 92

The Paypers

NOVEMBER 24, 2023

The European Banking Authority (EBA) has launched a public consultation to explore new Guidelines for the prevention of money laundering.

Money Laundering 41

Money Laundering Consulting Finance Authorization 41

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

The Paypers

DECEMBER 22, 2023

The Financial Services Regulatory Authority has announced updates to its Anti-Money Laundering and Sanctions Rules and Guidance – the AML Rulebook.

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Money Laundering Rules AML Authorization 36

PYMNTS

APRIL 15, 2019

Danish operations of Ernst & Young (EY) and KPMG are now under investigation by Danish police related to money laundering cases. According to Bloomberg , EY is accused of failing to notify authorities when it discovered red flags related to the Danske Bank money laundering case.

Money Laundering 70

Money Laundering Audit Authorization Procedures 70

The Paypers

JULY 21, 2023

The Federal Financial Supervisory Authority (BaFin) has issued an updated order for digital bank N26 on the prevention of money laundering.

Money Laundering 36

Money Laundering Regulations Authorization 36

The Paypers

AUGUST 5, 2024

The Insurance Authority has found technical problems with the anti-money laundering system at the company's Hong Kong branch during an inspection.

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Authorization Money Laundering 36

PYMNTS

DECEMBER 5, 2019

5) agreed on strategy for anti-money laundering (AML) reforms and countering the financing of terrorism, Reuters reported. The EU also backed plans for “greater powers” to fight money laundering following disclosures that there were several incidences of dirty money passing through European banks.

Money Laundering 52

Money Laundering AML Rules Authorization 52

The Paypers

MARCH 30, 2023

French authorities have conducted multiple raids on five major banks in the country as part of an investigation into possible fiscal fraud and money laundering, according to Finbold.

Authorization 69

Authorization Money Laundering 69

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 5, 2019

Denmark has decided to ban 500-euro notes in an attempt to fight money laundering in the country. This is the latest move by Danish lawmakers to curb money laundering after the country’s biggest bank, Danske Bank , became involved in Europe’s worst dirty money scandal.

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Money Laundering Central Bank Government Governance 73

The Paypers

MARCH 17, 2023

The Monetary Authority of Singapore has urged financial institutions to remain vigilant to money laundering and terrorism financing risks.

Money Laundering 36

Money Laundering Risk Finance Authorization 36

PYMNTS

NOVEMBER 20, 2018

The European Central Bank is gearing up to launch a network of watchdogs that share information on money laundering in an effort to increase scrutiny of banks. Reuters noted that Nouy said the new initiative was “in full respect of the allocation of anti-money laundering responsibilities within the current legal framework.”

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Money Laundering Central Bank Legal Framework AML 73

PYMNTS

DECEMBER 28, 2018

The vice president of the European Commission in charge of the euro, Valdis Dombrovskis, said Brussels wants more stringent enforcement of anti-money laundering (AML) rules after a series of scandals that rocked the industry, according to the Financial Times. You see those money laundering scandals across the EU,” Dombrovskis said. “It

Money Laundering 74

Money Laundering Rules Due Diligence Central Bank 74

The Paypers

JUNE 19, 2020

The UK’s financial regulator has fined Commerzbank EUR 42 million for money-laundering failures, including an ‘out-of-control’ system for checking clients.

Money Laundering 45

Money Laundering Authorization Checks Regulations 45

PYMNTS

MARCH 12, 2019

As has been reported, the company has faced concerns over suspected money laundering, as noted in the Financial Times and elsewhere, and has been scrutinized by regulators including the Financial Conduct Authority (FCA) and in Lithuania (Revolut has a banking license in that country). In the U.K.,

Money Laundering 59

Money Laundering Regulations Financial Crimes Authorization 59

PYMNTS

OCTOBER 12, 2018

Amid the headlines detailing the billions of dollars in money laundering done through conduits like Danske Bank and Deutsche Bank, among others, a report shows that the problem is a global one — and that it is getting worse. Going down the ranks of “top spots,” Tajikistan topped the list for countries at risk for money laundering.

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Money Laundering Risk AML Finance 75

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 Paypers

JULY 8, 2024

The European Banking Authority (EBA) has expanded its Travel Rule guidelines to include cryptocurrency service providers and intermediaries.

Travel Rule 45

Travel Rule Money Laundering Rules Cryptocurrency 45

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.

Money Laundering 77

Money Laundering Law Enforcement Credit Cards AML 77

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

MARCH 14, 2019

Denmark’s financial watchdog has instructed a Danish branch of Swedish bank SEB to obtain additional information on customers deemed to be a high money-laundering risk. In addition, the FSA has instructed the branch to confirm that it is in compliance with anti-money laundering legislation.

Money Laundering 53

Money Laundering Regs Crime Risk 53

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

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.

Money Laundering 52

Money Laundering Payment Networks Law Enforcement AML 52

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.

Money Laundering 66

Money Laundering Wire Transfer Law Enforcement Treasury 66

PYMNTS

DECEMBER 10, 2018

Prosecutors in Frankfurt, Germany have targeted a former anti-money laundering official at Deutsche Bank in a probe regarding the suspicion of money laundering, Reuters reported on Monday (Dec. The official was not named in the news, which was reported by Hessischer Rundfunk, a German public broadcaster.

Money Laundering 66

Money Laundering Legal Authorization Transactions 66

Finovate

MAY 16, 2024

The partnership will combine Proof’s Defend solution with Socure’s Sigma Fraud suite to help companies fight fraud and forgery in authorizations, agreements, contracts, and forms. Photo by Andrea Piacquadio The post Socure and Proof Partner to Fight Fraud in Authorizations, Contracts, and Forms appeared first on Finovate.

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Authorization Verification OFAC Deepfake 59