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.

Money Laundering 92

Money Laundering Bitcoin Law Enforcement ATM 92

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

Payments Source

SEPTEMBER 11, 2020

The Philippines’ anti-money laundering authority has identified 57 “people of interest,” including foreigners and local bank officers and government officials, whose links to Wirecard AG are being scrutinized.

Money Laundering 160

Money Laundering Authorization Governance Government 160

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.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

Finextra

SEPTEMBER 9, 2024

Klarna Bank has been upbraided by the Swedish Financial Supervisory Authority for failing to adequately deal with money laundering risks.

Money Laundering 69

Money Laundering Risk Authorization 69

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?

Money Laundering 78

Money Laundering AML SARS Financial Crimes 78

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

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.

Money Laundering 73

Money Laundering Central Bank Governance Government 73

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.

Money Laundering 75

Money Laundering Risk AML Finance 75

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.”

Money Laundering 73

Money Laundering Central Bank Legal Framework AML 73

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

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

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

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

Neopay

DECEMBER 18, 2023

Given the cross-border nature of financial crime, the new authority will boost the efficiency of the anti-money laundering and countering the financing of terrorism (AML/CFT) framework, by creating an integrated mechanism with national supervisors to ensure obliged entities comply with AML/CFT-related obligations in the financial sector.

Money Laundering 52

Money Laundering Authorization AML Agreements 52

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.

Money Laundering 67

Money Laundering Authorization 67

Payments Source

OCTOBER 14, 2020

Better dialogue between banks and authorities coupled with stronger anti-money-laundering measures could help address the suspicious activity report flaws revealed by investigative journalists.

Fincen 101

Fincen Money Laundering AML Authorization 101

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

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

PYMNTS

SEPTEMBER 13, 2020

Facebook’s Libra Association petitioned the Swiss Financial Market Supervisory Authority ( FINMA ) for a Swiss payment system license for its planned cryptocurrency. The association declined to comment, Reuters reported. As a result, they threatened to block it, and the project has been on hold.

Central Bank 145

Central Bank Cryptocurrency Regulations Stablecoins 145

PYMNTS

SEPTEMBER 16, 2020

In today’s top news, Chinese authorities have made several arrests alleging cybercriminals laundered $2 billion through faux eCommerce purchases, and Square announced the launch of two real-time payment features. Police Allege Money Launderers Are Using Chinese eCommerce Sites To Move Money.

Money Laundering 71

Money Laundering On-Demand Payroll Federal Trade Commission 71

PYMNTS

DECEMBER 8, 2020

Money laundering is a pervasive phenomenon around the world, with the estimated amount of money laundered in a given year totaling 2.7 Cybercriminals are constantly one step ahead of government regulators, developing new and inventive schemes faster than the authorities can quash them. billion by 2024.

AML 104

AML Cryptocurrency Verification Money Laundering 104

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

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.

Authorization 67

Authorization Financial Crimes Money Laundering Email Compromise 67

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.

Travel Rule 52

Travel Rule Money Laundering Rules Finance 52

The Paypers

FEBRUARY 23, 2024

The Financial Conduct Authority (FCA) of the UK has initiated an investigation into Lloyds Banking Group ’s Anti-Money Laundering (AML) controls.

AML 83

AML Money Laundering Authorization 83

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.

Money Laundering 41

Money Laundering Mitigation Procedures Risk 41

Bank Automation

DECEMBER 17, 2024

Klarna, the Swedish fintech that provides buy now, pay later services, was fined 500 million Swedish Kronor ($46 million) by Swedens Financial Supervisory Authority for violating anti-money laundering rules. The regulator in a Dec.

Regulations 98

Regulations Money Laundering Crime Assessments 98

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. Standard Chartered moved cash for a Dubai business that was later accused of laundering cash on behalf of the Taliban. FinCEN, a division of the U.S.

Fincen 111

Fincen Suspicious Activity Report (SAR) Money Laundering SARS 111

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

Fintech News

OCTOBER 14, 2024

The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) have issued a joint warning about a sharp increase in government impersonation scams. Victims are then accused of crimes like money laundering and pressured to transfer funds to so-called “safety accounts” for investigation purposes.

Scams 102

Scams Money Laundering Authorization Blocks 102

The Paypers

OCTOBER 4, 2021

The Monetary Authority of Singapore (MAS) has announced that it will launch a data and information-sharing platform, Cosmic, to prevent money laundering, terrorism funding, and proliferation financing.

Authorization 52

Authorization Money Laundering Finance 52

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

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.

Financial Crimes 84

Financial Crimes Crime Money Laundering Law Enforcement 84

PYMNTS

AUGUST 7, 2020

Authorities seized a Range Rover worth $125,000, jewelry, more than $120,000 in cash and more than $3 million from 10 bank accounts at the time of arrest. They were charged with conspiracy to commit bank and wire fraud, bank fraud, wire fraud, false statements to a financial institution and money laundering. Justice Department.

Money Laundering 110

Money Laundering Wire Wires Participant 110

Payments Source

MARCH 1, 2019

regulators over money laundering compliance, a predicament that sheds light on issues faced by the entire digital financial services industry. Revolut has caught the attention of U.K.

Compliance 113

Compliance Money Laundering FinTech Regulations 113

PYMNTS

OCTOBER 15, 2020

Cybercriminals go about the laundering via a varied array of tactics, PYMNTS reported , including simplistic ways like exchanging gift cards to more advanced ones like setting up fraudulent eCommerce websites. In terms of anti-money laundering measures, artificial intelligence (AI) is quickly becoming adopted, particularly by banks in Asia.

Authorization 77

Authorization Scams Money Laundering AI 77