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.

Money Laundering 124

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.

Money Laundering 92

Money Laundering Bitcoin Law Enforcement ATM 92

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

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

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

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

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 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

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.

Process 104

Process Processors Payments Compliance 104

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

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

The Payments Association

FEBRUARY 10, 2025

While vIBANs offer innovation in payment systems, they introduce risks like money laundering due to insufficient oversight. However, their rapid adoption has raised concerns about regulatory oversight, particularly concerning anti-money laundering (AML) compliance. Why is it important? What’s next?

IBAN 88

IBAN AML Master Account Due Diligence 88

The Payments Association

FEBRUARY 14, 2025

Safeguarding customer funds The Financial Conduct Authority (FCA) has proposed significant changes to the safeguarding regime for payments and e-money firms. Firms engaging with cryptoassets must already navigate UK financial promotions and anti-money laundering rules, with further oversight expected.

Stablecoins 88

Stablecoins Payment APIs and Integration Regulatory Compliance Compliance 88

Neopay

APRIL 10, 2025

While there was no actual money laundering, the enforcement highlights a theme across the financial sector: that even in the absence of proven financial crime, poor controls and a lack of monitoring can lead to severe regulatory action. What went wrong for Revolut? The fine of 3.5

Central Bank 52

Central Bank Money Laundering AML Financial Crimes 52

Fintech News

DECEMBER 22, 2024

New crypto regulations came into effect, introducing requirements relating to anti-money laundering (AML) and countering the financing of terrorism (CFT) and financial stability, and reflecting Singapores commitment to fostering innovation in the crypto and tokenization space.

FinTech 108

FinTech Cross-Border Payments Cross-Border Money Laundering 108

Fintech News

MARCH 12, 2025

The Monetary Authority of Singapore (MAS) has deepened its financial collaboration with Vietnam through two key agreements signed on March 12, reinforcing economic ties and fostering innovation between the two nations.

Finance 74

Finance Money Laundering Cross-Border Agreements 74

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 Money Laundering 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

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

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. Instead, they are funnelled towards unregulated avenues where transparency and oversight are nonexistent.

Risk 88

Risk Financial Crimes AML Financial Inclusion 88

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 114

Scams Money Laundering Authorization Blocks 114

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 106

Financial Crimes Crime Money Laundering Law Enforcement 106

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

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

Fintech News

AUGUST 19, 2024

A transnational money laundering syndicate operating in Hong Kong has been dismantled through a collaborative effort between the Singapore Police Force (SPF) , Hong Kong Police Force (HKPF), and INTERPOL.

Scams 111

Scams Money Laundering Cross-Border Phishing 111

BioCatch

FEBRUARY 3, 2025

The UKs Financial Conduct Authority (FCA) recently completed its review of the UKs National Fraud Database (NFD) a cross-sector fraud prevention tool in the UK, maintained by the non-profit Cifas.

Money Laundering 40

Money Laundering Fraud Prevention Database Participant 40

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

DECEMBER 9, 2024

This proactive approach, driven by the Monetary Authority of Singapore (MAS), seeks to enhance the nation’s financial infrastructure. The global nature of cryptocurrencies presents regulatory hurdles, particularly in areas like anti-money laundering (AML) and combating the financing of terrorism (CFT).

Cryptocurrency 113

Cryptocurrency Cross-Border Consumer Protection Facilitators 113